Mazor Robotics Sold Six Renaissance Systems to End Year with Increased Profits

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Mazor Robotics

Israel’s Mazor Robotics, a developer of innovative guidance systems and complementary products, announced that in the last quarter of 2014 it both received orders for, and delivered, six Renaissance systems, two in the U.S. and four internationally. The Company ended 2014 with 83 Renaissance systems globally, 46 in the U.S., the Company’s primary growth market, compared with 63 and 34 systems in 2013, respectively.

Mazor Robotics declares that it is dedicated to the development and marketing of innovative surgical guidance systems and complementary products that provide a safer surgical environment for patients, surgeons, and operating room staff.

The company’s flagship product, Renaissance, is a state-of-the-art surgical guidance system that enables surgeons to conduct spine and brain surgeries in an accurate and secure manner. Mazor Robotics systems have been successfully used in the placement of over 60, 000 implants worldwide. Numerous peer-reviewed publications and presentations at leading scientific conferences have validated the accuracy, usability, and clinical advantages of Mazor Robotics technology

Based on currently available operating and financial information, the Company stated that it expects to report revenue of approximately $5.7 million for the fourth quarter ended December 31, 2014. For the full year, Mazor expects to report revenue of approximately $21 million compared to revenue of $20 million in 2013.

“While we were in active negotiations to complete the sale of one or more Renaissance systems with several U.S. hospitals, the completion of these agreements did not occur by the end of the year and, as a result, our fourth quarter revenue will be impacted, ” said Ori Hadomi, Mazor’s Chief Executive Officer. “Our organization is continuing to pursue these agreements as we enter 2015. We are still at the very early stage of developing the robotic spine surgery market and continue to experience a high level of interest and sales activity in the Renaissance system in our key markets. We remain confident that with strong data supporting the clinical and economic benefits of the Renaissance system and continued sales and marketing efforts we will expand our presence in these markets over the longer term.”

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