Conformis reports $13 million in revenue in second quarter
Conformis Inc. has reported a 15% decrease in total revenue from the prior year period in its second-quarter 2023 financial results, according to a company press release.
Conformis reported $13 million in total revenue for the second quarter of 2023. This was a 15% decrease from the $15.3 million in total revenue for the second quarter of 2022. The company attributed the decrease to declines in U.S. knee orders after a business model transition and manufacturing and supply chain issues.
Conformis also reported an increase in product gross profit margin of 38% compared with 35% from the prior year period. Total gross profit was $1.8 million, $3.6 million less than the prior year period. The company attributed the decrease to a settlement paid in connection with the Osteoplastic settlement and license agreement.
Royalty and licensing revenue increased 244% year-over-year, from $153,000 in 2022 to $527,000 in 2023 as a result of revenue recognized by license agreements with Bodycad and Exactech.
Conformis previously announced a merger agreement to be acquired by restor3d. A special meeting of Conformis stockholders will take place Aug. 31 to adopt the merger agreement.
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