Mazor lifts on Q1 Beat

May 10, 2017 By Fink Densford

Shares in Mazor Robotics (NSDQ:MZOR) rose today after the medical device maker beat expectations on Wall Street with its 1st quarter earnings results.

The Caesarea, Israel-based company posted losses of $5.2 million, or 11¢ per share, on sales of $11.7 million for the 3 months ended March 31, seeing losses grow 2.3% while sales grew a massive 82.3% compared with the same period last year.

Adjusted to exclude 1-time items, losses per share were 8¢, significantly ahead of the 17¢ consensus on Wall Street.

“Our first quarter of 2017 was highlighted by record first quarter revenue and expanded utilization of our Renaissance system installed base. Our revenue growth was driven by two factors. First, we supplied 12 Mazor X systems as we continued to process our 2016 year-end backlog. Second, we had record utilization by our installed base during the quarter. The enthusiasm for the Mazor X continues, and to date we have received four purchase orders for the Mazor X in the second quarter of 2017,” CEO Ori Hadomi said in a prepared statement.

Mazor said that during the quarter, it received purchase orders for 6 systems and ended the quarter with a backlog of 14 systems.

Shares have risen 8.7% so far today, at $43.47 as of 2:50 p.m. EDT.

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