Caesarea, Israel-based Mazor Robotics reported its results for the third quarter, ending Sept. 30, 2016.
Here are 14 report highlights:
1. Mazor saw revenue increase by 52 percent to $7.6 million in Q3 2016, compared to $5 million in Q3 2015.
2. The company saw U.S. generated revenue of $5.7 million, up from $4.3 million in Q3 2015. This boost is due to the sale of six systems during the quarter.
3. Mazor received orders for four Renaissance systems in the United States.
4. The company received orders for 18 Mazor X systems in Q3 2016, with Medtronic ordering 15 of these.
5. Medtronic completed its second tranche investment in Caesarea, Israel-based Mazor Robotics during the third quarter, totaling $20 million.
6. International revenue totaled $1.9 million for the Q3 2016.
7. Mazor received three Renaissance system orders from its international distributors in Germany, Australia and Thailand.
8. Recurring revenue from system kit sales, service and others rose to $4.3 million in Q3 2016, up 30 percent compared to the same period in 2015.
9. Mazor's gross margin for Q3 2016 was 65.7 percent, compared to 75.9 percent in Q3 2015. This is due to the discounted pricing for Medtronic's orders of the Mazor X systems as well as the Renaissance price adjustment in light of the Mazor X launch.
10. The company's operating expenses totaled $10.6 million in Q3 2016.
11. Operating loss totaled $5.6 million in Q3 2016, compared to $5.1 million in the same time period in 2015.
12. Mazor experienced a net loss of $5.2 million in Q3 2016.
13. The company's cash, cash equivalents and investments totaled $64.3 million as of Sept. 30, 2016.
14. The nine months, ending Sept. 30, 2016, saw increased revenue of 29 percent, to $22.3 million, compared to $17.3 million in the same time period of 2015.