ConforMIS (NASDAQ: CFMS) stock has seen a rising trend in the past few days. The stock has challenged $1.4 three times this year, and it is now $1.13 per share, so, should you buy it now?
On June 23, ConforMIS announced that it will have exclusive rights for the sale, marketing, and distribution of its products in the Asia-Pacific market through an exclusive distribution relationship with XR Medical Group Limited. The company said that the knee joint reconstruction market in the Asia-Pacific region is currently estimated to exceed $1.7 billion.
The company had a decrease of 16% YoY in total revenue for the first quarter of this year. The decrease in revenue YoY was driven primarily by the impact of the COVID-19 pandemic on elective procedures, but this situation might improve in the second half of this year.
The company will release its financial results for the second quarter after the market closes on August 4, 2021. Investors might hear some important information from that, which will be used for predicting the company's stock price. Therefore, CFMS stock could be a potential penny stock to add to your watchlist.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.