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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.