Mazor Robotics Ltd. (NASDAQ: MZOR) is watching its shares rise handily on Monday after the company announced that it has received the first pre-launch orders for its guidance platform for spine surgeries. The Mazor X is set to be launched at the North American Spine Society (NASS) annual meeting in Boston on October 26-29.
So far this year, Mazor has been hitting it out of the park with the stock up about 120% before this move.
Mazor expects total third quarter revenue, including system sales and recurring revenues, to be approximately $7.5 million. Thomson Reuters has consensus estimates calling for $8.22 million in revenue for the third quarter.
Mazor Robotics ended the third quarter with an installed base of 131 Renaissance systems globally, including 79 in the U.S., the Company’s primary growth market.
Ori Hadomi, CEO of Mazor Robotics, commented:
The market’s response to the Mazor X is exceptional, exceeding our early expectations. Customers who first experience the Mazor X at our training centers are quickly realizing the increased benefits of the system and they have already placed pre-launch orders. Mazor’s expanded portfolio of products, which now includes both the Mazor X and Renaissance systems, is responsible for the record number of purchase orders we received in the third quarter. As we move into the fourth quarter, we expect to build our momentum in the market as the Mazor X is launched, maximize our presence at NASS and our strategic partnership with Medtronic continues to be implemented.
The 25 system purchase orders during the quarter included:
- Three Mazor X pre-orders that the company expects to deliver to U.S. customers by the end of the 2017 first quarter.
- Four Renaissance systems ordered by U.S. customers were delivered during Q3 2016.
- Three Renaissance systems ordered by distribution partners in the International Market.
- 15 Mazor X systems ordered by strategic partner Medtronic, four of which were delivered in the 2016 third quarter.
Shares of Mazor Robotics were last trading up 16% at $25.90, with a consensus analyst price target of $25.75 and a 52-week trading range of $8.31 to $26.55.