CAESAREA, Israel--(BUSINESS WIRE)--Mazor Robotics Ltd. (TASE:MZOR), a developer of innovative surgical robots and complementary products, today announced its financial results for the fourth quarter and full year 2011 ended December 31, 2011.
Revenue in the fourth quarter grew 38% to $1.8 million from the year ago period and included the sale of two Renaissance™ systems. Mazor introduced the Renaissance system, its next generation surgical robotic system that enables surgeons to conduct minimally invasive and complex spine surgeries in a safe and accurate manner, to the U.S. market during the fourth quarter of 2011.
“Our revenue growth in the fourth quarter was driven by increased utilization and a stronger pricing environment following the U.S. introduction of our Renaissance system,” said Ori Hadomi, Chief Executive Officer of Mazor Robotics. “In 2011, we saw the early benefits from our investments in building the infrastructure to drive our business in the U.S. and around the world, and with Renaissance, we believe we are well-positioned to become the leader in the robotic spine surgery market. In 2012, we are focused on continuing to increase our install base and utilization, as well as introducing new procedures and applications with our technology to drive future growth.”
Gross margin expanded to 73% in the fourth quarter, compared to 67% in the prior year quarter, primarily due to higher sales volume and an increase in system pricing with the launch of Renaissance.
Operating expenses for the fourth quarter were $2.7 million compared to $2.5 million in the year ago period. The modest increase mainly reflects higher sales and marketing costs as Mazor continues to penetrate new markets in Asia and Europe, as well as expand its U.S. sales force.
Net loss for the fourth quarter was reduced by 28% to $(1.3) million, or $(0.06) per share, compared to a net loss of $(1.8) million, or $(0.07) per share, reported for the year ago quarter. The decrease was primarily a result of higher revenue.
During the fourth quarter, the Company used approximately $1.5 million in cash for operations. As of December 31, 2011, the Company had cash, cash equivalents and investments of $16.5 million.
Full Year 2011 Results
Revenue for the full year 2011 grew 40% to $5.8 million from 2010. The increase was driven by higher U.S. sales in 2011 of $3.0 million compared to $1.8 million in 2010. For the full year 2011, gross margin was 69% compared to 76% in 2010. The decrease is attributed to higher amortization cost and higher overhead cost as the Company invests to support future sales growth. Net loss for full year 2011 was $(7.7) million, or $(0.36) per share, compared to a net loss of $(6.0) million, or $(0.32) per share reported for 2010. The increase was primarily due to higher sales and marketing costs.
| Income Statement Highlights | 3 months ended | Year ended | ||||||||||
| (US$000s) | 12/31/2011 | 12/31/2010 | FY 2011 | FY 2010 | ||||||||
| Revenue | 1,831 | 1,328 | 5,845 | 4,183 | ||||||||
| Cost of Goods Sold | 498 | 432 | 1,791 | 1,011 | ||||||||
| Gross Profit | 1,333 | 896 | 4,053 | 3,172 | ||||||||
| R&D | 656 | 796 | 2,965 | 2,410 | ||||||||
| Marketing & Sales | 1,717 | 1,271 | 6,680 | 4,829 | ||||||||
| General Administration | 297 | 460 | 2,047 | 1,498 | ||||||||
| Operating Loss | -1,337 | -1,631 | -7,639 | -5,564 | ||||||||
| Finance Income, Net (Expense) | (45 | ) | (143 | ) | (190 | ) | (493 | ) | ||||
|
Loss Before Income Tax |
-1,382 | -1,774 | -7,829 | -6,057 | ||||||||
| Income Tax | (76 | ) | (3 | ) | (62 | ) | 8 | |||||
| Loss for Period | -1,306 | -1,771 | -7,766 | -6,065 | ||||||||
| Balance Sheet Highlights (US$000s) | ||||
| 12/31/2011 | 12/31/2010 | |||
| Cash/Equivalents | 16,110 | 4,802 | ||
| Short Term Investments | 13,335 | |||
| Accounts Receivable | 1,356 | 841 | ||
| Other Receivables | 268 | 280 | ||
| Inventory | 1,326 | 1,167 | ||
| Current Assets | 19,060 | 20,424 | ||
| Long Term Assets | 1,365 | 1,348 | ||
| Current Liabilities | 6,326 | 2,394 | ||
| Long Term Liabilities | 616 | 4,233 | ||
| Capital | 13,483 | 15,145 |
About Mazor
Mazor Robotics (TASE:MZOR) is dedicated to the development and marketing of innovative surgical robots and complementary products that provide a safer surgical environment for patients, surgeons, and OR staff. Mazor Robotics’ flagship product, Renaissance™, is a state-of-the-art surgical robotic system that enables surgeons to conduct spine surgeries in an accurate and secure manner. Mazor Robotics systems have been successfully used in the placement of over 12,000 implants in the USA and Europe. Multiple peer-reviewed publications and presentations at leading scientific conferences have validated the accuracy, usability, and clinical advantages of Mazor Robotics technology. The Company received authorization to affix a CE Mark for the Renaissance system in Europe for brain surgeries in May 2011. For more information, please visit www.mazorrobotics.com.