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CFMS

Conformis

$0.62 /

-0.1349 (-17.87%)

07:47
03/23/20
03/23
07:47
03/23/20
07:47

Conformis withdraws 2020 revenue guidance due to COVID-19

The company said, "As a result of the various macroeconomic factors at play as a result of the COVID-19 pandemic, we are withdrawing the 2020 revenue guidance we announced on March 2, 2020. This is disappointing because 2020 had gotten off to a solid start. While these estimates are no longer accurate or reliable, as of March 12, 2020, our best leading estimates indicated that for Q1 2020 our global product revenue could have been approximately 3% lower than revenue in Q1 2019, an improvement from the 10% decline vs prior year in Q4 2019. Additionally, leading indicators for Q2 2020 projected a return to positive growth with global product revenue growth estimated to increase to 8% vs prior year. While these estimates were inherently uncertain, had they been realized, this would have been a stepwise improvement in our commercial performance, and these results would have been ahead of our previously communicated product revenue growth expectations. These estimates were based in part on positive feedback and uptake we had been seeing in our new hip franchise, but even more due to our Identity knee launch. The Identity product team delivered a great product concept and launch. The timing is unfortunate."

CFMS Conformis
$0.62 /

-0.1349 (-17.87%)

08/01/19 BTIG
Conformis downgraded to Neutral from Buy at BTIG
08/01/19 BTIG
Conformis downgraded to Neutral from Buy at BTIG

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Conference/Events
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