Welcome!

SAP HANA Cloud Authors: Liz McMillan, Elizabeth White, Pat Romanski, Kevin Knuese, Ed Featherston

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
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...