Things weren’t looking too hot for surgical robot company, Israel-based Mazor until recently, when it has sold 4 of its mechanical surgeons at a price tag of $849, 000 per item. Mazor, based in Israel, has illustrious backers like George Soros, who has a 2.4% stake in the company, the fourth largest, according to Bloomberg.
Mazor specializes in developing robots to perform spinal surgery, and until it managed to sell four robots in December, one to a U.S. hospital and 3 in China and Taiwan, the company’s shares were down 46% for the year. Since the sales were made, the stock has risen 14%. Spine surgery represents a potential $8.5 billion market, and Mazor is convincing hospitals that its robots are a safer, quicker alternative to conventional spine surgery. CEO Ori Hadomi said, “We’re still small, and every system counts. Between quarters, there will be some bumps, but there is an annual trajectory of growth.”
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The company’s robots use 3-D imaging to locate places to put replacement screws in the spine. Mazor depends on the budgets of hospitals, and some may be wary of shelling out nearly $1 million for the robots. However, Wall Street likes the stock, with 6 out of 7 of its analysts with buy ratings, and while the company has yet to be profitable, it is projected to increase revenues by 11% in the next year. With doubts clearing up over U.S. healthcare, Hadomi is confident more hospitals will make the investment.