Conformis, Inc. Announces Exclusive Distribution Agreement in China
June 23 2021 - 7:30AM
Conformis, Inc. (NASDAQ:CFMS) today announced the execution of
an agreement to enter the Asia-Pacific market through an exclusive
distribution relationship with XR Medical Group (Hong Kong) Limited
(XR Medical).
Under the distribution agreement, XR Medical will have exclusive
rights for the sale, marketing, and distribution of Conformis’
patient-specific iTotal® CR & PS total knee replacement
systems, iTotal® CR & PS patella devices, and iUni® and iDuo®
partial knee replacement systems. Other products, such as
Conformis’ recently approved Identity Imprint™ knee system and its
hip portfolio of products, may be added in the future.
XR Medical’s sales team will provide sales and support
exclusively to top-tier facilities in Hainan’s Boao Lecheng
International Medical Tourism Pilot Zone (Pilot Zone) on behalf of
Conformis. The region is a major center of medical tourism for
dozens of countries.
“This distribution agreement is another example of progress as
we execute our overall growth strategy. We are confident that our
unique product portfolio will serve to accelerate Conformis’
international growth. And we are pleased to partner with XR
Medical, which has an impressive track record of success in China,”
said Mark Augusti, President and CEO of Conformis. “What is
particularly attractive about XR Medical is its strong performance
in the Pilot Zone. With access to patients visiting the region for
treatment, this creates an opportunity to introduce a broad
audience to the clinical benefits of Conformis technology. We
believe that starting in the Pilot Zone positions us well and we
anticipate that this relationship will serve as a model for future
expansion opportunities in mainland China.”
The Pilot Zone is located on Hainan, a large island off China’s
southern coast. It was established in 2019 to attract affluent
Chinese citizens who might otherwise go abroad for their medical
care. This region of China has developed top-level medical
treatment facilities in a popular destination. Currently, medical
tourists from dozens of countries, including those
in Southeast Asia, are permitted to visit Hainan for a
30-day stay without visas.
The global market for knee joint reconstruction is projected at
more than $9 billion. Of this total, the knee joint reconstruction
market in the Asia-Pacific region is currently estimated to exceed
$1.7 billion. Fortune Business Insights predicts a high growth rate
for knee replacements in the region due to the combination of the
increased prevalence of knee disorders, booming medical tourism,
increased disposable incomes, and improved healthcare
infrastructure.
About Conformis, Inc.
Conformis is a medical technology company that uses its
proprietary iFit® Image-to-Implant® technology platform to develop,
manufacture, and sell joint replacement implants and instruments
that are individually sized and shaped, which we refer to as
personalized, individualized, or sometimes as customized, to fit
and conform to each patient’s unique anatomy. Conformis offers
a broad line of sterile, personalized knee and hip implants and
standard implants, along with single-use instruments delivered to
hospitals and ambulatory surgical centers. In clinical studies,
the Conformis iTotal® CR knee replacement system
demonstrated superior clinical outcomes, including better function
and greater patient satisfaction, compared to traditional,
off-the-shelf implants. Conformis owns or exclusively
in-licenses issued patents and pending patent applications that
cover personalized implants and patient-specific instrumentation
for all major joints.
For more information, visit www.conformis.com. To receive
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at http://ir.conformis.com.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this press release about our future expectations,
plans and prospects, as well as other statements containing the
words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would” and similar
expressions, constitute forward-looking statements within the
meaning of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You should not place undue reliance
on our forward-looking statements. Actual results could differ
materially from the projections disclosed in the forward-looking
statements we make as a result of a variety of risks and
uncertainties, including risks and uncertainties described in the
“Risk Factors” sections of our public filings with
the Securities and Exchange Commission. In addition, the
forward-looking statements included in this press release represent
our views as of the date hereof. We anticipate that subsequent
events and developments may cause our views to change. However,
while we may elect to update these forward-looking statements at
some point in the future, we specifically disclaim any obligation
to do so. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the
date hereof.
Source: Conformis, Inc.
Media Contact:
Investor Relations
ir@conformis.com
(781) 374-5598
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