Conformis Announces Return to Work of Furloughed Employees
April 23 2020 - 7:00AM
Conformis, Inc. (NASDAQ:CFMS) announced today that, due in large
part to a loan made available to the Company under the Paycheck
Protection Program (“PPP Loan”) offered by the U.S. Small Business
Administration to qualified small businesses in response to the
coronavirus (COVID-19) pandemic and the economic harm done to the
Company’s business, the Company has accelerated its plan to return
to full-time employment the vast majority of those employees who
were furloughed on March 23, 2020. With the exception of a
few employees who have separated from the Company in the normal
course of business, the Company expects most of the furloughed
employees to return to active employment as early as April 27,
2020.
“A month ago, we announced the difficult
decision to furlough a significant portion of our direct workforce
in response to mandated government shutdowns of elective surgery
across the globe and especially in the United States. I am
very pleased to report that, because of the federal government’s
CARES Act and, specifically, the PPP Loan we received, we are able
to return our employees to work,” said Mark Augusti, President and
Chief Executive Officer. “In addition, we have started to
receive indications that elective surgeries in the United States
may return slightly sooner than expected, especially in ambulatory
surgical or outpatient centers, as noted by the government’s Phase
1 guidelines for ‘Opening Up America Again.’ We believe that
our proprietary approach to total joint replacement is uniquely
suited for efficiently handling these outpatient cases. We
would note that our approach also provides for a best-in-class
approach to limiting infection and reducing the exposure and burden
to medical staff.”
Mark Augusti further commented, “The ongoing and
future effects of the coronavirus pandemic are unpredictable and
continue to evolve, but we believe that the actions we are taking
are necessary and appropriate both for our employees and for
preparing to serve our customers and patients as America gets back
to business.”
About Conformis, Inc.
Conformis is a medical technology company
that uses its proprietary iFit Image-to-Implant technology platform
to develop, manufacture, and sell joint replacement implants and
instruments that are individually sized and shaped, which we refer
to as personalized, individualized, or sometimes as customized, to
fit each patient’s unique anatomy. Conformis offers a broad
line of sterile, personalized knee and hip implants and single-use
instruments delivered to hospitals. In clinical
studies, the Conformis iTotal CR knee replacement system
demonstrated superior clinical outcomes, including better function
and greater patient satisfaction, compared to traditional,
off-the-shelf implants. Conformis owns or exclusively
in-licenses issued patents and pending patent applications that
cover personalized implants and patient-specific instrumentation
for all major joints.
For more information,
visit www.conformis.com. To receive future releases in
e-mail alerts, sign up at ir.conformis.com.
Cautionary Statement Regarding
Forward-Looking Statements
Statements in this press release about our
future expectations, plans and prospects, including statements
about the anticipated impact of the novel coronavirus pandemic and
the actions we are taking and planning in response, the anticipated
timing of our product launches, our ability to recall employees,
whether or when restrictions on elective surgeries will be relaxed
and demand for procedures will increase and our financial position
and results, total revenue, product revenue, gross margin,
operations and growth, as well as other statements containing the
words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would” and similar
expressions, constitute forward-looking statements within the
meaning of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. We may not actually achieve
the forecasts disclosed in our forward-looking statements, and you
should not place undue reliance on our forward-looking statements.
Actual financial results could differ materially from the
projections disclosed in the forward-looking statements we make as
a result of a variety of risks and uncertainties, including risks
related to the novel coronavirus pandemic and the response to the
pandemic; whether our cash resources will be sufficient to fund our
continuing operations for the periods anticipated; risks related to
our estimates and expectations regarding our revenue, gross margin,
expenses, revenue growth and other results of operations, and the
other risks and uncertainties described in the “Risk Factors”
sections of our public filings with the Securities and
Exchange Commission. In addition, the forward-looking
statements included in this press release represent our views as of
the date hereof. We anticipate that subsequent events and
developments may cause our views to change. However, while we
may elect to update these forward-looking statements at some point
in the future, we specifically disclaim any obligation to do so.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date
hereof.
CONTACT: Investor Contact ir@conformis.com +1 (781)
374-5598
Conformis (NASDAQ:CFMS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Conformis (NASDAQ:CFMS)
Historical Stock Chart
From Apr 2023 to Apr 2024