Mazor Robotics (NSDQ:MZOR) today released third quarter earnings that narrowly missed loss-per-share expectations on Wall Street, and announced that it won FDA clearance for its Mazor X Stealth edition.
The Caesarea, Israel-based company posted losses of $16.9 million, or 32¢ per share, on sales of approximately $10.1 million for the three months ended September 30, seeing losses grow 329.2% while sales shrunk 45.8% compared to the same period during the previous year.
Losses per share were just behind the 4¢ consensus on Wall Street.
The integrated device comes as a headwind to the company’s upcoming acquisition by Fridley, Minn.-based Medtronic, originally announced in September.
The world’s largest medical device maker has held a position in Mazor, which makes the Mazor X guidance system and the Renaissance robot-assisted spine surgery platform, since May 2016. In September they closed the third, $40 million tranche of the investment, giving Medtronic a 10.6% stake it paid $72 million for.