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Conformis, Inc. (CFMS) CEO Mark Augusti on Q4 2019 Results - Earnings Call Transcript

Mar. 02, 2020 9:05 PM ETConformis, Inc. (CFMS)1 Comment
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Conformis, Inc. (NASDAQ:CFMS) Q4 2019 Earnings Conference Call March 2, 2020 4:30 PM ET

Company Participants

Mark Augusti - President and CEO

Bob Howe - CFO

Fred Driscoll - Interim CFO

Conference Call Participants

Lilia-Celine Breton Lozada - JPMorgan

Kyle Rose - Canaccord

Ryan Zimmerman - BTIG

Steven Lichtman - Oppenheimer & Company


Good afternoon. My name is Sara, I will be your conference operator today. At this time, I would like to welcome everyone to Conformis Fourth Quarter and Full-Year 2019 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session.

Before we begin, I would like to remind you that Conformis' management will make statements during this call that include forward-looking statements within the meaning of federal securities law, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be considered to be forward-looking statements.

All forward-looking statements, including without limitation, statements about Conformis' strategy, future operations, future financial position and results, gross margin, product margin, operating trends, financial guidance, market growth, total revenue and revenue mix by product and geography, the anticipated timing of the limited launch of our hip product offering, the potential impact and advantages of using customized implants, business initiatives and transitions in our commercial operations are based upon current estimates and various assumptions.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements, including those discussed in the risk factors section of Conformis public filings with the U.S. Securities and Exchange Commission. Accordingly, you should not place undue reliance on these forward-looking statements. While

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Comments (1)

On 8/24/16, the day the press release came out announcing Mark Augusti as the new president, the stock closed at $7.66. Today is closed at $.82. Every dollar invested when Augusti came on board is now worth about a dime.

The Chairman of the Board, Kenneth P. Fallon III (old family tradition I guess) said at the time that he was "looking forward to his [Augusti] commercial and operational leadership in unlocking the full value of our proprietary technology for customized joint implants."

Kenny? Are you asleep? My bad knee could have done a better job.

Both those guys are asleep at the switch, haven't got a clue, and they don't seem to care.

Four months ago, Augusti announced bringing the new head of sales on board. The big progress report he gave yesterday was that the guy got his family moved from California. That was it. Maybe next quarter he'll have his desk set up. The conference call was a joke.

Augusti, Kenny, and probably the rest of the Board need to go. They are not operating with the best interest of shareholders in mind. They are way too complacent and happy with the status quo -- but the status quo is a disaster.
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