Conformis going under?

[anonymous]

Just curious any talk from those on the inside of you all going under? You all lost 17 million last quarter with $59 million left on hand, so only enough to last a few more quarters. What's the scoop? Lost a decent amount on this company investing in them hoping they would sell for maybe $3-4/share. Seems like quite the dumpster fire or just imcompetence in the executive offices.

 

[anonymous]

All signs point to a death rattle.

Even little things like what they are promoting on LinkedIn.

This week they are digging up old videos of surgeon success stories at ASCs filmed in 2014-2015 and Patient Ambassador stories from the 2014-2017 window.

This is along w/studies and database results touting the superiority of custom knees when they have in effect killed off the custom knee offering…unless patients pay the difference to get the custom product via their new and flatly performing Platinum Services offering.

One issue is that Platinum Services is not on contract w/any major IDN or system and will never be b/c of the reimbursement and legal hurdles it presents for a heavily bureaucratic entity.

Most ASCs are not buying in for the above reason and also the fact that docs/ASC admin can’t wrap their heads around the patient pay factor for an implant, even if it is common practice in other service lines outside Ortho or questionable stuff like PRP and Stem Cell done in the same centers.

CFMS drove their current client base off a cliff w/this program and have no buy in from the rest of the market for the OTS offering b/c it adds minimal value to their practice.

The roll out of the program was botched and haphazard from Day 1 even if the concept was interesting as a discussion point.

Add to the fact that they have had massive turn over in the MFG side due and the lead times for custom went from 5-6 weeks to 8 weeks and the promised 3 week OTS lead time is now pushed back to 8 weeks as well and the last few customers that were willing to put up w/the BS are past their boiling point and pulling away.

Simply put, the CEO should’ve been fired years ago and his replacement should’ve focused on a M&A with a big 4 or something intriguing like selling to Elon Musk.

At this point, it is a sad death of 1000 cuts for what should’ve been a game changing concept.

The could’ve/would’ve/should’ve list is very long…just to scratch the surface:

Do a shoulder or ankle instead of (an awful) hip for a second product line (less units required at higher ASP), a pressfit TKA project that hasn’t taking 5 years w/no progress, launch the new uni that has been sitting for 4 years, not cutting the sales force commission by 10% to 15% in a very critical time window in 2018, retain talent and flush turds…not retain turds and flush talent.

If Mark had any sense of humility, he would resign in disgrace and the BoD would bring FK back in to oversee a M&A to J&J or Stryker for the cutting guides alone (which are still the best in the industry).

 

[anonymous]

All signs point to a death rattle.

Even little things like what they are promoting on LinkedIn.

This week they are digging up old videos of surgeon success stories at ASCs filmed in 2014-2015 and Patient Ambassador stories from the 2014-2017 window.

This is along w/studies and database results touting the superiority of custom knees when they have in effect killed off the custom knee offering…unless patients pay the difference to get the custom product via their new and flatly performing Platinum Services offering.

One issue is that Platinum Services is not on contract w/any major IDN or system and will never be b/c of the reimbursement and legal hurdles it presents for a heavily bureaucratic entity.

Most ASCs are not buying in for the above reason and also the fact that docs/ASC admin can’t wrap their heads around the patient pay factor for an implant, even if it is common practice in other service lines outside Ortho or questionable stuff like PRP and Stem Cell done in the same centers.

CFMS drove their current client base off a cliff w/this program and have no buy in from the rest of the market for the OTS offering b/c it adds minimal value to their practice.

The roll out of the program was botched and haphazard from Day 1 even if the concept was interesting as a discussion point.

Add to the fact that they have had massive turn over in the MFG side due and the lead times for custom went from 5-6 weeks to 8 weeks and the promised 3 week OTS lead time is now pushed back to 8 weeks as well and the last few customers that were willing to put up w/the BS are past their boiling point and pulling away.

Simply put, the CEO should’ve been fired years ago and his replacement should’ve focused on a M&A with a big 4 or something intriguing like selling to Elon Musk.

At this point, it is a sad death of 1000 cuts for what should’ve been a game changing concept.

The could’ve/would’ve/should’ve list is very long…just to scratch the surface:

Do a shoulder or ankle instead of (an awful) hip for a second product line (less units required at higher ASP), a pressfit TKA project that hasn’t taking 5 years w/no progress, launch the new uni that has been sitting for 4 years, not cutting the sales force commission by 10% to 15% in a very critical time window in 2018, retain talent and flush turds…not retain turds and flush talent.

If Mark had any sense of humility, he would resign in disgrace and the BoD would bring FK back in to oversee a M&A to J&J or Stryker for the cutting guides alone (which are still the best in the industry).

Well said. Not dead yet, but hard to imagine the paddles needed to resuscitate this gasping victim.

 

[anonymous]

Best of like the buyer.

Hopefully they shitcan the Mark, the Fat Fuck on Day 1 at Minute 1.

 

[anonymous]

To say that they got their asses bailed out is the understatement of the decade.