Mazor Robotics reported a jump in first quarter revenue, from $11.7 million in 2017 to $15.5 million in 2018.
However, the company also reported a $1.4 million operating loss. Over the past year, Mazor Robotics finalized its partnership with Medtronic for Mazor X robotic spine surgery system marketing, sales and future development.
Here are five key quotes from CEO Ori Hadomi during the first quarter conference call, according to a transcript from Seeking Alpha.
On growth in the next year: "We continue to believe that 2018 is going to be a year of transition due to our advancement to the next phase with Medtronic and its impact on mix of revenue streams. Our performance is expected to be driven primarily by recurrent revenues from the expanding installed base."
On the U.S. strategy to move into the ASC market: "In the United States, our Renaissance [system] is creating headway into the ambulatory surgery center market and we have initiated a pilot program with a major ASC chain…As though I'm not able to disclose the details, first patient procedures are occurring these days. Surgeons in this segment are embracing the Renaissance to help reduce radiation observed to the staff, to differentiating folks from competition and to broaden the catchments."
On whether Mazor can achieve reimbursement in the ASC market: "We are big believers in the ASC market. There were a lot of questions in the past about the ability to come with robotic technology today to the ASC market because of reimbursement as well as with the availability of capital budgets. We found the way to do it; we believe that Renaissance is the right technology and we have the right business model and also the appropriate clinical results to support and justify this move. And without going specifically into the specific terms of the deal, it's the first step in penetrating and expanding our activity within the ASC."
On the future of Mazor's partnership with Medtronic: "I'm happy to share that the first outcome of our joint effort will be commercialized at the end of 2018. This effort will result in Medtronic technology being integrated onto the Mazor X Robotics Guidance platform…The scope of the joint Medtronic and Mazor Spine innovation roadmap extends well beyond the end of 2018 with a rich pipeline of projects focused on procedures and advanced capabilities."
On innovation outside of spine: "Outside of spine, Mazor continues to innovate independently from Medtronic as we embark on a path that will carry forward to the future of surgery. Our sights are set beyond the horizon and into the next decade with what we believe will capitalize on Mazor's success beyond spine and brain. We have chosen not to elaborate or disclose at this point in time our plans beyond spine."