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Conformis Reports First Quarter 2021 Financial Results BILLERICA , Mass . , May 5 , 2021 ( GLOBE NEWSWIRE ) - Conformis , Inc. ( NASDAQ : CFMS ) , an orthopedic medical device company that features personalized knee and hip replacement products , announced today financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Summary Total revenue of $ 13.8 million , a decrease of 16 % year - over - year on a reported basis and 17 % on a constant currency basis . Product revenue of $ 13.7 million , a decrease of 16 % year - over - year on a reported basis and 17 % on a constant currency basis . Conformis Hip System revenue up 49 % year - over - year to $ 0.7 million . Gross margin of 45 % , an increase of 80 basis points year - over - year . Total operating expenses remained flat year - over - year . ● ● ● Closed on an $ 85 million stock offering . 510 ( k ) application for Conformis ' new standard knee submitted to the FDA for review . Subsequent to quarter - end , received FDA 510 ( k ) clearance for patient - specific instrumentation associated with the Stryker development agreement . Executive Commentary - Mark Augusti , President and CEO ● " The year is off to a good start . We met our expectations for business activity in the quarter as COVID - 19 headwinds impacted elective procedures to the degree we anticipated . Despite these continuing headwinds for our industry , we are pleased with the progress of vaccine adoption nationwide and , as a result , remain cautiously optimistic that we will see procedure levels get back to normal in the second half of 2021. This anticipated acceleration in activity is timed well for our planned product introductions , which remain on track . We are in a great financial position , especially in light of the $ 11 million we expect to receive for achieving the final milestone under the Stryker development agreement . Having completed the development phase of the project with Stryker , we can now focus on manufacturing and supplying patient - specific instrumentation for Stryker . We will also continue to develop our hip portfolio , which grew nicely in the quarter , and continue preparing for the launch of our new knee offering , which will target the ASC segment . "