New Agreement expands Conformis’ global reach and brings patient-specific knee replacement systems to the largest market in the Asia-Pacific region
BILLERICA, Mass., June 23, 2021 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ:CFMS) today announced the execution of an agreement to enter the Asia-Pacific market through an exclusive distribution relationship with XR Medical Group (Hong Kong) Limited (XR Medical).
Under the distribution agreement, XR Medical will have exclusive rights for the sale, marketing, and distribution of Conformis’ patient-specific iTotal® CR & PS total knee replacement systems, iTotal® CR & PS patella devices, and iUni® and iDuo® partial knee replacement systems. Other products, such as Conformis’ recently approved Identity Imprint™ knee system and its hip portfolio of products, may be added in the future.
XR Medical’s sales team will provide sales and support exclusively to top-tier facilities in Hainan’s Boao Lecheng International Medical Tourism Pilot Zone (Pilot Zone) on behalf of Conformis. The region is a major center of medical tourism for dozens of countries.
“This distribution agreement is another example of progress as we execute our overall growth strategy. We are confident that our unique product portfolio will serve to accelerate Conformis’ international growth. And we are pleased to partner with XR Medical, which has an impressive track record of success in China,” said Mark Augusti, President and CEO of Conformis. “What is particularly attractive about XR Medical is its strong performance in the Pilot Zone. With access to patients visiting the region for treatment, this creates an opportunity to introduce a broad audience to the clinical benefits of Conformis technology. We believe that starting in the Pilot Zone positions us well and we anticipate that this relationship will serve as a model for future expansion opportunities in mainland China.”
The Pilot Zone is located on Hainan, a large island off China’s southern coast. It was established in 2019 to attract affluent Chinese citizens who might otherwise go abroad for their medical care. This region of China has developed top-level medical treatment facilities in a popular destination. Currently, medical tourists from dozens of countries, including those in Southeast Asia, are permitted to visit Hainan for a 30-day stay without visas.
The global market for knee joint reconstruction is projected at more than $9 billion. Of this total, the knee joint reconstruction market in the Asia-Pacific region is currently estimated to exceed $1.7 billion. Fortune Business Insights predicts a high growth rate for knee replacements in the region due to the combination of the increased prevalence of knee disorders, booming medical tourism, increased disposable incomes, and improved healthcare infrastructure.
About Conformis, Inc.
Conformis is a medical technology company that uses its proprietary iFit® Image-to-Implant® technology platform to develop, manufacture, and sell joint replacement implants and instruments that are individually sized and shaped, which we refer to as personalized, individualized, or sometimes as customized, to fit and conform to each patient’s unique anatomy. Conformis offers a broad line of sterile, personalized knee and hip implants and standard implants, along with single-use instruments delivered to hospitals and ambulatory surgical centers. In clinical studies, the Conformis iTotal® CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.
For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at http://ir.conformis.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this press release about our future expectations, plans and prospects, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You should not place undue reliance on our forward-looking statements. Actual results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks and uncertainties described in the “Risk Factors” sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
Source: Conformis, Inc.
