ConforMIS announces second quarter financial results

ConforMIS recently announced its second quarter financial results for 2015.

Highlights from the report included an achieved product revenue of $15.8 million, an increase of 41% year-over-year on a reported basis and up 50% year-over-year on a constant currency basis. Similar growth was observed in the company’s achieved total revenue ($19.2 million), a gain of 72% year-over-year on a reported basis and up 81% year-over-year on a constant currency basis, according to a press release from the company.

The company expects the full launch of its iTotal PS — a posterior stabilized version of its iTotal device — to nearly triple the addressable knee market from 28% to a projected 83%, according to a company release. The initial public offering for ConforMIS closed in July, netting the company approximately $140 million in proceeds.

“We are very pleased with our financial performance in the second quarter along with the growing body of clinical results,” Philipp Lang, MD, MBA, chief executive officer of ConforMIS, stated in the release. “Our strong product revenue growth this quarter was driven by the progressive adoption of our cruciate-retaining total knee implant, the iTotal CR, and the early contributions from our limited launch of our posterior-stabilized total knee implant, the iTotal PS. We believe ConforMIS’ proprietary platform technology for customized joint replacement implants has the potential to disrupt the $15 billion joint replacement market.”

Reference: www.conformis.com.