The company reported record sales for its Renaissance robotic system in the 4th quarter of 2015, dealing out 12 of the devices, split mostly between the U.S. and Asia, and a total of 25 orders for the 2014 fiscal year.
That added up to $8.8 million for the quarter and $26 million for the year – topping analysts estimates of $7.8 million and $25.1 million respectively.
The numbers for the year are up from 2014 by 22.6%, topping it by nearly $5 million. The news has sent shares up 8.2% to $11.39 in mid day trading as of 3:55 p.m. EST.
“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. During the quarter, we expanded our U.S. presence into new metropolitan areas, such as Philadelphia, and internationally we expanded our presence in Asia and Europe. In the U.S., 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,” CEO Ori Hadomi said in a press release.
The company expects to report full financial information from the quarter and year some time in late February.