Oppenheimer analyst Steven Lichtman maintained a Buy rating on ConforMIS (CFMS) today and set a price target of $2.50. The company’s shares closed yesterday at $0.72.
Lichtman noted:
“4Q sales of $22M exceeded our $21M estimate led by higher product revenue in the US and OUS. Product revenue of $21.9M (+7% cc) was led by higher PS knee performance in the US and slightly better (while still declining) OUS performance. Germany reimbursement headwind continued. Gross margin came in slightly below our estimate at 49%, but still showed meaningful y/y expansion at 700nps. Management reiterated guidance for 2019 which include significant operating expense reduction on recently announced cost containment/cash savings initiatives. Sales guidance was also maintained; with the outperformance in 4Q, this implies ~4% sales growth for 2019. Germany stabilization/international expansion could drive upside and believe we have conservative iHip assumptions built-in.”
According to TipRanks.com, Lichtman is ranked 0 out of 5 stars with an average return of -7.1% and a 47.1% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Zimmer Biomet Holdings, and Motus Gi Holdings Inc.
Currently, the analyst consensus on ConforMIS is a Moderate Buy with an average price target of $2.75.
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Based on ConforMIS’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $7.44 million. In comparison, last year the company had a GAAP net loss of $11.86 million.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CFMS in relation to earlier this year.
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ConforMIS, Inc. is a holding company, which engages in the development, manufacture, and sale of joint replacement implants. Its products include iTotal, iUni and iDuo, and iJig Instrumentation. The company was founded Philipp Lang in 2004 and is headquartered in Bedford, MA.
