Mazor Robotics reported third quarter revenue at $17.2 million, more than year-over-year revenue.
Here are six highlights from the company's financial report:
1. Mazor received a purchase for 22 Mazor systems, including 19 for Mazor X. The company also entered into the third phase of its strategic partnership with Medtronic for worldwide distribution of Mazor X; Medtronic made a $40 million third tranche investment in Mazor and on Nov. 1 Mazor and Medtronic transferred Mazor X capital sales, clinical sales and support activities to Medtronic.
As a result of the Mazor X absorption, 29 former Mazor employees are now part of Medtronic's robotic sales team.
2. Mazor X received CE approval in the third quarter and Medtronic can now market the system in the all countries that accept the CE Mark, including the European Union.
3. Third quarter U.S. revenue was up 170 percent to $15.4 million, with the company receiving revenue from 17 systems in the U.S. International revenue hit $1.8 million, down slightly from the previous year. Recurring kit sales, services and other revenue was up 63 percent to $70 million.
4. Mazor ended the quarter with a 17-system backlog and when Medtronic assumed worldwide distribution of Mazor X, the contracted pricing was at a lower rate than Mazor realized through its direct sales channels.
5. Operating loss for the quarter was reported as $3.8 million and net loss hit $3.7 million, or $0.07 per share. Net loss was down from $5.2 million at the end of the third quarter last year. Cash used in operating activities was $2.9 million, lower than $4.6 million reported over the same period last year. Cash, cash equivalents and investments were $98.8 million as of Sept. 30, 2017.
6. For the nine months end, revenue increased 99 percent to $44.4 million due to higher system sales and additional recurring revenue. Recurring revenue has reached $18.5 million this year so far. Net loss for the nine month's end was $12.6 million.
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