Auriga on Healthcare Services: MAKO Misses 1Q12 Expectations; Read-through for HMA
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Rating Summary:
1 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Auriga on Healthcare Services: MAKO Misses 1Q12 Expectations; Read-through for HMA
Analyst, Glen Losev, said, "MAKO Surgical (Nasdaq: MAKO)(Not Rated) reported 1Q12 results, missing revenue and EPS expectations and triggering sell-off of over 25% in afterhours trading. 1Q12 revenue came in at $19.6M v. consensus $23.8M and EPS of -$0.28 v. consensus -$0.19. Average monthly utilization per system in 1Q12 was 6.6 procedures (6.5% increase from 1Q11, but a decline from 7.2 in 4Q11). MAKO lowered its guidance for RIO systems sales in 2012 to 52-58 range from previous 56-62. Guidance for MAKOplasty procedures in 2012 remained unchanged at 11k-13k range; THIS IS THE MOST IMPORTANT item in our view. Read-through for Health Management Assoc (NYSE: HMA) - HMA reported 1Q12 results on 4/24, delivering non-GAAP EPS of $0.24, in line with our and above consensus estimate of $0.22. The beat came on s-f revenue growth of +5.7% and continued margin expansion. Volumes, as expected, were soft, pressured by weak flu season and decline in uninsured admission in the quarter. More importantly, surgical volumes continued to increase and marked the tenth consecutive quarter of growth."
Analyst, Glen Losev, said, "MAKO Surgical (Nasdaq: MAKO)(Not Rated) reported 1Q12 results, missing revenue and EPS expectations and triggering sell-off of over 25% in afterhours trading. 1Q12 revenue came in at $19.6M v. consensus $23.8M and EPS of -$0.28 v. consensus -$0.19. Average monthly utilization per system in 1Q12 was 6.6 procedures (6.5% increase from 1Q11, but a decline from 7.2 in 4Q11). MAKO lowered its guidance for RIO systems sales in 2012 to 52-58 range from previous 56-62. Guidance for MAKOplasty procedures in 2012 remained unchanged at 11k-13k range; THIS IS THE MOST IMPORTANT item in our view. Read-through for Health Management Assoc (NYSE: HMA) - HMA reported 1Q12 results on 4/24, delivering non-GAAP EPS of $0.24, in line with our and above consensus estimate of $0.22. The beat came on s-f revenue growth of +5.7% and continued margin expansion. Volumes, as expected, were soft, pressured by weak flu season and decline in uninsured admission in the quarter. More importantly, surgical volumes continued to increase and marked the tenth consecutive quarter of growth."
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