In a report released today, Steven Lichtman from Oppenheimer maintained a Buy rating on ConforMIS (NASDAQ: CFMS), with a price target of $4. The company’s shares closed yesterday at $1.35, close to its 52-week low of $1.15.
Lichtman observed:
“1Q sales of $19.7M (-6% cc) were above our/consensus estimates of $19.2/19.5M on higher FX impact. Gross margin came in above guidance at 45% (and versus our 42% estimate); the +1300bps yoy improvement was driven primarily by the company’s insourcing efforts/operational initiatives along with positive FX (+200bps) and higher ASPs (+100bps). The pipeline is on track (hip, next-gen total and uni knees). CFMS also highlighted a positive reimbursement reversal by Cigna to include CFMS CT scans/implants in its coverage policies (management assumes it will take some time for Cigna to operationalize this). ’18 sales outlook reiterated at $79-83M (+2-7% yoy) and gross margin of 44-46% though the 1Q beat suggests GM could come in at the high-end of the range.”
According to TipRanks.com, Lichtman is ranked 0 out of 5 stars with an average return of -6.4% and a 51.2% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Integra Lifesciences, Wright Medical Group, and K2M Group Holdings.
Currently, the analyst consensus on ConforMIS is Strong Buy and the average price target is $3.67, representing a 171.9% upside.
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 report for the quarter ending December 31, the company posted quarterly revenue of $20.75 million and GAAP net loss of $11.86 million. In comparison, last year the company earned revenue of $20.46 million and had a GAAP net loss of $17.16 million.
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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.
