Mazor sells 2 robotic systems for $1.4m

The company sold 2 Renaissance systems to West Coast Spine & Ortho and the University of Mainz hospital.

Mazor Robotics Ltd. (TASE:MZOR) has sold two of its new Renaissance robotic systems in the US and Germany at an average price of $700,000 each. California medical devices distributor West Coast Spine & Ortho Inc. bought one system, and the Clinical Center of the Johannes Gutenberg University of Mainz bought the other.

Mazor's share price rose 21.9% today to NIS 3.53, giving a market cap of NIS 77 million.

The Renaissance enables highly accurate, state-of-the-art, robotic procedures on the spine, with less radiation, including for minimally invasive surgery, scoliosis, and other complex spinal deformities.

Mazor mentioned no sales of the Renaissance robotic system in its financial report for the second quarter, and total sales of the system disappointed investors, who had expected more on the basis of analysts' forecasts. Mazor's sales fell to NIS 1.9 million in the second quarter from NIS 4.2 million for the corresponding quarter of 2010, although first half 2011 sales rose to NIS 8.3 million from NIS 4.7 million in the first half of 2010.

Mazor CEO Ori Hadomi said, "We have not changed our full-year guidance. Our cash burn rate is also as planned."

Mazor has NIS 20 million in cash. It is readying for a hearing with the US Food and Drug Administration (FDA) on registering its robotic systems for brain surgery. The company believes that the FDA will grant approval without the need to conduct new clinical trials for this indication, and that marketing of the systems will begin in 2012.

Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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