The company reported net loss of $11.7 million, with a net loss of $0.28 per share, according to a MarketWatch report. The company's gross profit was reported as $14.1 million. After reporting first quarter sales at the low end of expectations, the company's shares fell 27 percent. As a result of the lower sales, the company adjusted its 2012 projections from selling 56 to 62 systems down to selling 52 to 58 systems.
During the first quarter, the company reported selling six RIO systems and 13 MAKOplasty total hip arthroplasty applications. The company reported a 76 percent increase in MAKOplasty procedures performed during the first quarter of 2012 over the same period last year. By the end of the first quarter, 53 percent of the commercial domestic installed systems acquired the MAKOplasty THA application.
Yesterday, the company entered into a credit facility agreement with Deerfield Management Company, which provided MAKO with committed access to up to $50 million.
More Articles on Orthopedic Devices:
33 Orthopedic & Spine Devices Receive FDA 510(k) Clearance in April
Smith & Nephew Closes Acquisition of Kalypto Medical
Wright Medical Group Sales Fall 6% After Distributor Transitions
a
MAKO Surgical Adjusts Projections After Falling Behind in Q1 Featured
Written by Laura Miller | May 08, 2012
MAKO Surgical reported total revenue of $19.6 million during the first quarter of 2012, a 51 percent increase over the same period last year, but it didn't meet the company's goal to stay on target for full year results.
© Copyright ASC COMMUNICATIONS 2011. Interested in LINKING to or REPRINTING this content? View our policies here.