Conformis amended the quarterly financial covenants contained in its loan and security agreement, dated June 25, 2019, with Innovatus Life Sciences Lending Fund I as collateral agent and lender, as well as East West Bank and other lenders.
“For companies with credit facilities, the impact of COVID-19 on business operations has undoubtedly made it difficult for many of them to satisfy some or all of their financial covenants. We reported on March 23, 2020, that we may not be able to meet our 2Q revenue covenant and would work with Innovatus to modify our credit facility. I am pleased that we have been able to come to agreement that better reflects current economic realities,” Mark Augusti, president and CEO of Conformis, said. “This is an indication of the good and cooperative partnership we have with Innovatus.”
Conformis is a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants and instruments.
