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Clal Finance sees $350 million acquisition of Mazor Robotics

The prediction is based on the pick-up in sales of Mazor’s Renaissance robotic navigation system for spinal surgery.

Mazor Robotics

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Renaissance robotic navigation system for spinal surgery

/ By Hillel Koren / 

Clal Finance analyst Yoav Keidar predicts that Mazor Robotics Ltd. (Nasdaq: MZOR; TASE:MZOR) will be acquired within two years for $350 million, double its market cap of $178 million, following the pick-up in sales of its Renaissance robotic navigation system for spinal surgery. “We believe that continued sales growth could attract a buyer for the company. For the first time, we include a merger and acquisition premium in our valuation for the company, ” he says.

Keidar gives Mazor a “Buy” recommendation with a target price of NIS 25 per share, a 17% premium over today’s opening price on the TASE of NIS 20.20.
“The $20 million sales forecast for the Renaissance system and disposable part is projected to rise to $30 million in 2014 and $40 million in 2015. The positive penetration curve for the system could be steeper in 2015, which means that $40 million is an arbitrary figure in the current models, ” says Keidar.

“Mazor is at an interesting point. Its ability to break in to the US market in the next two years could create a potential acquisition opportunity. We derive the target price from a 75% sales multiple on the industry’s sales of $7-30 million in 2013 (for growing mid-cap medical devices companies), and 25% of the estimated $350 million acquisition price of the company. This is the valuation Covidien plc (NYSE: COV) paid for Israeli lung navigation company SuperDimension.”
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