Conformis reports financial results for the second quarter of 2022

Smith & Nephew reports financial results for the second quarter of 2022

August 21, 2022

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Conforms Inc. has announced its financial results for the second quarter of 2022, according to a company press release.

Conformis reported total revenue of $15.3 million for the second quarter of 2022. This was a 73% decrease from $56.3 million of total revenue for the second quarter of 2021; however, Q2 2021 revenue included $41 million in non-recurring royalty and licensing revenue, according to the press release.

Conformis also reported a gross product profit margin of 35.1% compared to 42% in the prior-year period, a decrease that the company attributed in part to higher labor and material costs and operational inefficiencies in as it moves to a new business model.

The company again pointed to its 2021 non-recurring license and royalty revenue in reporting its second-quarter 2022 total gross profit of $5.5 million, up from $47.5 million of the second quarter of 2021.

“Our second quarter results show signs that we are on the right track for the long term. We were in line with our revenue expectations for the quarter and continued to grow our Imprint caseload,” said Mark Augusti , president and CEO of Conformis, in the statement. “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 face macroeconomic and supply chain challenges that have affected our business. Against this background, I am pleased with the recent progress we have made in managing expenses. These efforts when combined with continued positive surgeon feedback keep us confident in our long-term strategy,” said Augusti.

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!