Announcement • Sep 06
Conformis, Inc. Announces Board Changes Conformis, Inc. announced that at the Effective Time and in accordance with the Merger Agreement, the following directors were appointed to the Board: Kurt Jacobus, Greg Anglum and Kenneth Gall. Announcement • Sep 01
Conformis, Inc.(NasdaqCM:CFMS) dropped from S&P TMI Index Conformis, Inc.(NasdaqCM:CFMS) dropped from S&P TMI Index Reported Earnings • Aug 04
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: US$1.78 loss per share (improved from US$2.15 loss in 2Q 2022). Revenue: US$13.0m (down 15% from 2Q 2022). Net loss: US$13.0m (loss narrowed 16% from 2Q 2022). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 39%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. New Risk • Jun 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 28% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$45m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$37m net loss next year). Shareholders have been diluted in the past year (6.2% increase in shares outstanding). Market cap is less than US$100m (US$17.1m market cap). Announcement • Jun 24
\Restor3D, Inc. entered into a definitive merger agreement to acquire Conformis, Inc. (NasdaqCM:CFMS) from shareholders for for $21.4 million. Restor3D, Inc. entered into a definitive merger agreement to acquire Conformis, Inc. (NasdaqCM:CFMS) from shareholders for $21.4 million on June 22, 2023. Restor3D will acquire all outstanding shares of common stock of Conformis at $2.27 per share in cash, which represents an approximate 96 percent premium to the closing price of Conformis stock on June 22, 2023. In case of termination of the deal, Conformis will be required to pay restor3d a termination fee of $900,000. Conformis' Board of Directors, having determined that the transaction is in the best interests of the company's stockholders, has unanimously approved the transaction. The closing of this transaction is expected by the end of Q3 2023 and is subject to approval by Conformis’ stockholders and other customary closing conditions. UBS Investment Bank is serving as financial advisor and fairness opinion provider to Conformis, and Brian C. O’Fahey of Hogan Lovells US LLP is serving as its legal counsel. William J. Zawrotny of Jones Day is serving as legal counsel to restor3d. Announcement • May 13
Conformis, Inc. Announces Board Changes On May 8, 2023, Conformis, Inc. held the Company’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”). As of the time of the 2023 Annual Meeting, Michael D. Milligan’s term as a director expired, and the size of the Board was reduced from seven to six directors. In connection therewith, the Board reduced the number of class I director seats from three to two, such that the number of class I, class I and class III director seats is each now two. Carrie Bienkowski, who previously served as a class I director, resigned such class I seat as of the 2023 Annual Meeting, contemporaneous with her election as a class II director to fill the seat previously occupied by Mr. Milligan. Announcement • May 10
Conformis, Inc. Provides Second Quarter Revenue Guidance for the Financial Year Ending December 31, 2023 Conformis, Inc. provided second quarter revenue guidance for the financial year ending December 31, 2023. For the period, the company expects second quarter product revenue to be in the range of $11.0 million to $13.0 million. Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: US$1.32 loss per share (improved from US$2.24 loss in 1Q 2022). Revenue: US$12.8m (down 18% from 1Q 2022). Net loss: US$9.57m (loss narrowed 40% from 1Q 2022). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Revenue is forecast to stay flat during the next 2 years compared to a 8.3% growth forecast for the Medical Equipment industry in the US. Reported Earnings • Mar 03
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: US$6.99 loss per share (further deteriorated from US$0.36 loss in FY 2021). Revenue: US$62.1m (down 38% from FY 2021). Net loss: US$50.5m (loss widened US$48.1m from FY 2021). Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to stay flat during the next 2 years compared to a 7.4% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Announcement • Feb 11
Conformis, Inc. Provides Revenue Guidance for the First Quarter of Fiscal 2023 Conformis, Inc. provided revenue guidance for the first quarter of fiscal 2023. For the quarter, the company expects product revenue to be in the range of $12 million to $13 million. Announcement • Jan 24
Conformis, Inc. to Report Q4, 2022 Results on Mar 01, 2023 Conformis, Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Mar 01, 2023 Price Target Changed • Nov 16
Price target decreased to US$31.25 Down from US$35.42, the current price target is an average from 2 analysts. New target price is 2,011% above last closing price of US$1.48. Stock is down 94% over the past year. The company is forecast to post a net loss per share of US$8.32 next year compared to a net loss per share of US$0.36 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. CEO, President & Director Mark Augusti was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 04
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: US$0.084 loss per share (further deteriorated from US$0.073 loss in 3Q 2021). Revenue: US$13.8m (down 3.3% from 3Q 2021). Net loss: US$15.2m (loss widened 17% from 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.1%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: US$0.086 loss per share (down from US$0.21 profit in 2Q 2021). Revenue: US$15.3m (down 73% from 2Q 2021). Net loss: US$15.5m (down 141% from profit in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 6.3%, compared to a 6.2% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. CEO, President & Director Mark Augusti was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. CEO, President & Director Mark Augusti was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Mar 09
