The Caesarea, Israel-based company posted losses of $1.3 million, or 2¢ per share, on sales of $15.5 million for the three months ended March 31, seeing losses shrink 75.6% while sales grew 32.3% compared with the same period during the previous fiscal year.
Losses per share were ahead of the 8¢ consensus on Wall Street, where analysts expected to see sales of $15.1 million for the quarter, which the company topped.
“Our record first quarter revenue reflects clinical adoption, as we surpassed 33,000 cases performed, and the continued global demand for the Mazor X and Renaissance systems. Commercially, we successfully expanded into a new international market with the Mazor X and making progress penetrating into the ambulatory surgery center market in the U.S. with the Renaissance. Our performance, coupled with the growing number of peer-reviewed papers, presentations and the interim data from our prospective studies, is transforming spine surgery in markets around the world. Finally, 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,” CEO Ori Hadomi said in a press release.
Shares in Mazor Robotics re up 6.4% so far today, at $59.13 as of 12:54 p.m. EDT.