In a report released today, Steven Lichtman from Oppenheimer maintained a Buy rating on ConforMIS (NASDAQ: CFMS), with a price target of $2.50. The company’s shares opened today at $0.87, close to its 52-week low of $0.80.
Lichtman commented:
“3Q sales ($29.0M) included one-time royalty payment of $10.5M from recent settlement with SNN. Product revenue of $18.3M (+1% cc) was below our/consensus estimates of $18.9M on lighter US/OUS sales. US (+5%) came in below expectations on uneven performance across CFMS regions. Germany reimbursement headwind continued. Positively, margins outperformed as GM continued to expand meaningfully, +1,000bps yoy (excluding royalty) to 50% and above our 46% estimate. Opex leverage was also better than expected. Excluding the royalty, FY18 guidance was reduced to $78.1-78,6M from $79.6-83.6M, while GM is expected to come in ahead. iHip limited launch is ongoing, with full launch during 2H19E. Management’s initial view on ’19 is ~5% product sales growth; we believe Germany stabilization would drive upside and believe conservative iHip assumptions are built-in.”
According to TipRanks.com, Lichtman has 0 stars on 0-5 star ranking scale with an average return of -5.3% and a 48.5% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Zimmer Biomet Holdings, and Motus Gi Holdings Inc.
ConforMIS has an analyst consensus of Moderate Buy, with a price target consensus of $3, a 244.8% upside from current levels. In a report released yesterday, BTIG also maintained a Buy rating on the stock with a $3 price target.
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Based on ConforMIS’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $14.06 million. In comparison, last year the company had a GAAP net loss of $12.47 million.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock.
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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.
