Revenue during the quarter grew 13.64 percent to $21.67 million from $19.07 million in the previous year period. Gross margin for the quarter expanded 388 basis points over the previous year period to 37.12 percent. Operating margin for the quarter stood at negative 64.52 percent as compared to a negative 77.68 percent for the previous year period.

Operating loss for the quarter was $13.98 million, compared with an operating loss of $14.81 million in the previous year period.

"We reported solid revenue and gross margin results in the fourth quarter of 2016," said Mark Augusti, president and chief executive officer of ConforMIS, Inc. "Full-year 2016 product revenue increased 26 percent year-over-year on a reported basis and 27 percent year-over-year on a constant currency basis, at the higher-end of our guidance range."

For fiscal year 2017, ConforMIS, Inc forecasts revenue to be in the range of $80 million to $84 million.

For the first-quarter 2017, ConforMIS, Inc forecasts revenue to be in the range of $17.70 million to $18.70 million.

Working capital drops significantly
ConforMIS, Inc has witnessed a decline in the working capital over the last year. It stood at $81.58 million as at Dec. 31, 2016, down 38.62 percent or $51.32 million from $132.89 million on Dec. 31, 2015. Current ratio was at 6.72 as on Dec. 31, 2016, down from 11.12 on Dec. 31, 2015.

Cash conversion cycle (CCC) has decreased to 52 days for the quarter from 60 days for the last year period. Days sales outstanding went down to 31 days for the quarter compared with 36 days for the same period last year.

Days inventory outstanding has decreased to 40 days for the quarter compared with 42 days for the previous year period. At the same time, days payable outstanding went up to 18 days for the quarter from 17 for the same period last year.