Mazor Q1 revenue jumps 83% with 12 Mazor X orders: 6 key notes

Spinal Tech

Mazor reported $11.7 million in revenue for the first quarter of 2017.

Here are six highlights from the company's first quarter report:


1. Revenue increased 83 percent in the first quarter to $11.7 million, with U.S. revenue driving the growth. U.S. revenue increased 100 percent to $11.2 million.


2. During the first quarter, Mazor received 12 orders for the Mazor X system, compared to four for the Renaissance system during the first quarter of last year. The quarter ended with a backlog of 14 Mazor X systems.


3. Recurring revenue from kit sales, services and others increased 37 percent to $5.2 million in the first quarter. The company attributed growth to the increase in installed bases.


4. Mazor's margins were 64.6 percent for the first quarter, down from 74.2 percent over the same period last year. The company attributed the decrease to discounted pricing for Mazor X's distribution partner, the high costs of manufacturing the system compared to Renaissance manufacturing and two Renaissance trade-ins for Mazor X systems.


5. The company reported net loss of $5.2 million for the quarter, equaling around $0.11 per share. The net loss was flat compared to the same period last year. First quarter operating expenses were $13.3 million, up from $10 million over the same period last year.


6. Cash and cash equivalents and investments totaled $63.9 million at the end of the first quarter.


"The enthusiasm for the Mazor X continues, and to date we have received four purchase orders for the Mazor X in the second quarter of 2017," said CEO Ori Hadomi.


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