Conformis reports financial results for the first quarter of 2019

Conformis Inc. announced its first-quarter 2019 financial results, which ended March 31, 2019, according to a press release.

According to the release, the total revenue for the first quarter was $20.6 million, a year-over-year increase of 5% on a reported basis and a 6% increase on a constant currency basis. In the first quarter 2019, the product revenue increased to $20.5 million, a $1 million increase or 5% increase year-over-year on a reported basis or 6% increase on a constant currency basis. The total gross profit in the first quarter of 2019 compared with the first quarter of 2019 increased $1 million to $9.8 million, or 48% of the revenue.

In the first quarter of 2019, the net loss was $7.6 million, $0.12 per basic and diluted share vs. a net loss of $12 million or $0.22 per basic and diluted share in the first quarter of 2018. As of March 31, 2019, the cash and cash equivalents and investments were $18.6 million compared with a total of $23.6 million as of Dec. 31, 2018.

“Our U.S. growth of 10% represents continued progress in our U.S. commercial performance. Our rest of world business continues to contract due to reimbursement challenges in Germany,” Mark Augusti, president and CEO of Conformis Inc., said in the release. “Importantly, I am pleased that we significantly reduced our operating expenses as we had previously communicated. This resulted in a meaningful reduction in cash used vs. previous quarters.”

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