Shares of Mazor Robotics Ltd – ADR (NASDAQ:MZOR) are up substantially in pre-market trading this morning after the company reported that they have sold 12 Renaissance systems in the fourth quarter, ending December 31st. This is a quarterly record for the company who also has said that they anticipate fourth quarter revenue coming in at around $8.8 million.
“The record number of orders we received for the Renaissance system during the fourth quarter of 2015 supports the optimism we have for our potential in the market,” commented Ori Hadomi, Chief Executive Officer. “During the quarter, we expanded our US presence into new metropolitan areas, such as Philadelphia, and internationally we expanded our presence in Asia and Europe. In the US, we also penetrated leading academic institutions in Chicago and Miami where the Renaissance will be used in the training of the next generation of neurosurgeons and orthopedic surgeons. As we enter 2016, I believe that the continued execution of our growth strategies, the larger sales footprint, the record utilization, together with the strong data supporting the clinical value of the Renaissance and the commercial launch of our PRO-solutions product lines, will increase the market’s awareness for the Renaissance system. This positions Mazor to accelerate the adoption of the Renaissance as the standard of care and for 2016 to be a growth year for our company.”
Considering that for the entire year of 2015 Mazor Robotics Ltd – ADR (NASDAQ:MZOR) had sold 25 systems, the last quarter alone shows how much better the second half of the year has been and how fast the company seems to be expanding their customer base.The stock closed at $10.53 during the last trading session. It is down 21.65% since June 1, 2015 and is downtrending. It has underperformed the S&P500 by 18.64%.
Mazor Robotics Ltd is an Israel-based medical device firm that develops and markets surgical guidance systems and complementary products. The company has a market cap of $215.93 million. It develops computerized and imaging systems in the field of spine surgery. It currently has negative earnings. The Company’s products include: Renaissance Surgical Guidance System, which enables surgeons to advance from freehand surgical procedures to guided procedures, as well as Food and Drug Administration -cleared and European Conformity (CE)-marked Renaissance System, used in spine surgeries, whether open or minimally invasive, for a number of clinical indications.