Mazor Robotics Announces First Quarter 2014 Financial Results

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when operating and evaluating the Company’s business internally and therefore decided to make these non-GAAP adjustments available to investors.

About Mazor

Mazor Robotics is dedicated to the development and marketing of innovative surgical guidance systems and complementary products that provide a safer surgical environment for patients, surgeons, and operating room staff. Mazor Robotics’ flagship product, Renaissance®, is a state-of-the-art surgical guidance system that enables surgeons to conduct spine surgeries in an accurate and secure manner. Mazor Robotics systems have been successfully used in the placement of over 45,000 implants worldwide. Numerous peer-reviewed publications and presentations at leading scientific conferences have validated the accuracy, usability, and clinical advantages of Mazor Robotics technology. For more information, the content of which is not part of this press release, please visit  www.mazorrobotics.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Any statements in this release about future expectations, plans or prospects for the Company, including without limitation, statements regarding Mazor’s expected sales and clinical success throughout 2014, expected sales in Georgia, expected maintenance of competitive advantage and building greater awareness of the Renaissance system, increase in investments in sales, marketing, research and development, expected increase in interest in the Renaissance system, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions are forward-looking statements. These statements are only predictions based on Mazor's current expectations and projections about future events. There are important factors that could cause Mazor's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include, but are not limited to, the impact of general economic conditions, competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results, and other factors indicated in Mazor's filings with the Securities and Exchange Commission (SEC) including those discussed under the heading "Risk Factors" in Mazor’s annual report on Form 20-F filed with the SEC on April 9, 2014 and in subsequent filings with the SEC. For more details, refer to Mazor's SEC filings. Mazor undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our expectations, except as may be required by law.

 
Mazor Robotics Ltd.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(in thousands, except per share data)
         
 

Three-month period

ended March 31,

2014   2013  
(Unaudited)   (Unaudited)  
Revenue $ 4,878 $ 4,906
 
Cost of revenue $ 1,031 $ 950
 
Gross profit $ 3,847 $ 3,956
 
Operating costs and expenses:
Research and development $ 1,644 $ 928
Selling and marketing $ 4,911 $ 3,109
General and administrative $ 910 $ 575
Total operating costs and expenses $ 7,465 $ 4,612
 
Loss from operations $ (3,618

)

 

$ (656 )
 
Financing income (expenses), net $ 24 $ (9,898 )
 
Loss before taxes on income $ (3,594

)

 

$ (10,554

)

 

 
Taxes on income $ 40 $ 38
           
 
Net loss attributable to ordinary shareholders $ (3,634

)

 

$ (10,592 )
 

Net loss per share – Basic and diluted attributable to ordinary shareholders

$ (0.09 ) $ (0.36 )
 
 
Weighted average common shares outstanding – 41,120 29,241
Basic and diluted            
 
Mazor Robotics Ltd.
Consolidated Statements of Financial Position as of
(U.S. Dollars in thousands)

 

       
 
March 31, December 31,
2014 2013
Unaudited Audited
Balance Sheet Data:    
Current Assets
Cash and cash equivalents $ 14,325 $ 19,803
Short-term investments $ 46,735 $ 45,014
Trade receivables $ 3,301 $ 1,974
Other accounts receivable $ 988 $ 655
Inventory $ 2,714 $ 2,480
Total Current Assets $ 68,063 $ 69,926
 
Non-Current Assets
Prepaid lease fees

$

83 $ 78
Property and equipment, net $ 828 $ 792
Intangible assets, net $ 19 $ 93
Total Non-Current Assets $ 930 $ 963
Total assets $ 68,993 $ 70,889
 
Current liabilities
Trade payables $ 1,561 $ 1,899
Other accounts payable $ 3,879 $ 4,565
Total current liabilities $ 5,440 $ 6,464
 
Non-Current Liabilities
Employee benefits $ 336 $ 311
Deferred tax liability $ 21 $ 21
Total Non-Current liabilities $ 357 $ 332
Total liabilities $ 5,797 $ 6,796
 
Equity
Share capital $ 109 $ 106
Share premium $ 134,212 $ 130,472
Amounts allocated to share options $ 77 $ 77
Capital reserve for share-based payment transactions $ 2,848 $ 3,854
Foreign currency translation reserve $ 2,119 $ 2,119
Accumulated loss $ (76,169) $ (72,535)
Total equity $ 63,196 $ 64,093
 
Total liabilities and equity $ 68,993 $ 70,889
 
Mazor Robotics Ltd.
     

