Stock Monitor: AtriCure Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 09, 2018 / Active-Investors.com has just released a free earnings report on ConforMIS, Inc. (NASDAQ: CFMS). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CFMS. ConforMIS reported its fourth quarter and fiscal 2017 operating and financial results on February 07, 2018. The medical technology Company provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for AtriCure, Inc. (NASDAQ: ATRC), which also belongs to the Healthcare sector as the Company ConforMIS. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ConforMIS most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=CFMS
Earnings Highlights and Summary
ConforMIS' total revenue for the three-month period ended December 31, 2017, decreased 4% on reported basis and 5% on a constant currency basis to $20.75 million compared to revenue of $21.67 million in Q4 2016. The Company's revenue in Q4 2017 and Q4 2016 included royalty revenue of $0.3 million and $0.2 million, respectively, related to patent license agreements. ConforMIS' reported numbers exceeded analysts' estimates by $0.67 million.
During Q4 2017, ConforMIS' Product revenue fell 4% to $20.50 million y-o-y on reported basis compared to $21.44 million in Q4 2016. The Company's product revenue from sales of iTotal CR, iDuo and iUni decreased 12% to $14.8 million on a y-o-y basis, while product revenue from sales of iTotal PS surged 23% to $5.7 million. ConforMIS' US product revenue remained consistent at $17.7 million y-o-y, while Rest of World product revenue fell 24% to $2.8 million y-o-y on reported basis.
For Q4 2017, ConforMIS' total gross profit advanced to $8.8 million, or 42% of revenue, compared to $8.0 million, or 37% of revenue, in Q4 2016. The 500-basis point increase in gross margin y-o-y was driven primarily by cost reductions as a result of vertical integration and manufacturing efficiencies. The Company's operating expenses decreased 7% to $20.4 million on a y-o-y basis for the reported quarter, driven primarily by a reduction in general and administrative (G&A) expense.
ConforMIS reported net loss of $11.86 million, or $0.27 per basic share, in Q4 2017, compared to a net loss of $15.74 million, or $0.37 per basic share, for Q4 2016. Net loss per basic share calculations assume weighted-average basic shares outstanding of 43.8 million for Q4 2017 compared to 42.1 million for Q4 2016. The Company's reported numbers were better than Wall Street's estimates of a loss of $0.30 per share.
ConforMIS' total revenue for the twelve-month period ended December 31, 2017, dropped 2% to $78.12 million on a reported and constant currency basis compared to $79.90 million in FY16. The Company's net loss was $53.58 million, or $1.24 per basic share, in FY17 compared to a net loss of $57.53 million, or $1.39 per basic share, for FY16.
Cash Matters
As of December 31, 2017, ConforMIS' cash and cash equivalents and investments totaled $45.2 million compared to $65.5 million as on December 31, 2016, and the Company's cash used for the reported quarter was $9.3 million.
On January 29, 2018, ConforMIS closed its follow-on public offering of the Company's common stock, in which ConforMIS received $21.6 million in net proceeds, before legal and accounting expenses, from the sale of 15,333,333 shares of the Company's common stock. This included an offering of 13.3 million shares of stock plus the exercise by ConforMIS' underwriters of the full overallotment, or Greenshoe, of 2 million shares.
2018 Financial Guidance
For the full year 2018, ConforMIS is forecasting total revenue in a range of $79.6 million to $83.6 million. The Company is expecting FY18 product revenue in a range of $79 million to $83 million, and royalty revenue of approximately $0.6 million related to ongoing patent license royalty payments. For FY18, ConforMIS is estimating total gross margin in a range of 44% to 46%.
For Q1 2018, ConforMIS is projecting total revenue in a range of $19.1 million to $19.8 million, product revenue in the band of $19 million to $19.7 million, and gross margin consistent with Q4 2017.
Stock Performance Snapshot
March 08, 2018 - At Thursday's closing bell, ConforMIS' stock advanced 2.05%, ending the trading session at $1.49.
Volume traded for the day: 354.36 thousand shares.
Stock performance in the last month - up 16.41%
After yesterday's close, ConforMIS' market cap was at $81.35 million.
The stock is part of the Healthcare sector, categorized under the Medical Instruments & Supplies industry. This sector was up 0.6% at the end of the session.
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