MAKO Surgical (MAKO) Hit Following Q4, FY12 Sales and Procedure Update

January 7, 2013 9:51 AM EST
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Shares of MAKO Surgical Corp (NASDAQ: MAKO) are pressured Monday after the company updated on RIO System sales and procedure volume for fourth quarter and fiscal 2012.

The release is below:

MAKO Surgical Corp announced its selected operating results for the fourth quarter and the year ended December 31, 2012 in anticipation of its business update presentation at the 31st Annual J.P. Morgan Healthcare Conference at the Westin St. Francis Hotel in San Francisco on Wednesday, January 9, 2013 at 7:30 am PT.

MAKO will provide a live webcast of the business update presentation. Interested parties may access the live webcast by visiting the investor relations section of MAKO's web site at A replay of the webcast will be available on the MAKO website after the live presentation.

2012 Fourth Quarter and Full Year Review

RIO Systems – Fifteen RIO systems were sold during the fourth quarter, of which thirteen were sold to domestic customers and two were sold through international distributors to hospitals in Italy and Thailand. The revenue associated with the two RIO systems sold to and customer accepted by the international distributors will be deferred until all revenue recognition criteria are satisfied. A total of 45 new RIO systems were sold worldwide in 2012, bringing MAKO's worldwide commercial installed base of RIO systems to 156 systems and domestic commercial installed base of RIO systems to 151 systems as of December 31, 2012.

MAKOplasty Procedure Volume – During the fourth quarter, 2,904 MAKOplasty procedures were performed, of which 2,756 were performed at domestic sites and 395 were Total Hip Arthroplasty (THA) procedures. The 2,904 MAKOplasty procedures performed represent a 20% increase over the procedures performed in the third quarter of 2012 and a 29% increase over the procedures performed in the fourth quarter of 2011. The 395 THA procedures performed represent a 31% increase over the THA procedures performed in the third quarter of 2012. The average monthly utilization per system was 6.6 procedures during the fourth quarter of 2012, an increase from 6.2 procedures per system per month in the third quarter of 2012. A total of 10,204 MAKOplasty procedures were performed in 2012, representing a 47% increase over the total procedures performed in 2011. Through December 31, 2012, approximately 23,000 procedures have been performed since the first procedure in June 2006.

MAKOplasty Total Hip Arthroplasty – In the fourth quarter, eleven MAKOplasty THA applications were sold, eight of which were sold with the RIO systems sales during the quarter and three of which were sold as upgrades to existing customers with knee-only commercial systems. As of December 31, 2012, 96 RIO systems, or 62% of the worldwide commercial installed base, are MAKOplasty THA enabled.

"We continued to make progress in the fourth quarter towards reestablishing our growth trajectory in RIO system placements and putting the building blocks in place to drive MAKOplasty procedure volume and utilization," said Maurice R. Ferré, M.D., President and Chief Executive Officer of MAKO. "While 2012 was a challenging year for MAKO, we believe that the changes we initiated in the second half of the year will position MAKO well for improved performance in 2013 and ultimately provide for our long term success."

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