Mazor Robotics reported an 87 percent increase in second quarter revenue.
Here are seven things to know:
1. Revenue hit $15.5 million in the second quarter of 2017, driven by a 110 percent increase in U.S. revenue compared to the same period last year. The company sold 14 Mazor X systems during the quarter.
2. Mazor ended the quarter with a 14-system backlog and expects to ship those systems in the third quarter. Revenues from those 14 systems will be recorded during the second half of 2017.
3. Recurring revenue from kit sales, service and others increased 50 percent to $6.3 million in the quarter, driven by an increase in the number of systems installed around the world. International revenue dropped from $1.6 million last year to $1.4 million during the second quarter of 2017.
4. Net loss for the second quarter was $3.7 million, compared to a $4.1 million net loss over the same period last year. Mazor's gross margin was 69.4 percent, a decrease from last year due to the higher manufacturing costs of the Mazor X system when compared with the Renaissance system.
5. Mazor reported operating expenses at $14.6 million, up from $10.3 million last year due to an increased investment in sales and marketing. Cash and operating activities during the quarter reached $7.4 million.
6. For the first half of 2017, revenue increased 85 percent over the same period last year. Recurring revenue jumped 44 percent for the first six months of the year.
7. Cash, cash equivalents and investments as of June 30, 2017, were $57.4 million.