Click here to close now.

Welcome!

SAP Authors: Elizabeth White, Liz McMillan, Pat Romanski, Carmen Gonzalez, Automic Blog

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
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The IoT market is projected to be $1.9 trillion tidal wave that’s bigger than the combined market for smartphones, tablets and PCs. While IoT is widely discussed, what not being talked about are the monetization opportunities that are created from ubiquitous connectivity and the ensuing avalanche of data. While we cannot foresee every service that the IoT will enable, we should future-proof operations by preparing to monetize them with extremely agile systems.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and other machines.
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...