Artificial Intelligence Authors: Pat Romanski, Valeriia Timokhina, Yeshim Deniz, William Schmarzo, Liz McMillan

News Feed Item

Mazor Robotics Announces Financial Results for the Third Quarter 2012 and Provides Update on Operating Progress

Mazor Robotics Ltd. (TASE: MZOR), a developer of innovative surgical robots and complementary products, today filed its financial statements with the Tel Aviv Stock Exchange for the third quarter ended September 30, 2012. The company also provided an update on its progress in installing its Renaissance system in medical centers in the United States and outside the United States.


Revenue for the third quarter was $4.2 million/16.2 million NIS, a 171% increase from the year-ago period of $1.5 million/6.0 million NIS and a 45% sequential increase from revenue of $2.9 million/11.2 million NIS. The significant revenue increase was driven mainly by the strong demand and successful installations of Renaissance systems in the United States.

During the third quarter, recurring revenue accounted for 27% of the Company’s total revenue. Revenue from the U.S. comprised 80% of total revenue. The volume of Renaissance-guided spine surgery procedures, with a focus on complex spine and minimally-invasive surgery markets, continued to grow with average procedures per system, per quarter reaching 17.2, an increase of over 100% in 18 months.

Gross margin of 80% improved from 75% recorded in the second quarter 2012 and above the third quarter 2011 gross margin of 68%.

Operating expenses were $3.5 million/NIS 13.8 million compared to $2.8 million/NIS 10.9 million for the year-ago period.

Net loss for the quarter narrowed to $0.3 million/NIS 1.1 million, or $0.01/NIS 0.05 per share, compared to a net loss of $1.7 million/NIS 6.6 million, or $0.08/NIS 0.30 per share, reported for the third quarter 2011.

Cash, cash equivalents and short term investments for the quarter ended, September 30, 2012, was $21.2 million/ 82.9 million NIS, compared to $17.6 million/ 69.0 million NIS on June 30, 2012. The increase in cash and cash equivalents during the quarter was due to the investment of $7.5 million from a group of institutional and accredited investors, led by Oracle Investment Management.

“Our third quarter operating and financial results reflect the growing global demand for Renaissance systems and the excellent execution of our growth strategy, particularly in the important U.S. market,” said Ori Hadomi, CEO of Mazor Robotics. “In addition to reporting record revenue in the quarter, we took important steps to position Mazor for strong future growth. We continue to diligently build out our sales and marketing resources with the addition of several experienced sales executives, which will allow us to grow key markets in the United States. In addition we have significantly strengthened our financial position with the recent investment from Oracle Management. We will enter 2013 with strong momentum and are increasingly optimistic about our ability to provide a valuable service to hospitals and patients in need of our services.”


Mazor finalized the financing agreement that it had entered into during the third quarter, securing the first tranche of the investment of $7.5 million from a group of institutional and accredited investors, led by Oracle Investment Management, the investment management company founded by Larry Feinberg.

  • In the quarter, Mazor supplied Geisinger Health System, an integrated health services organization serving more than 2.6 million residents in Pennsylvania, with a Renaissance system
  • Parker Adventist Hospital, an affiliate of the Centura Health System, the largest hospital and healthcare network in Colorado, purchased a Renaissance system
  • Southwest NeuroSpine Institute, a specialty neurosurgery practice in El Paso, Texas, installed the Renaissance system it purchased in July, 2012
  • Mazor entered India with distribution partner Advanced Medical Systems PTE Ltd, and installed a system in Apollo Hospitals Chennai, the flagship hospital of the Apollo Group, one of the largest healthcare groups in Asia with over 8500 beds across 50 hospitals


For the nine months ended September 30, 2012, revenue totaled $9.4million/36.6 million NIS, a 156% increase over the $3.7 million/14.3 million NIS reported for the nine months ended September 30, 2011. Gross margin for the nine-month period was 77% compared with 66% for the prior year period. For the nine months to date, operating expenses were $9.7 million/37.8 million NIS compared with $8.1 million/31.6 million NIS in the year ago period. The net loss for the nine months was $2.7 million/10.0 million NIS compared with $5.8 million/22.6 million NIS for the comparable period of 2011.


Mazor prepares its financial statements in NIS. The U.S. dollar equivalents included have been converted using the quarter-end exchange rate of 3.912 and are presented for convenience purposes only.


