Conformis, Inc. (NASDAQ: CFMS) and restor3d, Inc., both noteworthy players in the orthopedic industry, have announced a definite merger agreement, making way for a leading company specializing in personalized 3D-printed orthopedic medical devices. This strategic union highlights the companies’ shared belief in personalization and their commitment to harnessing artificial intelligence in implant design, digital automation, and 3D-printed osseointegrative biomaterials.
Terms of the Merger Agreement
Under the agreement, restor3d will purchase all outstanding Conformis stock at $2.27 per share, a significant 96 percent premium on the closing price of the Conformis shares as of June 22, 2023. This move represents a tremendous leap towards creating a unified front in the rapidly evolving orthopedic industry, pushing the boundaries of personalized, cost-effective solutions across various orthopedic areas such as the shoulder, foot & ankle, spine, and large joints.
Executives’ Views on the Merger
The CEOs of both companies expressed positive views on the merger. Kurt Jacobus, CEO of restor3d, articulated his belief in the power of personalization and the potential to offer innovative solutions across the orthopedic landscape. On the other hand, Mark Augusti, CEO at Conformis, stated that this merger is a testament to the strength of Conformis’ technology and intellectual property. The transaction is seen as an exciting opportunity for Conformis to continue aiding patients and providing innovative products to the surgeon community under the umbrella of restor3d.
Conformis Board Approval and Expected Closing Date
The Board of Directors of Conformis, after careful deliberation, unanimously approved the transaction, determining it to be in the best interests of the company’s stockholders. Subject to Conformis’ stockholders’ approval and the satisfaction of customary closing conditions, the merger is projected to be finalized by the end of Q3 2023.
The Future of Personalized 3D-printed Orthopedic Devices with Conformis
The merger of restor3d and Conformis signifies a significant step towards revolutionizing the orthopedic industry with personalized treatment and patient choice. With Conformis’ history of delivering innovation and the promising technology offered by restor3d, the merged entity aims to transform the future of orthopedic treatments, fostering better patient outcomes and supporting the surgeon community with advanced and effective solutions.
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