ConforMIS Inc (NASDAQ:CFMS) continues to move up in the pre-market session on Wednesday. The stock is up 79% so far this year.
Major Trigger:
Conformis, Inc. Announces Exclusive Distribution Agreement in China
Key Highlights:
- CFMS 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.
Key Quote:
“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.
Market Reaction
As of 8:40, CFMS stock gained by 1% to $1.19 So far more than 242k shares have exchanged hands.
 Announces Exclusive Distribution Agreement){kind=link}