Mazor Robotics (MZOR) Updates on Q3 Orders; Says New Mazor X Device Sold

October 10, 2016 6:19 AM EDT
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Mazor Robotics Ltd. (Nasdaq: MZOR) announced that it received purchase orders for 25 systems during the third quarter ended September 30, 2016 including pre-launch orders for the recently unveiled Mazor X, a transformative guidance platform for spine surgeries. The Mazor X will be commercially launched at the North American Spine Society (NASS) annual meeting in Boston, MA October 26-29.

“The market’s response to the Mazor X is exceptional, exceeding our early expectations,” commented Ori Hadomi, Chief Executive Officer. “Customers who first experience the Mazor X at our training centers are quickly realizing the increased benefits of the system and they have already placed pre-launch orders. Mazor’s expanded portfolio of products, which now includes both the Mazor X and Renaissance systems, is responsible for the record number of purchase orders we received in the third quarter. As we move into the fourth quarter, we expect to build our momentum in the market as the Mazor X is launched, maximize our presence at NASS and our strategic partnership with Medtronic continues to be implemented.”

The 25 system purchase orders during the quarter included:

  • Three Mazor X pre-orders that the Company expects to deliver to U.S. customers by the end of the 2017 first quarter.
  • Four Renaissance systems ordered by U.S. customers were delivered during Q3 2016.
  • Three Renaissance systems ordered by distribution partners in the International Market.
  • 15 Mazor X systems ordered by strategic partner Medtronic, four of which were delivered in the 2016 third quarter.

During the third quarter, Mazor delivered a previously ordered Renaissance system to a distribution partner in the international market.

As previously reported, the Company recently implemented a policy enabling new Renaissance system customers to exchange to the Mazor X following the launch. Therefore, revenue from system sales with exchange option will be deferred until the Mazor X orders are supplied or the exchange option expires. The Company expects total third quarter revenue, including system sales and recurring revenues, to be approximately $7.5 million.

Mazor Robotics ended the third quarter with an installed base of 131 Renaissance systems globally, including 79 in the U.S., the Company’s primary growth market. The Company currently intends to report its complete financial results for the third quarter ended September 30, 2016 in November and will issue a press release with the date, time and dial in and webcast details.

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