HomeTop MoversConformis Inc. (CFMS) stock soared on Monday, But Why?

Conformis Inc. (CFMS) stock soared on Monday, But Why?

Conformis Inc. (CFMS) shares surged 3.41% in after-hours on Monday, September 13, 2021, and closed the daily trading at $1.82. Even in the regular trading session, CFMS’s stock gained 13.55%. CFMS shares have risen 142.02% over the last 12 months, and they have moved up by 6.02% in the past week. Over the past three months, the stock has gained 57.14%, while over the past six months, it has soared 53.04%.

Let’s have a brief look at its recent news and developments.

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CFMS participation in the upcoming investor conferences

Conformis Inc. (CFMS) is participating at The H.C. Wainwright 23rd Annual Global Investment Conference which is taking place on September 13-15, 2021.

The company will also participate at The Oppenheimer Fall Healthcare Life Sciences & MedTech Summit will take place virtually on September 20-23, 2021.

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Update about CFMS new Identity Imprint knee replacement system

On August 18, 2021, Conformis, Inc (CFMS) announced the first procedure with the new Conformis Identity Imprint knee replacement system. The first surgery was successfully performed by Dr. Moby Parsons at Stratham Ambulatory Surgical Center in Stratham, New Hampshire on August 16, 2021.

Conformis’ personalized iTotal® knee product line, Identity Imprint uses Conformis’ sterile Surgery-in-a-Box™ delivery system, which provides ambulatory surgical centres (ASCs) and hospitals greater procedural efficiency and improved sterilization cost savings over comparable systems.

CFMS recent financial results announcement

On August 04, 2021, Conformis Inc (CFMS) announced its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • CFMS reported total revenue of $56.3 million in Q2 2021 compared to $19.5 million in Q2 2020.
  • Gross profit was $47.5 million in Q2 2021 compared to $11.0 million in Q2 2020.
  • Total operating expenses of $16.6 million in Q2 2021 compared to $13.3 million in Q2 2021.
  • It reported a net income of $38.0 million, or $0.21 per basic and diluted share, in the second quarter of 2021, compared to a net loss of $2.1 million, or $0.03 per basic and diluted share in the second quarter of 2020.
  • As of June 30, 2021, the company had cash and cash equivalents totaled $108.3 million compared to $28.7 million as of December 31, 2020.

CFMS Settlement with Stryker Corporation

On July 07, 2021, Conformis, Inc. (CFMS) entered into a settlement with Stryker Corporation resolving patent litigation involving Wright Medical Technology, Inc. and Tornier, Inc. Stryker acquired Wright Medical in November 2020.

Under the terms of the settlement, Stryker will make a one-time payment to Conformis and be granted a non-exclusive license to certain Conformis patents. Conformis filed a lawsuit against Wright Medical in the United States District Court for the District of Delaware, on April 24, 2020.

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Well, as of this writing, we have no valid reason or recent development to justify its top-notch performance on Monday.

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