Mazor Q2 revenue hits $8.3M after Medtronic investment: 10 key notes

Spinal Tech

Mazor reported $8.3 million generated revenue in the second quarter of 2016.

Here are 10 things to know from the company’s second quarter:


1. Mazor received 11 orders for the Renaissance system, with six installed in the United States. One of the U.S. systems will be recognized in a future period. Of the five systems ordered internationally, three were delivered and two will be delivered in the second half of the year.


2. Mazor entered into commercial agreements with Medtronic PLC in May for co-promotion, co-development and potential global distribution of certain Mazor products.


3. Second quarter revenue was up 6 percent to $8.3 million. The recurring revenue from system kit sales, services and others increased 31 percent to $4.2 million.


4. Operating loss for the second quarter was $4 million, up from $2.2 million reported over the same period last year. Net loss for the quarter was $4.1 million, up from $2.1 million from the second quarter in 2015.


5. The gross margin for the second quarter was 76.9 percent, compared to 79.6 percent for the second quarter of 2015.


6. Total expenses were $10.3 million, up from $8.4 million reported in the same period last year.


7. Cash, cash equivalents and investments totaled $47.5 million for the quarter, including the initial equity investment from Medtronic of $11.9 million. The company expects a second equity investment from Medtronic before the end of August.


8. For the first half of the year, revenue increased 20 percent over 2015 to hit $14.7 million. Net loss for the first six months was $8.1 million, or $0.19 per share.


9. Mazor unveiled Mazor X, a surgical assurance platform to enhance the predictability of spine surgery, in the second quarter. The company received 15 purchase orders for Mazor X systems from Medtronic that will be delivered in the second half of the year.


10. The company reported research and development at $3.2 million.

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