Mazor Robotics (MZOR) Reports Record Q4 Renaissance System Orders

January 5, 2016 6:19 AM EST
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Mazor Robotics Ltd. (Nasdaq: MZOR) announced that it received orders for a record 12 Renaissance systems in the fourth quarter ended December 31, 2015. In the US, the Company installed eight systems and internationally, it received purchase orders from its distribution partners for four systems, primarily in Asia. For the 2015 full year the Company received 25 orders, plus one upgrade, for its Renaissance system. This represents a 25% year over year increase compared to 20 systems in 2014.

Based on currently available operating and financial information, the Company expects to report record revenue of approximately $8.8 million for the fourth quarter ended December 31, 2015. For the full year, Mazor expects to report revenue of approximately $26 million compared to revenue of $21.2 million in 2014. The anticipated results in this press release are based on management's preliminary unaudited analysis of financial results for the period.

“The record number of orders we received for the Renaissance system during the fourth quarter of 2015 supports the optimism we have for our potential in the market,” commented Ori Hadomi, Chief Executive Officer. “During the quarter, we expanded our US presence into new metropolitan areas, such as Philadelphia, and internationally we expanded our presence in Asia and Europe. In the US, we also penetrated leading academic institutions in Chicago and Miami where the Renaissance will be used in the training of the next generation of neurosurgeons and orthopedic surgeons. As we enter 2016, I believe that the continued execution of our growth strategies, the larger sales footprint, the record utilization, together with the strong data supporting the clinical value of the Renaissance and the commercial launch of our PRO-solutions product lines, will increase the market’s awareness for the Renaissance system. This positions Mazor to accelerate the adoption of the Renaissance as the standard of care and for 2016 to be a growth year for our company.”

Mazor Robotics ended the fourth quarter with 108 Renaissance systems globally, including 64 in the US, the Company’s primary growth market. This compares with 83 global and 46 US systems for the fourth quarter ended December 31, 2014. The Company currently intends to report its complete financial results for the fourth quarter and full year ended December 31, 2015 in late February.

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