- Increasing Utilization and Strong Sales of Renaissance™ Systems Drive 45% Revenue Growth from Prior Year -
- Conference Call at 10:30 a.m. Eastern Time on Wednesday, May 16, 2012 -
CAESAREA, Israel — (BUSINESS WIRE) — May 16, 2012 — Mazor Robotics Ltd. (TASE: MZOR), a developer of innovative surgical robots and complementary products, today announced its financial results for the first quarter ended March 31, 2012. Unless noted specifically otherwise, all figures are reported in New Israeli Shekel (NIS).
Revenue in the first quarter grew 45% to NIS 9.2 million from the same period a year ago and included the sale of three Renaissance™ systems. Mazor introduced the Renaissance system, its next generation surgical robotic system that enables surgeons to conduct minimally invasive and complex spine surgeries in a safe and accurate manner, to the U.S. market during the fourth quarter of 2011.
“Our strong revenue growth in the first quarter was driven by increased utilization and stronger sales in the U.S. of our Renaissance system, the only robotic technology specifically for the spine available in the marketplace,” said Ori Hadomi, Chief Executive Officer of Mazor Robotics. “With the sale of three systems in the U.S. this quarter, we continue to grow the installed base and are building the foundation for sustained growth in Renaissance procedures. We are particularly pleased that two of the systems were sold in such a prestigious and leading organization as the Florida Hospital Network.”
Gross margin expanded to 75% in the first quarter, compared to 73% in the prior year quarter, primarily due to higher sales volume and an increase in system pricing with the launch of Renaissance.
Operating expenses for the first quarter were NIS 11.1 million compared to NIS 9.7 million in the year ago period. The modest increase mainly reflects higher sales and marketing costs as Mazor continues to penetrate new markets in Asia and Europe, as well as expand its U.S. sales force.
Net loss for the first quarter was reduced by 16% to NIS 4.7 million, or NIS 0.21 per share, compared to a net loss of NIS 5.6 million, or NIS 0.27 per share, reported for the year ago quarter.
During the first quarter, the Company used approximately NIS 6.9 million in cash for operations. As of March 31, 2012, the Company had cash, cash equivalents and investments of NIS 53.7 million.
Conference Call
Mazor will host a conference call in English at 10:30 am ET on Wednesday, May 16, 2012. To participate in this teleconference, please dial 877-941-6009 fifteen minutes before the conference is scheduled to begin. Callers outside of the U.S. should dial 480-629-9818. The call will also be webcast live at http://www.mazorrobotics.com. A replay of the call will be available for two weeks after the live call on the Company's website, or by dialing 800-406-7325. Callers outside of the U.S. should dial 303-590-3030. The replay participant code is 4538782.
| Balance Sheet Highlights (NIS'000s) | ||||||
| 3/31/2012 | 3/31/2011 | 12/31/2011 | ||||
| Cash/Equivalents | 10,317 | 34,346 | 13,426 | |||
| Short Term Investments | 43,405 | 48,237 | 48,130 | |||
| Accounts Receivable | 10,666 | 3,566 | 5,181 | |||
| Other Receivables | 1,663 | 997 | 1,025 | |||
| Inventory | 5,171 | 3,643 | 5,065 | |||
| Current Assets | 71,222 | 90,789 | 72,827 | |||
| Long Term Assets | 5,228 | 4,692 | 5,215 | |||
| Current Liabilities | 26,496 | 8,517 | 24,170 | |||
| Long Term Liabilities | 2,532 | 14,954 | 2,352 | |||
| Capital | 47,422 | 72,010 | 51,520 | |||
| Income Statement Highlights | 3 month ended | |||||
| (NIS'000s) | 3/31/12 | 3/31/11 | ||||
| Revenue | 9,222 | 6,359 | ||||
| Cost of Goods Sold | 2,265 | 1,719 | ||||
| Gross Profit | 6,957 | 4,640 | ||||
| Research and Development | 2,260 | 2,715 | ||||
| Marketing & Sales | 7,201 | 5,385 | ||||
| General Administration | 1,682 | 1,619 | ||||
| Operating Loss | (4,186 | ) | (5,079 | ) | ||
| Finance Income, Net (Expense) | (517 | ) | (550 | ) | ||
| Loss Before Income Tax | (4,703 | ) | (5,629 | ) | ||
| Income Tax | 9 | 13 | ||||
| Loss for Period | (4,712 | ) | (5,642 | ) | ||
Convenient Translation at NIS 3.715 = US$ 1
| Balance Sheet Highlights (US$000s) | ||||||
| 3/31/2012 | 3/31/2011 | 12/31/2011 | ||||
| Cash/Equivalents | 2,777 | 9,245 | 3,614 | |||
| Short Term Investments | 11,684 | 12,984 | 12,956 | |||
| Accounts Receivable | 2,871 | 960 | 1,395 | |||
| Other Receivables | 448 | 268 | 276 | |||
| Inventory | 1,392 | 981 | 1,363 | |||
| Current Assets | 19,171 | 24,438 | 19,603 | |||
| Long Term Assets | 1,407 | 1,263 | 1,404 | |||
| Current Liabilities | 7,132 | 2,293 | 6,506 | |||
| Long Term Liabilities | 682 | 4,025 | 633 | |||
| Capital | 12,765 | 19,384 | 13,868 | |||
| Income Statement Highlights | 3 month ended | |||||
| (US$000s) | 3/31/12 | 3/31/11 | ||||
| Revenue | 2,482 | 1,712 | ||||
| Cost of Goods Sold | 610 | 463 | ||||
| Gross Profit | 1,873 | 1,249 | ||||
| Research and Development | 608 | 731 | ||||
| Marketing & Sales | 1,938 | 1,450 | ||||
| General Administration | 453 | 436 | ||||
| Operating Loss | (1,127 | ) | (1,367 | ) | ||
| Finance Income, Net (Expense) | (139 | ) | (148 | ) | ||
| Loss Before Income Tax | (1,266 | ) | (1,515 | ) | ||
| Income Tax | 2 | 3 | ||||
| Loss for Period | (1,268 | ) | (1,519 | ) | ||
About Mazor
Mazor Robotics (TASE: MZOR) is dedicated to the development and marketing of innovative surgical robots and complementary products that provide a safer surgical environment for patients, surgeons, and OR staff. Mazor Robotics’ flagship product, Renaissance™, is a state-of-the-art surgical robotic system that enables surgeons to conduct spine surgeries in an accurate and secure manner. Mazor Robotics systems have been successfully used in the placement of over 12,000 implants in the USA and Europe. Multiple peer-reviewed publications and presentations at leading scientific conferences have validated the accuracy, usability, and clinical advantages of Mazor Robotics technology. The Company received authorization to affix a CE Mark in Europe for brain surgeries in May 2011. For more information, please visit www.mazorrobotics.com.
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