Conformis slips on lowering Q3 product revenue outlook

ConforMIS

21/09/2021 14:23

** Shares of medical device maker  CFMS.O  fall 7.6% to
$1.57 premarket 
    ** Co lowers its Q3 product rev outlook range to ~$13.7 mln
to $14.3 mln from prior $15.5 mln to $16.5 mln 
    ** Says has experienced higher than expected levels of
deferred and rescheduled knee and hip procedures due to a surge
in Delta COVID-19 cases  urn:newsml:reuters.com:*:nGNXbqbKqp
    ** Despite this, co remains confident in its growth plan for
2022 and beyond
    ** Wall Street expects CFMS to post Q3 rev of $15.73 mln and
a loss of 7 cents/shr, per Refinitiv data
    ** Cowen ("outperform"; PT: $2) says co's update consistent
with recent commentary from other medtech players like Stryker
Corp  SYK.N  and Zimmer Bomet  ZBH.N  
    ** Brokerage sees clear path for CFMS accelerating top-line
growth through the back half of 2021 and beyond through numerous
product launches
    ** Three of 4 brokerages rate the stock "buy" or higher, and
1 "sell"; their median PT is $2 - Refinitiv data
    ** As of last close, stock rose 157.6% YTD

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