CAESAREA, Israel, Jan. 8,
2018 /PRNewswire/ -- Mazor Robotics Ltd. (TASE: MZOR) (NASDAQGM:
MZOR), a pioneer and a leader in the field of surgical robotic
systems, expects to report record revenue of approximately
$65 million for the full year ended
December 31, 2017. In addition,
the Company expects to report record revenue of approximately
$19 million for the fourth quarter,
which is the Company's strongest quarter for system orders and
revenue.
In the fourth quarter of 2017, the Company received purchase
orders for 27 robotic guidance systems. This is the first full
quarter since Medtronic assumed exclusive worldwide distribution of
the Mazor X™ system for spine surgeries, as as part of the second
phase of the commercial agreement between the companies.
The 27 orders are comprised of:
- 24 Mazor X systems, of which 23 were ordered by Medtronic.
- Three Renaissance system purchase orders from a U.S. customer
and distribution partners in Germany and Thailand.
The Company's system backlog on December
31, 2017 was 16 systems (14 Mazor X and two Renaissance
systems).
"The fourth quarter results demonstrate the successful and
smooth transition of the Mazor X sales and marketing activities to
Medtronic," commented Ori Hadomi, Chief Executive Officer.
"In addition, the co-development of innovative robotic spine
solutions with Medtronic continues to make progress. At the same
time, we are maximizing the market opportunities for Renaissance
and evaluating potential new indications for our technologies."
For the 2017 full year, the Company received purchase orders for
73 systems, of which 64 were for the Mazor X system. The
Company anticipates that Medtronic's assumption of global
commercial responsibility for the Mazor X will lead to
increased market penetration and an accelerated number
of Mazor X system installations during the coming years.
As previously reported, from a financial results perspective,
the anticipated revenue from Mazor X capital systems and
disposables will be affected by the distribution model pricing
with Medtronic. Therefore, the Company is currently anticipating
modest revenue growth for 2018 compared to the preliminary 2017
record revenue of $65
million. As previously disclosed, the distribution
agreement with Medtronic is expected to reduce the Company's full
year 2018 sales and marketing expenses and deliver significant
savings. Beyond 2018, revenue growth is expected to accelerate and
be driven primarily by the expanding installed base and increased
recurring revenues.
Effective with the first quarter of 2018, due to the
commencement of the exclusive worldwide distribution agreement with
Medtronic and consistent with industry practice, the Company will
no longer provide preliminary results for revenue, orders received
and backlog. This information will be reported in full, as part of
the quarterly and annual financial results releases.
The Company intends to report its financial results for the
fourth quarter and full year ended December
31, 2017 in mid-February and will issue a press release with
the specific time, dial-in credentials and webcast details.
The full year results are expected to include an adjusted increase
in 2017 third quarter revenue from $17.2
million to $18.6 million due
to system deliveries to Medtronic which had been incorrectly
recorded as delivered after the third quarter ended on September 30, 2017. Amended financial
results for three and nine months ended September 30, 2017 are available through the
Company's website at
https://www.mazorrobotics.com/index.php/investors-relations/financial-reports.
About Mazor
Mazor Robotics (TASE: MZOR; NASDAQGM: MZOR) believes in healing
through innovation by developing and introducing revolutionary
robotic technologies and products aimed at redefining the gold
standard of quality care. Mazor Robotics Guidance Systems enable
surgeons to conduct spine and brain procedures in an accurate and
secure manner. For more information, please visit
www.MazorRobotics.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. Any statements in this release about
future expectations, plans or prospects for Mazor, including
without limitation, statements regarding the expected revenue for
the full year and fourth quarter of 2017, the evaluation of new
indications for its technologies, the increased market penetration
and accelerated number of Mazor X installation during the coming
years, the effect of the distribution model pricing with Medtronic
on the anticipated revenue from Mazor X capital
systems and disposables, the expected adjustment in third quarter
2017 revenues, the timing of reporting of full year and fourth
quarter financial results, the expected reduction in sales and
marketing expense in 2018, the expected modest revenue growth for
2018 compared to preliminary 2017 record revenue, the expected
growth beyond 2018, and other statements containing the words
"believes," "anticipates," "plans," "expects," "will" and similar
expressions are forward-looking statements. These statements
are only predictions based on Mazor's current expectations and
projections about future events. There are important factors that
could cause Mazor's actual results, level of activity, performance
or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements. Those factors include, but are not
limited to, the impact of general economic conditions, competitive
products, product demand and market acceptance risks, reliance on
key strategic alliances, fluctuations in operating results, and
other factors indicated in Mazor's filings with the Securities and
Exchange Commission (SEC) including those discussed under the
heading "Risk Factors" in Mazor's annual report on Form 20-F filed
with the SEC on May 1, 2017 and in
subsequent filings with the SEC. For more details, refer to Mazor's
SEC filings. Mazor undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in our expectations, except as may
be required by law.
U.S. Contacts: EVC Group
Michael Polyviou/Doug Sherk – Investors
mpolyviou@evcgroup.com; dsherk@evcgroup.com
732-232-6914; 646-445-4800
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SOURCE Mazor Robotics Ltd.