Mazor Robotics reported full year 2017 revenue at $64.9 million, including its investment from Medtronic for Mazor X systems. Mazor has now invested around $72 million in Mazor and taken over marketing efforts for the product; the companies will develop future projects together.
"2018 will be a year of transition during which we will emphasize synergy with Medtronic as well as procedure growth," said CEO Ori Hadomi. "Mazor is well positioned to benefit from the acceleration adoption of robotics for spine surgeries."
Here are five things to know:
1. In 2017, Mazor received purchase orders for 73 robotic systems, 64 of which were Mazor X systems for Medtronic. Over the past 18 months, Medtronic has invested in Mazor and Mazor X technology.
2. Fourth quarter revenue reached $19.1 million, up 36 percent from the same period last year. U.S. quarterly revenue was up 38 percent to $17.4 million while international revenue increased slightly over the past year. Full year revenue increased 78 percent to 464.9 million, attributable to higher recurring revenue.
3. Kit sales, services and other recurring revenue increased 107 percent to $9.3 million in the fourth quarter. Full year recurring revenue totaled $27.8 million, a 65 percent increase over last year.
4. Mazor ended 2017 with a backlog of 15 systems, including 14 Mazor X systems.
5. Fourth quarter net loss was $4.3 million, hitting $0.09 per share. Full year net loss reached $12.4 million, or $0.25 per share. Mazor expects sales and marketing expenses to decrease since Medtronic assumed commercial responsibility for the Mazor X system in September 2017.