ConforMIS Inc. recently announced their financial results for the third quarter of 2015.
“The third quarter of 2015 was challenging in view of the voluntary recall, but it turned into a productive quarter with an increase in product revenues of 17% year-over-year on a constant currency basis,” Philipp Lang, MD, MBA, chief executive officer of ConforMIS Inc., stated in a company press release.
Highlights from the results included increases in both product revenue ($13.5 million, a 12% year-over-year increase) and total revenue ($13.9 million, a 16% year-over-year increase). On the product front, U.S. product revenue saw higher growth (19% year-over-year) than international product revenue (11% year-over-year on a constant currency basis), according to the release.
In October, ConforMIS Inc. also was able to resume full production following the resolution of the issues that led to a voluntary recall it initiated on Aug. 31, 2015.
“While the voluntary recall in the third quarter affected our sales and gross margin as expected, we anticipate this will reverse course in the fourth quarter now that we have resumed full production,” Lang stated in the release. “We also continued to expand our surgeon user base in the third quarter while the voluntary recall was ongoing. We believe this is a direct reflection of the clinical superiority of our products which also results in the strong loyalty shown by our existing surgeons. Additionally, the limited launch of our new knee product, the iTotal PS, is progressing favorably, and the company anticipates a full commercial launch … in March of 2016, as originally planned.”