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$65.6m to US$64.9m. Losses expected to increase from US$0.24 per share to US$0.28. Medical Equipment industry in the US expected to see average net income growth of 19% next year. Consensus price target of US$2.00 unchanged from last update. Share price rose 7.9% to US$0.71 over the past week. Reported Earnings • Mar 04
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: US$0.014 loss per share (up from US$0.34 loss in FY 2020). Revenue: US$99.9m (up 45% from FY 2020). Net loss: US$2.41m (loss narrowed 90% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 60%. Over the next year, revenue is expected to shrink by 34% compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 05
Third quarter 2021 earnings released: US$0.073 loss per share (vs US$0.087 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$14.3m (down 12% from 3Q 2020). Net loss: US$13.0m (loss widened 110% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 05
CEO, President & Director recently sold US$60k worth of stock On the 2nd of November, Mark Augusti sold around 50k shares on-market at roughly US$1.20 per share. This was the largest sale by an insider in the last 3 months. Mark has been a seller over the last 12 months, reducing personal holdings by US$180k. Price Target Changed • Sep 22
Price target decreased to US$2.17 Down from US$2.50, the current price target is an average from 4 analysts. New target price is 41% above last closing price of US$1.54. Stock is up 79% over the past year. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 16% share price gain to US$1.82, the stock trades at a trailing P/E ratio of 24.7x. Average forward P/E is 43x in the Medical Equipment industry in the US. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 17% share price gain to US$1.61, the stock trades at a trailing P/E ratio of 13.5x. Average forward P/E is 43x in the Medical Equipment industry in the US. Total returns to shareholders of 32% over the past three years. Major Estimate Revision • Aug 11
Consensus revenue estimates increase to US$95.8m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from US$84.4m to US$95.8m. Now expected to report a profit of US$0.0077 instead of losses of -US$0.18 per share. Medical Equipment industry in the US expected to see average net income growth of 19% next year. Consensus price target of US$2.33 unchanged from last update. Share price fell 19% to US$1.33 over the past week. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to US$1.33, the stock trades at a trailing P/E ratio of 11.1x. Average forward P/E is 41x in the Medical Equipment industry in the US. Total returns to shareholders of 43% over the past three years. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS US$0.21 (vs US$0.031 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$56.3m (up 189% from 2Q 2020). Net income: US$38.0m (up US$40.2m from 2Q 2020). Profit margin: 68% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 13
Consensus revenue estimates increase to US$90.7m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from US$68.5m to US$90.7m. Forecast losses expected to reduce from -US$0.21 to -US$0.13 per share. Medical Equipment industry in the US expected to see average net income growth of 28% next year. Consensus price target of US$2.33 unchanged from last update. Share price was steady at US$0.82 over the past week. Reported Earnings • May 07
First quarter 2021 earnings released: US$0.088 loss per share (vs US$0.14 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: US$13.8m (down 16% from 1Q 2020). Net loss: US$11.5m (loss widened 23% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 11
Analysts update estimates The 2021 consensus revenue estimate was lowered from US$77.5m to US$68.5m. Earnings per share (EPS) saw an improvement, with analysts raising their estimates from -US$0.29 to -US$0.20 for the same period. The Medical Equipment industry in the US is expected to see an average net income growth of 21% next year. The consensus price target of US$2.33 was unchanged from the last update. Share price is down by 11% to US$0.97 over the past week. Reported Earnings • Mar 05
Full year 2020 earnings released: US$0.34 loss per share (vs US$0.44 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$68.8m (down 11% from FY 2019). Net loss: US$24.3m (loss narrowed 15% from FY 2019). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 13%, compared to a 21% growth forecast for the Medical Equipment industry in the US. Is New 90 Day High Low • Jan 07
New 90-day high: US$0.81 The company is up 6.0% from its price of US$0.76 on 09 October 2020. The American market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 9.0% over the same period. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 6.5%, compared to a 16% growth forecast for the Medical Equipment industry in the US. Reported Earnings • Nov 07
Third quarter 2020 earnings released: US$0.087 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: US$16.1m (down 6.8% from 3Q 2019). Net loss: US$6.18m (loss narrowed 29% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 05
New 90-day low: US$0.65 The company is down 8.0% from its price of US$0.71 on 07 August 2020. The American market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Sep 25
New 90-day high: US$0.88 The company is up 8.0% from its price of US$0.81 on 26 June 2020. The American market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Medical Equipment industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share.