Conformis Inc: Falls on Q4 revenue miss, downbeat outlook

ConforMIS

04/03/2021 13:53

** Shares of medical device maker Conformis Inc  CFMS.O 
down 7.34% at $1.01 premarket
    ** Co's Q4 loss of $0.08/shr beats Refinitiv est. for loss
of $0.10/shr; however revenue of $16.7 mln misses expectations
of $17.7 mln due to 16% yoy decline in product rev  urn:newsml:reuters.com:*:nASA01U39
    ** Co also forecast Q1 product rev between $13 mln-$14 mln,
lower than Q4, as many health plans reset on Jan. 1 and due to
pressure on its business from reduced elective procedures into
2021  urn:newsml:reuters.com:*:nGNX3v9N3v
    ** However, CFMS believes this pressure will continue
through Q2, but that it may see elective volumes improve in Q3
as vaccines become more widely available
    ** Cowen (PT: $2, "outperform") says after a challenging
2020, we see a clear path for CFMS accelerating top-line growth
through the back half of 2021 and beyond
    ** Adds the recent capital infusion will support multiple
new product launches and attract further investor interest  
    ** Shares up 65.2% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))