Welcome!

Artificial Intelligence Authors: Liz McMillan, SmartBear Blog, Progress Blog, William Schmarzo, Shelly Palmer

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.

THIRD QUARTER RESULTS

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.”

THIRD QUARTER AND SUBSEQUENT HIGHLIGHTS

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

NINE-MONTH FINANCIAL RESULTS

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.

INCOME STATEMENT AND BALANCE SHEET

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.

CONFERENCE CALL INFORMATION

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
ASSETS
 
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  
             
LIABILITIES
 
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  
 
EQUITY
 
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
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things’). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing? IoT is not about the devices, it’s about the data consumed and generated. The devices are tools, mechanisms, conduits. In his session at Internet of Things at Cloud Expo | DXWor...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...