Shares of Conformis, Inc. (NASDAQ: CFMS) skyrocketed 7.23% during the trading session of Monday. The firm disclosed that it has got the green signal from the U.S. FDA for the firm’s Identity Imprint Knee Replacement System. Identity Imprint is a new total knee replacement system, accessible in both cruciate-retaining (CR) and posterior stabilized (PS) versions, that grow the range of possibilities open to Conformis’ orthopedic surgeon clients and their sufferers.
Furthermore, Identity Imprint will offer surgeons quick delivery times and intraoperative options that are more comparable to standard knee systems. Identity Imprint knee system leverage a patented 3-dimensional (3D) best-suited algorithm to choose the implant that most carefully fulfills the geometric and anatomic conditions of the sufferers based on the sufferer’s computed tomography (CT) scans.
CEO of Conformis disclosed that Identity Imprint System is a tremendous addition to the firm’s portfolio. It will utilize the technical innovations and data from tens of thousands of customized implant designs. CFMS has gained +0.06 at the time of writing on Monday. The firm has recorded a trading volume of 36.75 million as compared to the average volume of 5.06 million. CFMS has a total market capitalization of $148.79 million at the time of writing.
Additionally, it has been disclosed that currently global knee joint reconstruction market is anticipated at over $9 billion, with nearly 1 million knee replacements projected to be completed in the US this year, with an increasing number of knee procedures to be achieved in the ASC and outpatient settings.