After market hours on Thursday, shares of Conformis Inc. (NASDAQ: CFMS) rose 10.47% to $0.95. Conformis closed the regular trading session at $0.86, up 6.12%. The price range on the day was between $0.8105 and $0.8866 for the CFMS stock.
Conformis stock has traded 1.81 million shares, down from its average daily volume of 4.57 million shares. Last five days, CFMS stock has gained 3.74% but last month, -20.37%. Regular and extended trading saw CFMS stock rise following FDA approval of its instrument.
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What was the approval for?
In the healthcare industry, Conformis develops, manufactures, and sells joint replacement implants and instruments using its proprietary iFit Image-to-Implant technology platform. A wide range of sterile fully-customized knee replacements and hip replacements, as well as single-use instruments, are available to hospitals and outpatient surgical centers offered by CFMS.
Yesterday, Conformis announced that the FDA granted 510(k) clearance for CFMS-developed patient-specific instrumentation (PSI).
- This PSI device was part of CFMS’s License Agreement and Development Agreement with Howmedica Osteonics Corp., wholly owned by Stryker Corporation.
- The PSI System, created by CFMS, is intended to be used with the Triathlon Total Knee System developed by Stryker.
- The clearance also brings CFMS to milestone 3 of the agreements and it will now become eligible to receive $11.0 million from Stryker.
Conformis (CFMS) is now focused on its long-term distribution agreement with Stryker to manufacture and supply PSI system. As demand grows for efficient outpatient ambulatory surgery center joint replacement, CFMS continues to believe this initiative will create shareholder value.