Mazor Robotics Announces Second Quarter and Six Months 2014 Financial Results

- Total Revenue for Three Months Ended June 30, 2014 of $4.5 Million; Gross Margin of 79.0% -

- Recurring Quarterly Revenue Increases 17% Year-over-Year Reflecting Increased System Installed Base and Utilization -

- Conference Call Today at 8:30 AM ET -

CAESAREA, Israel — (BUSINESS WIRE) — August 5, 2014 — Mazor Robotics Ltd. (TASE:MZOR; NASDAQGM:MZOR), a developer of innovative guidance systems and complementary products, announced today its financial results for the second quarter and six months ended June 30, 2014.

“During the second quarter, we continued to build a strong pipeline of sales activity in the U.S. and Asia, our key target markets. Clinical interest from surgeons is at an all-time high. However during the quarter we faced extended administrative approval processes for system orders by potential U.S. customers. As a result, we sold two Renaissance systems in the U.S., including the first commercial sale with the brain module to Bryan Medical Center in Lincoln, NE. In Asia, we sold two systems in the quarter, including our first system in Hong Kong and a second system in Taiwan to a well-recognized teaching hospital, expanding our presence in the region,” commented Ori Hadomi, Mazor's Chief Executive Officer.

“The interest in the Renaissance system remains robust, as measured by feedback from surgeons and attendance at our labs. We anticipate this will translate into increased system sales in the second half of 2014 as compared to the first half of the year. In addition, our effort to build system utilization resulted in 17% year over year quarterly recurring revenue growth reflecting record utilization of the systems, primarily in the U.S.,” concluded Mr. Hadomi.

SECOND QUARTER 2014 FINANCIAL RESULTS ON IFRS BASIS ("GAAP")

Revenue for the three months ended June 30, 2014 was $4.5 million compared to $6.2 million in the year-ago second quarter. U.S.-generated revenue was $3.1 million compared to $4.4 million in the year-ago quarter, primarily due to lower system sales. International non-U.S. revenue was $1.4 million compared to $1.8 million reported in the first quarter of 2013, reflecting two system sales in the second quarter of 2014 compared to three system sales in the 2013 second quarter. Revenue from system kit sales, services and other increased to $2.1 million in the second quarter of 2014, representing a 17% increase compared to $1.8 million in the second quarter of 2013.

Gross margin for the three months ended June 30, 2014 was 79.0% compared to 79.7% in the year-ago second quarter.

Total operating expenses in the second quarter of 2014 were $7.6 million, compared to $5.7 million in the second quarter of 2013, reflecting the Company’s increased investments in sales, marketing and research and development resources. Operating loss for the second quarter of 2014 was $4.1 million, compared to an operating loss of $0.7 million in the second quarter of 2013. Net loss for the second quarter of 2014 decreased to $4.1 million, or $0.10 per share, compared to a net loss of $4.4 million, or $0.15 per share, in the second quarter of 2013.

Cash used in operating activities in the second quarter of 2014 was $3.1 million, compared to $0.2 million in the second quarter of 2013. As of June 30, 2014, cash, cash equivalents and marketable securities totaled $58.4 million.

SECOND QUARTER 2014 FINANCIAL RESULTS ON NON-GAAP BASIS

The tables below include a reconciliation of the Company’s GAAP results to non-GAAP results. The reconciliation primarily relates to non-cash expense in the amount of $0.4 million with respect to share-based compensation and intangible asset amortization in the second quarter of 2014. On a non-GAAP-basis, the net loss in the second quarter of 2014 was $3.7 million, or $0.09 per share, compared to $0.5 million, or $0.02 per share in the second quarter of 2013.

SIX MONTHS ENDED JUNE 30, 2014 FINANCIAL RESULTS IFRS BASIS (“GAAP”)

For the six months ended June 30, 2014, revenue totaled $9.4 million compared to $11.1 million for the six months ended June 30, 2013. Recurring revenue totaled to $4.2 million, compared to $3.0 in the six months ended June 30, 2013. The growth in recurring revenue is attributed to the increased utilization of the Company’s Renaissance system, both in the U.S. and globally. Gross margin for the six months ended June 30, 2014 was 78.9% compared with 80.1% in the six months ended June 30, 2013. Net loss for the six months ended June 30, 2014, was $7.7 million compared to $15.0 million in the first six months of 2013.

SIX MONTHS ENDED JUNE 30, 2014 FINANCIAL RESULTS ON NON-GAAP BASIS

On a non-GAAP basis, the net loss for the first six months of 2014 was $6.9 million, or $0.17 per share, compared to a net loss of $1.0 million, or $0.03 per share, in the first six months of 2013.

CONFERENCE CALL INFORMATION

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