Conformis reports second-quarter 2022 financial results
Conformis Inc. has announced its second-quarter 2022 financial results, according to a company press release.
Conformis reported $15.3 million in total revenue for the second quarter of 2022. This was a 73% decrease from the $56.3 million in total revenue for the second quarter of 2021; however, the 2021 second quarter revenue included $41 million in non-recurring royalty and licensing revenue, according to the press release.
Conformis also reported a product gross profit margin of 35.1% compared with 42% from the prior year period, a decline the company credited in part to higher labor and material costs and operational inefficiencies as it transitions to a new business model.
The company again noted its 2021 non-recurring royalty and licensing revenue in reporting its total 2022 second-quarter gross profit of $5.5 million, which compared with $47.5 million from the second quarter in 2021.
“Our second quarter results show signs that we are on the right long-term path. We were in-line with our revenue expectations for the quarter and continued to grow our Imprint case volume,” Mark Augusti, president and CEO of Conformis, said in the release. “The recent signing of our first national agreement for our new platinum services program highlights that our portfolio shift is taking hold.
“Like many companies, we continue to deal with macro-economic and supply chain challenges that have impacted our business. In light of this, I’m pleased with the recent progress we have made on expense management. These efforts when combined with the continued positive surgeon feedback keep us confident in our long-term strategy,” Augusti said.
Read more about