The reason behind the surge in the share price of Conformis, Inc. (CFMS) is the announcement made by the company on March 1, 2021. The company is going to introduce the iTotal PS total knee replacement system which authorizes the marketing of medical devices and other healthcare products in Australia as it is part of the Australian Department of Health.
The new system which has been implemented in the United State since 2016 can fulfill the shortcomings of traditional, off-the-shelf knee replacements. The iTotal PS implants are a much better option for the patients as it specifically fulfills the needs of any patient for knee replacement.
President and CEO of Conformis Mark Augusti said that the new system will allow them to provide best-in-class patient-specific solutions to relieve patients’ chronic knee joint pain. He furthermore added that the Australian patients would be able to get personalized knee replacement implants and the company is thrilled to offer our new system to surgeons in Australia.
The global market for knee joint reconstruction is huge and it is projected at more than $9 billion. It is estimated that more than 50,000 knee replacements procedure are done every year in Australia
The global knee joint reconstruction market is projected at more than $9 billion. HCF, Australia’s largest nonprofit health insurer, reports that more than 50,000 knee replacement procedures are performed in Australia each year.
At one stage in the pre-market, the CFMS stock value went up to 46%. The Past data shows that the share prices decreased by -14.52% over the past week. For the last six months, the stock price increased by 56.71%.