Mazor Robotics clocks record Q1 revenue of $15.5M — 10 highlights

Written by Megan Wood | May 14, 2018 | Print  |

Mazor Robotics released its 2018 first quarter financial results.

Here are 10 highlights.

1. The company saw record first quarter revenue of $15.5 million, compared to $11.7 million in the same time period in 2017. This boost was due to growth in recurring revenue from kit sales, services and other.

2. U.S. revenue jumped 27 percent to $14.2 million, up from $11.2 million in the first quarter of 2017.

3. Mazor reported international revenue of $1.3 million, reflecting a 160 percent boost from the first quarter of 2017.

4. Gross margin was 58.3 percent for the first quarter of 2018.

5. Total operating expenses were $10.5 million, down from $13.3 million in the first quarter of 2017. This is because of lower selling and marketing expenses under the Medtronic partnership.

6. Mazor's operating loss was $1.4 million in the first quarter of 2018, compared to $5.7 million in the same period the year prior.

7. The company's first quarter net loss was $1.3 million, down from $5.2 million for the first quarter of 2017.

8. The company's cash provided by operating activities was $2.7 million in the first quarter of 2018. The cash, cash equivalents and investments totaled $114.5 million.

9. Mazor reported 33,000-plus performed cases in the first quarter of 2018.

10. Mazor CEO Ori Hadomi said, "We are also advancing and expanding our technology development efforts with Medtronic, and I am pleased to share that commercialization of the Mazor X platform, which integrates Medtronic's Stealth navigation and offers a unique robot-guided implant solution that eliminates the need for guidewires, is expected at the end of 2018."

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