Mazor Robotics reported a net revenue drop in the third quarter.
Here are eight key notes:
1. Third quarter revenue dropped 18 percent to $5 million compared to the same quarter last year. The United States revenue generated decreased to $4.3 million compared to $5.4 million reported in the third quarter a year ago. International revenue was flat at $700,000.
2. Mazor sold three Renaissance systems in the United States during the third quarter of 2015, two fewer than last year.
3. Recurring revenue from system kit sales, services and other increased 32 percent to $3.3 million in the third quarter. The increase is mainly due to higher Renaissance system utilization.
4. Mazor's gross margin for the third quarter was 75.9 percent, compared with 80.6 percent a year ago. The new gross margin reflects the lower number of systems sold in the quarter.
5. The total operating expenses were $8.9 million, up from $8.4 million in the same quarter last year due to increased sales, marketing and research and development investments. Operating loss was $5.1 million, up from $3.5 million in the third quarter last year.
6. The net loss for the third quarter was $5.2 million, or $0.12 per share. This is up compared with last year when net loss was $3.9 million for the quarter.
7. For the nine months end, revenue increased 12 percent over the same period last year, totaling $17.3 million due to the increase in recurring revenues. Recurring revenue totaled $9.2 million so far.
8. The gross margin for the nine month's end is 77.5 percent, compared to 79.6 percent for the same period last year. Net loss for the nine months end was $12.5 million, up from $11.6 million last year.