Conformis, Inc. (CFMS) stock prices were up 5.9061% during the first half of the trading day on May 10th, 2021, bringing the price per share up to USD$0.8912.
510(k) Clearance for Conformis
May 10th, 2021 saw CFMS announce that the U.S. Food and Drug Administration had granted 510(k) clearance to the company’s Identity Imprint Knee Replacement System. The innovative total knee replacement system is available in both the cruciate retaining (CR) and posterior stabilized (PS) versions, thereby expanding the range of options available to Conformis’ orthopedic surgeon customers and their patients.
Synergetic Product Offering
While the Conformis iTotal Identity knee replacement system is tailored to precisely fit each patient’s unique anatomy, Identity imprint combines pre-determined implant sizes with standard and patient-specific surgical instrumentation. Identity Imprint facilitates faster delivery times for surgeons, as well as intraoperative options that are more similar to standard knee systems.
Identity Imprint matches patients’ computed tomography scans with the implant that is geometrically and anatomically closest to those requirements, using a proprietary 3-D best-fit algorithm. Ambulatory surgical centers (ASCs) can expect greater procedural efficiency and reduced sterilization costs over standard systems as a result of Conformis’ sterile “surgery-in-box” system, which is the conduit for the delivery of Identity Imprint.
Benefits of Identity Imprint
As the newest addition to the company’s product portfolio, Identity Imprint has seen the leveraging of the company’s technological resources and data from tens of thousands of personalized implant designs. This facilitates intraoperative flexibility and faster product availability for surgeons. The standard six weeks lead time for the iTotal Identity fully personalized system is cut in half for the Identity Imprint system to be able to provide a patient match.
Scope of Market
While primarily meeting the needs of the ASC care setting, invaluable in-patient hospital care during the pandemic environment will also be facilitated. With the global knee joint reconstruction market projected to be greater than USD$9 billion, with 1 million knee replacements expected to be performed in the U.S. alone over the course of 2021, CFMS seems to be on the verge of potential exponential growth.
Future Outlook for CFMS
With the strength of its consolidated product portfolio that sets it apart from its competitors, CFMS is poised to leverage the resources at its disposal to facilitate further future growth. Current and potential investors are hopeful the company will be able to continue to expand the size and scope of its footprint within the market sector.