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March 3, 2022updated 23 Mar 2022 11:38am

Conformis halts orthopaedic device distribution operations in Russia

The company notified its representatives in Russia that it would not begin distribution operations in the country.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

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Medical technology firm Conformis has suspended all its distribution operations and business development for orthopaedic medical devices in Russia amid the Ukraine crisis.

The company said it will no longer seek future business opportunities in the country until further notice.

Recently, Conformis signed a distribution arrangement in Russia for its orthopaedic devices, which would support its expansion plans for international markets.

Conformis CEO and president Mark Augusti said the representatives were notified that the company would not begin distribution operations in the country.

Augusti continued: “However, given the unnecessary and unprovoked military invasion of Ukraine instigated by the Russian leadership, we can no longer in good conscience, sell our products or services in the Russian market.

“We urge other global companies to respond in similar fashion. Our thoughts and prayers go out to the people of Ukraine and the relatives of Conformis employees who live there.”

In a separate development, Conformis has reported $15.4m of total revenue for the fourth quarter (Q4) of 2021, representing a decline of 8% year-over-year on a reported and constant currency basis.

The company’s total revenue for year-end 2021 stood at $99.9m, a 45% increase on a reported and constant currency basis.

Its product revenue remained flat on a reported basis and decreased 1% on a constant currency basis year-over-year.

For Q4 2021, Conformis’ hip system revenue increased 8% year-over-year to $0.7m, contributing to the 19% increase to $3m for the year.

The company also finalised commercial launch activities for its new Image-to-Implant Platinum Services Program for the US market in the quarter.

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GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
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