Conformis reports total revenue of $19.1 million in second quarter 2018

Conformis Inc. reported a total revenue of $19.1 million in the second quarter of 2018, an increase of 3% year-over-year on a reported basis and 2% on a constant currency basis.

According to the company’s press release, product revenue was $18.9 million, an increase of $0.9 million. United States product revenue increased $1.1 million to $16.4 million and Rest of World product revenue decreased $0.3 million to $2.6 million. Reimbursement challenges in Germany and change from direct sales at end customer prices to a distributor at transfer prices in the United Kingdom contributed to the decrease in product revenue.

Total gross profit increased by 48% from $6.2 million in 2017 second quarter to $9.1 million in 2018 second quarter. The increase was attributed to cost reduction produced by vertical integration and manufacturing efficiencies, $248,000 favorable foreign exchange impact on revenue, and an increase in average selling prices.

Total operating expenses were $20.5 million. An increase in sales and marketing and research and development, counteracted by a reduction in general and administrative expense, contributed to the $0.3 million increase in operating expenses.

Net loss increased from $12.1 million, or $0.28 per basic share, in 2017 to $14.1 million, or $0.24 per basic share, in 2018.

The company had $46.6 million in cash, cash equivalents, and investments as of June 30, 2018.

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