Mazor Robotics Reports First Quarter 2012 Financial Results

- Increasing Utilization and Strong Sales of Renaissance™ Systems Drive 45% Revenue Growth from Prior Year -

- Conference Call at 10:30 a.m. Eastern Time on Wednesday, May 16, 2012 -

CAESAREA, Israel — (BUSINESS WIRE) — May 16, 2012 — Mazor Robotics Ltd. (TASE: MZOR), a developer of innovative surgical robots and complementary products, today announced its financial results for the first quarter ended March 31, 2012. Unless noted specifically otherwise, all figures are reported in New Israeli Shekel (NIS).

Revenue in the first quarter grew 45% to NIS 9.2 million from the same period a year ago and included the sale of three Renaissance™ systems. Mazor introduced the Renaissance system, its next generation surgical robotic system that enables surgeons to conduct minimally invasive and complex spine surgeries in a safe and accurate manner, to the U.S. market during the fourth quarter of 2011.

“Our strong revenue growth in the first quarter was driven by increased utilization and stronger sales in the U.S. of our Renaissance system, the only robotic technology specifically for the spine available in the marketplace,” said Ori Hadomi, Chief Executive Officer of Mazor Robotics. “With the sale of three systems in the U.S. this quarter, we continue to grow the installed base and are building the foundation for sustained growth in Renaissance procedures. We are particularly pleased that two of the systems were sold in such a prestigious and leading organization as the Florida Hospital Network.”

Gross margin expanded to 75% in the first quarter, compared to 73% in the prior year quarter, primarily due to higher sales volume and an increase in system pricing with the launch of Renaissance.

Operating expenses for the first quarter were NIS 11.1 million compared to NIS 9.7 million in the year ago period. The modest increase mainly reflects higher sales and marketing costs as Mazor continues to penetrate new markets in Asia and Europe, as well as expand its U.S. sales force.

Net loss for the first quarter was reduced by 16% to NIS 4.7 million, or NIS 0.21 per share, compared to a net loss of NIS 5.6 million, or NIS 0.27 per share, reported for the year ago quarter.

During the first quarter, the Company used approximately NIS 6.9 million in cash for operations. As of March 31, 2012, the Company had cash, cash equivalents and investments of NIS 53.7 million.

Conference Call

Mazor will host a conference call in English at 10:30 am ET on Wednesday, May 16, 2012. To participate in this teleconference, please dial 877-941-6009 fifteen minutes before the conference is scheduled to begin. Callers outside of the U.S. should dial 480-629-9818. The call will also be webcast live at http://www.mazorrobotics.com. A replay of the call will be available for two weeks after the live call on the Company's website, or by dialing 800-406-7325. Callers outside of the U.S. should dial 303-590-3030. The replay participant code is 4538782.

             
Balance Sheet Highlights (NIS'000s)      
3/31/2012   3/31/2011   12/31/2011
Cash/Equivalents 10,317 34,346 13,426
Short Term Investments 43,405 48,237 48,130
Accounts Receivable 10,666 3,566 5,181
Other Receivables 1,663 997 1,025
Inventory 5,171   3,643   5,065
Current Assets 71,222 90,789 72,827
Long Term Assets 5,228 4,692 5,215
Current Liabilities 26,496 8,517 24,170
Long Term Liabilities 2,532 14,954 2,352
Capital   47,422   72,010   51,520
 
     
Income Statement Highlights   3 month ended
(NIS'000s) 3/31/12     3/31/11  
Revenue 9,222   6,359
Cost of Goods Sold 2,265     1,719  
Gross Profit 6,957 4,640
Research and Development 2,260 2,715
Marketing & Sales 7,201 5,385
General Administration 1,682     1,619  
Operating Loss (4,186 ) (5,079 )
Finance Income, Net (Expense) (517 )   (550 )
Loss Before Income Tax (4,703 ) (5,629 )
Income Tax 9     13  
Loss for Period   (4,712 )   (5,642 )
 

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