Mako slides again on missed procedure volumes, lowered outlook

November 8, 2012 by MassDevice staff

Shares of Mako Surgical are under pressure today after the medical device company reported lower-than-expected procedure volumes and cut its utilization forecast for 2012.

Mako Surgical

Mako Surgical (NSDQ:MAKO) shares are once again under pressure on Wall Street, with investors spooked by lower-than-expected procedure volumes during the 3rd quarter, despite a more than 45% sales increase and significantly reduced losses.

Mako reported losses of $6.6 million, or 15¢ per share, on sales of $29.2 million during the 3 months ended Sept. 30, lowering losses by nearly ⅓ on a 45.8% sales hike.

MAKO shares were down 2.4% to 14.41 as of about 3:55 p.m. today.

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Mako said procedure volumes were soft during the quarter, at 2,413, and lowered its outlook for the rest of the year to 10,200 to 10,600 procedures, from prior guidance of 11,000 to 12,000 procedures.

"When we talk about, on a quarter-to-quarter basis, how procedures are performing and how our hospital sites are performing, we did see a dip in procedures and utilization. I can't point to any macro trends," president & CEO Dr. Maurice Ferré told analysts during a conference call. "Well, from my perspective, we have visibility of what's happening already in the 1st month of the 4th quarter.