ConforMIS Reports Preliminary Fourth Quarter and Year-End 2017 Revenue Results; Provides 2018 Financial Guidance
January 08 2018 - 3:15PM
ConforMIS, Inc. (NASDAQ:CFMS), a medical technology company that
uses its proprietary iFit Image-to-Implant technology platform to
develop, manufacture and sell joint replacement implants that are
customized to fit each patient's unique anatomy, announced today
preliminary, unaudited, revenue results for the fourth quarter and
the year ended December 31, 2017.
Expected Q4 Summary:
- Total revenue of approximately $20.8 million, down 4%
year-over-year on a reported basis and 5% on a constant currency
basis
- Product revenue of approximately $20.5 million, down 4%
year-over-year on a reported basis and 5% on a constant currency
basis- U.S. product revenue of approximately $17.7 million,
consistent year-over-year- Rest of World product revenue of
approximately $2.8 million, down 24% year-over-year on a reported
basis and 29% year-over-year on a constant currency basis
Expected 2017 Summary:
- Total revenue of approximately $78.1 million, down 2%
year-over-year on a reported and constant currency basis
- Product revenue of approximately $77.1 million, down 2%
year-over-year on a reported and constant currency basis- U.S.
product revenue of approximately $64.4 million, up 3%
year-over-year- Rest of World product revenue of approximately
$12.7 million, down 23% year-over-year on a reported basis and 22%
year-over-year on a constant currency basis
These preliminary results are being provided in
advance of the Company's presentation at the 36th Annual J.P.
Morgan Healthcare Conference at the Westin St. Francis Hotel in San
Francisco. Mark Augusti, the Company’s President and Chief
Executive Officer, will present at the conference at 2:00 p.m. PT
on Wednesday, January 10, 2018.
“We expect to achieve the high end of our revenue
guidance and are pleased with the Company’s performance to close
out our fiscal year,” said Mr. Augusti.
The preliminary unaudited revenue results described
in this press release are estimates only and are subject to
revision. The Company will report its full financial results,
including gross margin, for the fourth quarter and the year ended
2017 on February 7, 2018.
2018 Financial Guidance
For the full year 2018, the Company expects total
revenue in a range of $79.6 million to $83.6 million. The Company's
2018 revenue guidance assumes the following:
- Product revenue in a range of $79 million to $83 million,
representing year-over-year growth of 2% to 8% on a reported basis
and 2% to 7% on a constant currency basis.
- Royalty revenue of approximately $0.6 million related to
ongoing patent license royalty payments.
For the full year 2018, the Company expects total
gross margin in a range of 44% to 46%.
Note on Non-GAAP Financial
Measures
In addition to disclosing financial measures
prepared in accordance with U.S. generally accepted accounting
principles (GAAP), the Company provides certain information
regarding the Company's financial results or projected financial
results on a non-GAAP "constant currency basis." This information
estimates the impact of changes in foreign currency rates on the
translation of the Company's current or projected future period
financial results as compared to the applicable comparable period.
This impact is derived by taking the adjusted current or projected
local currency results and translating them into U.S. Dollars based
upon the foreign currency exchange rates for the applicable
comparable period. It does not include any other effect of changes
in foreign currency rates on the Company's results or business.
Non-GAAP information is not a substitute for, and is not superior
to, information presented on a GAAP basis.
Earnings Conference Call
Details
The Company will release full results for the
fourth quarter and the year ended December 31, 2017 via conference
call on Wednesday, February 7, 2018 at 4:30 p.m. Eastern Time.
The conference call releasing full quarterly and
year end results will be hosted by Mark Augusti, President and
Chief Executive Officer and Paul Weiner, Chief Financial
Officer.
To participate in the conference call, please call
877-809-6331 (or 615-247-0224 for international) and use conference
ID number 4065099 or listen to the webcast in the investor
relations section of the Company's website at ir.conformis.com. The
online archive of the webcast will be available on the Company's
website for 30 days.
About ConforMIS, Inc.
ConforMIS is a medical technology company that uses
its proprietary iFit Image-to-Implant technology platform to
develop, manufacture and sell joint replacement implants that are
individually sized and shaped, or customized, to fit each patient's
unique anatomy. ConforMIS offers a broad line of customized
knee implants and pre-sterilized, single-use instruments delivered
in a single package to the hospital. In clinical studies,
ConforMIS iTotal CR demonstrated superior clinical outcomes,
including better function and greater patient satisfaction,
compared to traditional, off-the-shelf implants. ConforMIS
owns or exclusively in-licenses approximately 420 issued patents
and pending patent applications that cover customized implants and
patient-specific instrumentation for all major joints.
For more information, visit
www.conformis.com. To receive future releases in e-mail
alerts, sign up at ir.conformis.com.
Cautionary Statement Regarding
Forward-Looking Statements
Statements in this press release about our future
expectations, plans and prospects, including statements about our
financial position and results, total revenue, product revenue,
gross margin, as well as other statements containing the words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "potential," "predict,"
"project," "should," "target," "will," or "would" and similar
expressions, constitute forward-looking statements within the
meaning of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. We may not actually achieve the
forecasts disclosed in our forward-looking statements, and you
should not place undue reliance on our forward-looking statements.
Actual financial results could differ materially from the
projections disclosed in the forward-looking statements we make as
a result of a variety of risks and uncertainties, including risks
related to our estimates and expectations regarding our revenue,
gross margin, expenses, revenue growth and other results of
operations, and the other risks and uncertainties described in the
"Risk Factors" sections of our public filings with the Securities
and Exchange Commission. In addition, the forward-looking
statements included in this press release represent our views as of
the date hereof. We anticipate that subsequent events and
developments may cause our views to change. However, while we may
elect to update these forward-looking statements at some point in
the future, we specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date
hereof.
CONTACT: Investor contactOksana
Bradleyir@conformis.com(781) 374-5598
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