Medical technology company Conformis reported first quarter 2019 revenues of $20.6 million.
Here's what you should know:
1. The $20.6 million in total revenue was a 5 percent year-over-year increase on a reported basis and 6 percent increase on a constant currency basis.
2. U.S. product revenue increased 10 percent to $17.6 million.
3. Rest of world product revenue decreased 16 percent on a reported basis and 11 percent on a constant currency basis to $2.9 million. The company attributed the fall to reimbursement challenges in Germany.
4. Gross margins increased 300 basis points or 48 percent for the quarter. The rise is due to cost reductions as a result of vertical integration and manufacturing efficiencies.
5. Conformis reported net loss of $7.6 million for the quarter, down from $12 million last year.
6. Cash and cash equivalents and investments were $18.6 million, down from $23.6 million in the fourth quarter in 2018.
"U.S. growth of 10 percent represents continued progress in our U.S. commercial performance," said President and CEO Mark Augusti. "Importantly, I am pleased that we significantly reduced our operating expenses as we had previously communicated. This resulted in a meaningful reduction in cash used versus previous quarter."