Mazor released its first quarter financial report with recurring quarterly revenue increasing significantly year-over-year.
Here are 11 things to know:
1. The company sold Renaissance systems in three countries: United States, Germany and Taiwan in the first quarter.
2. Mazor has 86 systems installed now, which is a 26 percent increase from the same period last year.
3. The recurring quarterly revenue increased 35 percent year-over-year reflecting proceudres and system install base growth.
4. First quarter revneue hit $4.5 million, down slightly from $4.9 million reported for the same period in 2014.
5. The United States-generated revenue was down to $2.7 million, compared with $3.6 million in the same period last year.
6. International revenue increased to $1.8 million, compared to $1.3 million in the same period last year.
7. Gross margin for the first quarter was 75.7 percent, compared to 78.9 percent a year ago. The lower gross margin was due to lower sales in the first quarter of this year.
8. The total operating expenses were $8.5 million, about $1 million more than the same period last year, reflecting Mazor's increased investments in sales and marketing. There was a $300,000 commission related to a one-time direct sale in Taiwan.
9. The operating loss was $5.1 million compared to $3.6 million over the same period last year.
10. Net loss for the first quarter was $5.2 million, or $0.12 per share, compared with $3.6 million, or $0.09 per share, in the first quarter of last year.
11. Cash, cash equivalents and investments totaled $48 million at the end of the first quarter.
"There were a record number of clinical procedures using the Renaissance system in the first quarter," said Mazor CEO Ori Hadomi. "We are encouraged with the continued growth in the number of spine and brain procedures, which clearly demonstrates that surgeons and hospital administrators are realizing the clinical and economic benefits of the Renaissance system."