ConforMIS, Inc. (CFMS) Announces Earnings Results, Beats Expectations By $0.03 EPS
ConforMIS, Inc. (NASDAQ:CFMS) posted its earnings results on Wednesday. The medical instruments supplier reported ($0.29) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.03, Bloomberg Earnings reports. The firm had revenue of $18.40 million during the quarter, compared to the consensus estimate of $17.55 million. ConforMIS had a negative net margin of 72.87% and a negative return on equity of 66.61%. The company’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.31) EPS.
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An institutional investor recently raised its position in ConforMIS stock. The Manufacturers Life Insurance Company lifted its position in shares of ConforMIS, Inc. (NASDAQ:CFMS) by 21.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,121 shares of the medical instruments supplier’s stock after purchasing an additional 6,535 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of ConforMIS worth $158,000 as of its most recent filing with the Securities and Exchange Commission. 33.63% of the stock is currently owned by hedge funds and other institutional investors.
CFMS has been the subject of a number of research analyst reports. Canaccord Genuity dropped their target price on shares of ConforMIS from $8.00 to $6.00 and set a “hold” rating for the company in a research report on Friday, August 4th. Zacks Investment Research downgraded shares of ConforMIS from a “buy” rating to a “hold” rating in a research report on Tuesday. BTIG Research restated a “hold” rating on shares of ConforMIS in a report on Sunday, July 16th. ValuEngine upgraded ConforMIS from a “strong sell” rating to a “sell” rating in a report on Friday, September 1st. Finally, Oppenheimer Holdings, Inc. set a $6.00 price target on ConforMIS and gave the stock a “buy” rating in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.71.
ConforMIS Company Profile
ConforMIS, Inc is a medical technology company. The Company uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants, which are individually sized and shaped, to fit each patient’s anatomy. The Company’s iFit technology platform is applicable to various joints.
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