Mazor will hold a conference call for the investment community today at 10:00 AM ET, and a webcast will be accessible via the Company’s website. A replay of the call will be available for two weeks following the event.

Date: November 27, 2012
Time: 10:00 AM ET

Audio Webcast: www.mazorrobotics.com, click Investors
Live Dial-In (U.S.): 1-866-225-8754
Live Dial-In (International): 1-480-629-9818
Conference ID: 4578122

Replay Dial-In: 1-800-406-7325
Replay Access Code: 4578122

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 operating room 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 35,000 implants in the United States and Europe. Numerous peer-reviewed publications and presentations at leading scientific conferences have validated the accuracy, usability, and clinical advantages of Mazor Robotics technology. For more information, please visit www.mazorrobotics.com.


Condensed Interim Consolidated Statements of Income

  Nine months ended

September 30,

  Three months ended

September 30,

  Year ended

December 31,

2012   2011 2012   2011 2011
Unaudited Audited
NIS in thousands (except per share data)
Revenues 36,644 14,306 16,239 5,984 21,302
Cost of sales 8,360   *) 4,821   3,264   *) 1,895   6,725  
Gross profit 28,284 9,485 12,975 4,089 14,577
Selling and marketing expenses 25,110 *) 18,456 9,393 *) 6,651 25,018
General and administrative expenses 4,948 *) 4,732 1,532 *) 1,346 5,867
Research and development expenses, net 7,703   *) 8,454   2,903   *) 2,859   10,959  
Operating loss (9,477 ) (22,157 ) (853 ) (6,767 ) (27,267 )
Finance income 2,503 2,065 821 1,428 2,735
Finance expenses (3,156 ) (2,552 ) (1,159 ) (1,206 ) (3,394 )
Finance expenses, net (653 ) (487 ) (338 ) 222   (659 )
Loss before taxes on income (10,130 ) (22,644 ) (1,191 ) (6,545 ) (27,926 )
Taxes on income (81 ) 50   (96 ) 21   (242 )
Loss for the period (10,049 ) (22,694 ) (1,095 ) (6,566 ) (27,684 )
Loss per share:
Basic and diluted loss per share (in NIS) (0.45 ) (1.05 ) (0.05 ) (0.30 ) (1.27 )

*) Reclassified :

Certain expenses from the statement of income for the nine and three months periods ended September 30, 2011 have been reclassified to conform to their presentation in the financial statements for the period ended September 30, 2012 and in the financial statements for the year ended December 31, 2011. See the Company’s Condensed Interim Consolidated Financial Statements and the accompanying notes to see the effect on the statements of income


Condensed Interim Consolidated Statements of Financial Position

September 30, December 31,
2012   2011 2011
Unaudited Audited
NIS in thousands
Cash and cash equivalents 47,549 12,171 6,324
Short-term deposits - 7,053 7,102
Short-term investments 35,381 49,722 48,130
Trade receivables 8,731 3,870 5,181
Other accounts receivable 1,926 1,229 1,025
Inventory 4,674   4,302   5,065  
Total current assets 98,261   78,347   72,827  
Prepaid expenses on account of lease of motor vehicles 216 211 212
Deferred tax assets 530 - 333
Fixed assets, net 2,792 1,122 2,000
Intangible assets, net 1,806   2,958   2,670  
Total non-current assets 5,344   4,291   5,215  
Total assets 103,605   82,638   78,042  
Trade payables 3,295 3,886 3,807
Other accounts payable 11,874 7,245 7,007
Convertible debentures 14,641   -   13,356  
Total current liabilities 29,810   11,131   24,170  
Convertible debentures - 12,908 -
Derivatives 4,725 - -
Employee benefits 946 801 726
Liabilities to the Chief Scientist 998   1,888   1,626  
Total non-current liabilities 6,669   15,597   2,352  
Total liabilities 36,479   26,728   26,522  
Ordinary share capital 292 222 222
Share premium 236,702 210,106 210,106
Receipts on account of options 2,969 5,669 5,669
Receipts on account of conversion option of convertible debentures 3,084 3,084 3,084
Capital reserve for share-based payment transactions 12,662 10,373 10,973
Accumulated deficit (188,583 ) (173,544 ) (178,534 )
Total equity 67,126   55,910   51,520  
Total liabilities and equity 103,605   82,638   78,042  

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...