Mazor Robotics Announces Financial Results

- Revenue of $3.1 Million in Third Quarter; $14.3 Million for First Nine Months of Year, a 51% Increase Over Last Year -

- Ends the Third Quarter with Clinical Installed Base of 30 Renaissance Systems in U.S., 56 Systems Globally -

- Conference Call Today at 8:30 AM EST -

CAESAREA, Israel — (BUSINESS WIRE) — November 18, 2013 — Mazor Robotics Ltd. (TASE:MZOR; NASDAQCM:MZOR), the developer of Renaissance™, an innovative surgical guidance system and its complementary products, announced today its financial results for the third quarter and nine months ended September 30, 2013.

“We continue to see strong demand for our systems as we sold 16 Renaissance systems in the first nine months of 2013, representing a 33% increase compared to the year-ago nine month period,” commented Ori Hadomi, President and Chief Executive Officer. “We are confident that our active pipeline will allow us to continue penetrating more hospitals and hospital corporations, a strategy reinforced with a system sale recently announced in November. Our strengthened balance sheet resulting from the recent successful ADS offering provides the resources to expand our sales and marketing footprint which will facilitate increased adoption of Renaissance.”

THIRD QUARTER 2013 FINANCIAL RESULTS ON IFRS BASIS (“GAAP”)

Consistent with the Company’s previous announcement, revenue for the three months ended September 30, 2013 was $3.1 million compared to $4.1 million in the three months ended September 30, 2012. U.S. generated revenue decreased to $2.3 million from $3.3 million in the year-ago quarter, primarily due to the commercial sale of one Renaissance™ systems and one system upgrade, compared with sales of four systems in the third quarter of 2012. International non-U.S. revenue was $0.8 million compared to $0.8 million reported in the third quarter of 2012, reflecting one system sale in the third quarter of 2013. Recurring revenue from system kit sales, services and other totaled $1.5 million in the third quarter of 2013, compared with $1.1 million, in the third quarter of 2012.

Gross margin for three months ended September 30, 2013 was 73.2% compared to 80% in the year-ago quarter, due to lower system sales in the third quarter of 2013.

Total operating expenses in the third quarter of 2013 were $5.8 million compared to $3.5 million in the third quarter of 2012, reflecting the Company’s investments in sales and marketing resources. Operating loss for the third quarter of 2013 was $3.5 million compared to an operating loss of $0.2 million in third quarter of 2012. Net loss for the third quarter of 2013 was $3.5 million, or $0.10 per share, compared to a net loss of $0.2 million, or $0.01 per share in the third quarter of 2012.

Cash used in operating activities in the third quarter of 2013 was $3.8 million, compared to $0.3 million provided by operating activities in the third quarter of 2012. As of September 30, 2013, cash, cash equivalents and marketable securities totaled $22.9 million. Subsequent to the end of the 2013 third quarter, the Company sold 2.76 million ADSs, with total net proceeds to the Company of $43.6 million, after deducting underwriters' fee and discounts.

THIRD QUARTER 2013 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 third quarter of 2013. On a non-GAAP-basis, the net loss in the third quarter of 2013 was $3.1 million, or $0.09 per share, compared to breakeven in the third quarter of 2012.

NINE-MONTH ENDED SEPTEMBER 30, 2013 FINANCIAL RESULTS IFRS BASIS (“GAAP”)

For the nine months ended September 30, 2013, revenue totaled $14.3 million, representing a 51% increase compared to $9.4 million for the nine months ended September 30, 2012. The growth is attributed to the increased sales of the Company’s Renaissance system, both in the U.S. and globally. In the first nine months of 2013, the Company sold a total of 16 Renaissance systems and one system upgrade compared to 12 systems in the first nine months of 2012. Gross margin for the nine months ended September 30, 2013 was 78.6% compared with 77.2% in the nine months ended September 30, 2012. The Company’s net loss for the first nine months of 2013 was $18.5 million, or $0.61 per share compared to $2.6 million, $0.12 per share, in the first nine months of 2012.

NINE MONTHS ENDED SEPTEMBER 30, 2013 FINANCIAL RESULTS ON NON-GAAP BASIS

On a non-GAAP-basis, net loss for the first nine months of 2013 was $4.1 million, or $0.13 per share, compared to a net loss of $1.9 million, or $0.09 per share in the first nine months of 2012.

CONFERENCE CALL INFORMATION

The company will host a conference call to discuss these results on Monday, November 18, 2013, at 8:30 AM ET (3:30 PM IST). Investors within the United States interested in participating are invited to call 877-941-6009 and reference the Conference ID: 4650552. Participants in Israel can use the toll free dial-in number 1809-21-4368 and reference the same Conference ID number. All other international participants can use the dial-in number 480-629-9819, using the same Conference ID.

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