The shares of ConforMIS Inc (NASDAQ:CFMS) are trading 29% higher on their second day of trading after rising 5.42% on the opening day. The medical technology company started trading on the NASDAQ on July 1 with a total of 39.06 million common shares. The market capitalization of ConforMIS reached $826.02 million after the initial boost.
It is known for manufacturing joint replacement implants for individual patients with the help of its iFit Image-to-Implant technology. According to ConforMIS Inc (NASDAQ:CFMS)’s S-1 filing, its net revenue for the first quarter stood at $14.7 million, while its net loss amounted to $3.32 per share, above the loss of $3.04 per share a year ago.
Earlier, ConforMIS Inc (NASDAQ:CFMS) announced that it planned to sell 9.0 million shares at $15.00 per share in the IPO, with additional 1.35 million additional shares as over-allotment options. The offering is expected to close on July 7.
According to the company’s S-1 filing, Procific, Veron International Limited, and SGR Sagittarius Holding AG and Aeries Capital Archer L.P. are among the principal stockholders of the company, holding 8.00%, 7.53% and 9.79% of the outstanding stock after the IPO. The management of ConforMIS Inc (NASDAQ:CFMS) includes Dr. Philipp Lang, founder, President, and Chief Executive Officer of the company, while Paul Weiner is the Chief Financial Officer and Dr. Daniel Steines is serving as the Chief Technology Officer of the company.