CFMS - Why Conformis Plummeted by Almost 11% on Wednesday
Wednesday was a hump day to forget for specialty medical device maker Conformis (NASDAQ: CFMS) . Investors weren't happy with a guidance cut from the company, and expressed their displeasure by trading its shares down by 10.6%.
Conformis, which specializes in products used in hip replacement procedures, revealed in a business update that it expects less product revenue than previously anticipated for its current third quarter. The new expectation is for a top-line result of $13.7 million to $14.3 million. That's notably below the preceding estimate of $15.5 million to $16.5 million.
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Why Conformis Plummeted by Almost 11% on Wednesday