ConforMIS prices $20m offering, releases prelim 2017 earnings

ConforMIS (NSDQ:CFMS) today priced an upcoming offering looking to raise $20 million after posting preliminary 2017 earnings yesterday that saw gross profits up from the previous fiscal year.

In its offering, the Billerica, Mass.-based company said it is looking to sell approximately 13.3 million shares of common stock at $1.50 per share. The offering also includes a 30-day underwriter’s option for an additional 2 million shares.

Cowen and Canaccord Genuity are acting as joint book-running managers for the offering, with SunTrust Robinson Humphrey acting as lead manager.

The offering is expected to close on or about Jan. 29, according to a press release.

In its preliminary 2017 earnings release, ConforMIS said it expects to post gross profit of approximately $28.8 million, representing approximately 37% of revenue. Those numbers are up from the $26.7 million, or 33% of revenue it posted for 2016.

The company said it expects gross margin for the quarter to be approximately 42%, with total debt of approximately $30 million and cash used projected to be $9.3 million, according to an SEC filing.

ConforMIS said it expects to post full financial results on Feb. 7.

Shares in the company have fallen 37% so far today in pre-market training, at $1.43 as of 9:18 a.m. EST.

Last month, ConforMIS saw its shares rise more than 12% after a BTIG analyst upgraded his rating on the company, which makes customized knee and hip implants.

The post ConforMIS prices $20m offering, releases prelim 2017 earnings appeared first on MassDevice.

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