MAKO Surgical Corp. Releases First Quarter Earnings, Revenues Reach $7.2MWritten by Staff | May 07, 2010
Fort Lauderdale, Fla.-based MAKO Surgical Corp., a medical device company that markets the RIO robotic arm interactive orthopedic surgical platform as well as RESTORIS implants for minimally invasive orthopedic knee procedures known as MAKOplasty, announced its operating results for the quarter ended March 31, 2010, including revenue of $7.2 million, up 94 percent from $3.7 million in first quarter 2009, according to a MAKO news release.
Revenue generated in the first quarter of 2010 primarily consisted of approximately $3.4 million in revenue from the sale of four RIO systems, and approximately $3.6 million in revenue from the sale of implants used in the 731 MAKOplasty procedures performed during the quarter, according to the release. The 731 procedures performed during the quarter represents a 30 percent increase in procedures over the fourth quarter of 2009 and a 176 percent increase over the first quarter of 2009.
Total gross profit for the first quarter of 2010 was $3.3 million compared to a gross profit of $0.7 million in the same period in 2009. Operating expenses were $14.7 million in the first quarter of 2010 compared to $9.8 million in the first quarter of 2009. The company attributed the increased operating expenses to several factors including increased sales and marketing activities and increased R&D activities.
Net loss for the three months ended March 31, 2010 was $11.4 million, including non-cash stock-based compensation expense of $1.3 million. Excluding a write-off of excess RESTORIS Classic inventory and instruments, net loss for the quarter would have been $9.5 million. This compares to a net loss for the same period in 2009 of $8.9 million.
"We are pleased with the addition of four new commercial sites and the 731 MAKOplasty procedures performed in the first quarter," Maurice R. Ferre, MD, president and CEO of MAKO, said in the release. "Additionally, we believe the improving utilization trends, the data presented at AAOS and the clearance of an additional hip application position MAKO well for the remainder of 2010."
Read the release on MAKO Surgical Corp.'s earnings.
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