In the after-hours trading session, Conformis Inc. (CFMS) stock soared by 10.47% to the price of $0.95 at the time of writing. CFMS stock closed the previous session at $0.86 which is a gained 6.12% gain. The CFMS stock volume traded 1.81 million shares. The average daily volume of stock for the past 3 months is 5.41 million. In the past year, CFMS stock soared by 26.47%. In the past week, the stock had gained by 3.74%. In the past three and six months, the CFMS shares had lost -38.13%and gained 9.47% respectively. Conformis Inc. (CFMS) is currently valued in the market at $153.52 million and has a total of 182.43 million outstanding shares.
Conformis Inc. has a niche product offering in joint replacement implants
Conformis Inc. is a medical technology company that specifically focuses on joint replacement implants. The company designs, manufactures, and markets these implants and have a product offering which aim to treat the medial, lateral, posterior compartment of the knee; cruciate-retaining product, posterior cruciate ligament substituting product, personalized bicompartmental knee replacement system, and personalized unicompartmental knee replacement product. Knees aren’t the only part the company specializes in replacement; the company also focuses on hip replacement products as well.
All of the products at Conformis Inc. are customized or personalized to the needs of the patients and also consist of single-use instruments that are required by ambulatory surgical centers and hospitals. Many of the company’s major joint replacement products are patented or proprietary.
Hitting a milestone in its agreement with Stryker Corporation
Conformis Inc. has hit another milestone in the project of the joint development agreement with Stryker Corporation. The company announced today – 23rd April 2021, that it has been given approval by the Food and Drug Administration in the USA for the Patent Specific Instrumentation. This PSI was developed by Conformis Inc. for Howmedica under its License and Development Agreement.
Howmedica is owned by Stryker Orthopaedics as a full subsidiary and it entered into an agreement with Conformis Inc. to work on the Stryker’s Triathlon® Total Knee system with which the now-cleared PSI system is also used. PSI clearance is now the third milestone achieved in this project, despite the testing times of the pandemic, Stryker will now be subjected to delivering $11.0 million to Conformis Inc.
What is the next step?
The next step for the company in this partnership is to focus on a long-term distribution agreement for Conformis Inc. to supply the PSI system to meet the demands of Stryker.
Agreement for the provision of non-exclusive license to Paragon 28
Previously on 19th April 2021, the CFMS stock had announced another agreement. This time it was a non-exclusive license agreement granted to Paragon 28 subject to a subset of Conformis Inc. US patents for the use of patient-specific instruments technology for Paragon 28’s use of APEX 3DTM Total Ankle Replacement System.
Growth in licensing agreements and collaborative commercial project is good for CFMS stock
CFMS stock is performing well due to the company expanding its distinguished medical replacement products and now focusing on the collaboration and partnership for securing long-term deals of its patented technology and products.