Needham & Company Remains Sidelined as Mazor Robotics (MZOR) Announces System Sales Beat
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Needham & Company reiterated a Hold rating on Mazor Robotics (NASDAQ: MZOR) following the company's announcement that it had orders for 25 systems in the 3Q. Out of the 25 ordered, 10 were delivered in the 3Q, above estimates for 7. However, MZOR expects 3Q revenue of $7.5M, below consensus revenue estimates of $8.4M.
Analyst Mike Matson commented, "MZOR announced that it had orders for 25 systems in 3Q16. The 25 orders included: four Renaissance Systems in the US, three Renaissance Systems outside the US, three Mazor X System pre-orders, and 15 Mazor X System orders from MDT. Of these, 10 systems were delivered in 3Q16, above both our estimate of seven and consensus which we estimate was at nine systems. While the MDT Mazor X order had been previously announced, we are encouraged by the 3 Mazor X pre-orders and note that MZOR plans to formally introduce the Mazor X at the upcoming North American Spine Society meeting (10/26-10/29 in Boston)."
Shares of Mazor Robotics closed at $25.89 yesterday.
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