Mazor Robotics announced third quarter financial reports, with growing revenue and additional robotic systems purchased.
"As we approach the end of 2014, we believe the data supporting the clinical and economic benefit of the system along with the continued increase in customer utilization will drive greater adoption and expand Renaissance's global installed base," said Mazor CEO Ori Hadomi.
Here are 10 key concepts from the financial report:
1. Revenue reached $6.1 million, a jump from the $3.1 million reported over the same period of time last year. Revenue generated in the United States was up to $5.4 million, compared to $2.3 million last year, primarily due to higher system sales.
2. Mazor sold five Renaissance systems in the third quarter.
3. System kit sales, service and other revenue sources increased to $2.5 million in the third quarter, a 67 percent increase over the same period last year.
4. Gross margin was up 80.6 percent, compared to 73.2 percent last year due to higher system sales.
5. Total operating expenses were $8.4 million, up from $5.8 million over the same period last year.
6. Mazor reported operating loss at $3.5 million, similar to the third quarter last year.
7. The company's net loss was $3.9 million, $0.09 per share. This is higher than the $3.5 million in net loss last year.
8. Cash used in operating activities reached $4 million, compared to $2 million in the third quarter of last year. Cash, cash equivalents, marketable securities and long-term investments were $54.2 million.
9. The China CFDA clearance for the Renaissance system in the third quarter and are working with a distribution partner to penetrate the market — among the largest opportunities in Asia for the company.
10. The company now has 77 systems installed globally.