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MAKO Surgical (MAKO) Sells 9 RIO Systems in Q2, Performs 2,590 MAKOplasty Procedures; Lowers Outlook

July 9, 2012 4:10 PM EDT Send to a Friend
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MAKO Surgical Corp. (Nasdaq: MAKO), announced its selected operating results for the quarter ended June 30, 2012.

2012 Second Quarter Review

RIO Systems – Nine RIO systems were sold during the second quarter, of which eight were sold to domestic customers and one was sold to a distributor in China, which in turn was sold for commercial use to a prominent hospital in Hong Kong. The average selling price for RIO systems was in line with the prior quarter. These nine RIO systems bring MAKO's worldwide commercial installed base of RIO systems to 126 systems and domestic commercial installed base to 123 systems as of June 30, 2012.

MAKOplasty Procedure Volume – During the second quarter, 2,590 MAKOplasty procedures were performed, of which 2,494 were performed at domestic sites. Of the 2,494 domestic procedures, 280 were Total Hip Arthroplasty (THA) procedures. The average selling price for all procedures was comparable with the prior quarter. The 2,590 MAKOplasty procedures performed represent a 13% increase over the procedures performed in the first quarter of 2012 and a 66% increase over the procedures performed in the second quarter of 2011. The average monthly utilization per system was 7.2 procedures during the second quarter of 2012, an increase from 6.6 procedures per system per month in the first quarter of 2012 and an increase from 6.4 procedures per system per month in the second quarter of 2011. Through June 30, 2012, approximately 17,700 procedures had been performed since the first procedure in June 2006.

MAKOplasty Total Hip Arthroplasty – In the second quarter, nine MAKOplasty THA applications were sold, seven of which were sold with the domestic RIO systems sales during the quarter and two of which were sold as upgrades to existing commercial systems. As of June 30, 2012, 71 RIO systems, or 58% of our domestic installed base, have the MAKOplasty THA application.

Outlook

Based on the slower than expected start during the first six months of the year, MAKO now anticipates selling 42 to 48 RIO systems in 2012, which compares to prior guidance of 52 to 58 RIO system sales. Additionally, as a result of adjusted guidance for 2012 RIO sales, MAKO is narrowing 2012 MAKOplasty annual procedure guidance to 11,000 to 12,000, which compares to prior guidance of 11,000 to 13,000 procedures.

"With six months of 2012 behind us, we have experienced slower than expected growth," said Maurice R. Ferré, M.D., President and Chief Executive Officer of MAKO. " While our core belief in the significant market opportunity and the transformational value of our technology remains intact, management's near term focus will be to improve our execution for the remainder of 2012 and beyond."




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