Reconciliations of GAAP to Non-GAAP Financial Measures

(U.S. Dollars in thousands, except per share data)

(UNAUDITED)
 

 

Three-month period

ended March 31,

2014       2013
GAAP gross profit $   3,847 $   3,956
Amortization of intangible assets $ 73 $ 73
Stock-based compensation $ 7 $ 2
Non-GAAP gross profit $ 3,927 $ 4,031
GAAP gross profit as percentage of revenues

79%

 

81%

 

Non-GAAP gross profit as percentage of revenues

80%

 

82%

 

 
GAAP operating expenses $ 7,465 $ 4,612
Stock-based compensation:
Research and development $ 38 $ 27
Selling and Marketing $ 200 $ 69
General and administrative $ 108 $ 82
Non-GAAP operating expenses $ 7,119 $ 4,434
 
GAAP operating loss $ (3,618 ) $ (656 )
 
Non-GAAP operating loss $ (3,192 ) $ (403 )
 
GAAP Financing income (expenses), net $ 24 $ (9,898 )
Change in fair value of derivative instruments $ - $ 9,907
Non-GAAP Financing income (expenses), net $ 24 $ 9
 
GAAP net loss $ (3,634 ) $ (10,592 )
Stock-based compensation $ 353 $ 180
Amortization of intangible assets $ 73 $ 73
Change in fair value of derivative instruments $ - $ 9,907
Non-GAAP net loss $ (3,208 ) $ (432 )
 
GAAP basic and diluted loss per share $ (0.09 ) $ (0.36 )
 
Non-GAAP basic and diluted loss per share $ (0.08 ) $ (0.01 )
 
Mazor Robotics Ltd.
CONSOLIDATED CASH FLOW STATEMENTS
(U.S. Dollars in thousands)
     
 
Three-month period

ended March 31,

2014     2013
(Unaudited) (Unaudited)
Cash flows from operating activities:  
Loss for the period $ (3,634) $ (10,592)
 
Adjustments:
Depreciation and amortization $ 161 $ 146
Change in fair value of derivative liability
on account of warrants - $ 9,907
Financing expenses, net $ 72 $ (47)
Share-based payment $ 353 $ 180
Taxes on income $ 40 $ 38
$ 626 $ 10,224
 
Change in inventory $ (234) $ 13
Change in trade and other accounts receivable $ (1,663) $ (2,203)
Change in prepaid lease fees $ (5) $ (5)
Change in trade and other accounts payable $ (446) $ 794
Change in employee benefits $ 25 $ 105
$ (2,323) $ (1,296)
 
Interest received $ 2 $ 58
Income tax paid $ (11) $ (35)
$ (9) $ 23
 
Net cash used in operating activities $ (5,340) $ (1,641)
 
Cash flows from investing activities:
Proceeds from short-term investments and deposits, net $ (1,752) $ 2,831
Purchase of property and equipment $ (124) $ (83 )
Net cash provided by (used in) investing activities $ (1,876) $ 2,748
 
Cash flows used in financing activities:
Issuance expenses $ (294) $ (160)
Proceeds from exercise of share options by employees $ 2,384 $ 16
Repayment of loans to the OCS $ (324) $ -
Net cash provided by (used in) financing activities $ 1,766 $ (144)
 
Net increase (decrease) in cash and cash equivalents $ (5,450) $ 963
Cash and cash equivalents at the beginning of the period $ 19,803 $ 12,797
 

Effect of exchange rate differences on balances of cash and cash equivalents

$ (28) $ (16)
Cash and cash equivalents at the end of the period $ 14,325 $ 13,744




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