CAESAREA, Israel, Feb. 14, 2018 /PRNewswire/ -- Mazor Robotics Ltd.
(TASE: MZOR; NASDAQGM: MZOR), a pioneer and a leader in the field
of robotic guidance systems, reported record fourth quarter and
full year revenues of $19.1 million
and $64.9 million, respectively. As
previously announced, the Company received purchase orders for 27
systems in the 2017 fourth quarter, including 24 Mazor X
systems. For the 2017 full year, the Company received 73
system orders, of which 64 were for the Mazor X system and nine
were for the Renaissance system.
"Our effective execution during 2017 continued to strengthen our
global leadership position in spine robotics and led to record
systems sales and recurring revenue," commented Ori Hadomi, Chief
Executive Officer. "2018 will be a year of transition during
which we will emphasize synergy with Medtronic as well as procedure
growth. Mazor is well positioned to benefit from the accelerating
adoption of robotics for spine surgeries."
FOURTH QUARTER 2017 FINANCIAL RESULTS ON IFRS BASIS
("GAAP")
Revenue for the three months ended December 31, 2017 increased 36% to $19.1 million compared to $14.0 million in the year-ago fourth quarter.
U.S. revenue increased 38% to $17.4
million compared to $12.6
million in the year-ago fourth quarter, as the Company
recognized revenue from 21 Mazor X systems, compared to 13 Mazor X
and two Renaissance systems in the fourth quarter of 2016.
International revenue was $1.7
million compared to $1.4
million in the year-ago fourth quarter. Recurring revenue
from kit sales, services and other increased 107% to $9.3 million in the fourth quarter of 2017
compared to $4.5 million in the
year-ago fourth quarter, which is primarily attributed to the
higher system installed base. The Company ended the quarter with a
backlog of 16 systems (14 Mazor X and two Renaissance systems).
The Company's gross margin for the three months ended
December 31, 2017 was 59.3% compared
to 70.5% in the year-ago fourth quarter. This expected decrease is
attributed mainly to the higher manufacturing costs of the Mazor X
system compared to the Renaissance system and the pricing terms
with Medtronic. Total operating expenses were $11.4 million compared to $14.2 million in the year-ago fourth quarter,
mainly due to lower operating expenses, following the transition to
the global distribution phase of the Medtronic partnership.
Operating loss was $0.1 million
compared to an operating loss of $4.3
million in the year-ago fourth quarter. Net income for the
fourth quarter of 2017 was $0.4
million, or $0.01 per share,
compared to a net loss of $4.3
million, or $0.09 per share,
for the year-ago fourth quarter.
Cash generated by operating activities was $3.8 million compared to cash used in operating
activities of $1.9 million in last
year's fourth quarter. The change is primarily a result of strong
collections in the fourth quarter of 2017. As of December 31, 2017, cash, cash equivalents and
investments totaled $108.3
million.
FOURTH QUARTER 2017 FINANCIAL RESULTS ON NON-GAAP
BASIS
The tables below include reconciliations of the Company's GAAP
results to non-GAAP results. The reconciliations relate to non-cash
expenses in the amount of $1.5
million with respect to share-based payments and
amortization of intangible assets recorded in the fourth quarter of
2017. On a non-GAAP basis, the net income in the fourth quarter of
2017 was $1.9 million, or
$0.03 per share, compared to net loss
of $3.1 million, or $0.07 per share, for the year-ago fourth
quarter.
FULL YEAR ENDED DECEMBER 31,
2017 FINANCIAL RESULTS ON IFRS BASIS ("GAAP")
For the full year ended December 31,
2017, revenue increased 78% and totaled $64.9 million compared to $36.4 million for the full year ended
December 31, 2016, due to higher
system sales and an increase in recurring revenue. Recurring
revenue totaled $27.8 million, an
increase of 65% compared to $16.8
million in the full year ended December 31, 2016. The growth in recurring
revenue is attributed to the increase in the installed base and
high utilization of the Company's robotic guidance systems. Gross
margin for the full year ended December 31,
2017 was 63.5% compared with 71.6% for the full year ended
December 31, 2016. This expected
decrease is attributed mainly to the higher manufacturing costs of
the Mazor X system compared to the Renaissance system and to the
pricing terms with Medtronic. Operating expenses for the full year
ended December 31, 2017 were
$55.1 million, compared to
$45.1 million for the full year ended
December 31, 2016. The Company's
sales and marketing expenses are now expected to decrease, as
Medtronic assumed commercial responsibility for the Mazor X,
effective September 18, 2017. Net
loss for the full year ended December 31,
2017 was $12.4 million, or
$0.25 per share, compared to a net
loss of $18.7 million, or
$0.42 per share for the full year
ended December 31, 2016.
FULL YEAR ENDED DECEMBER 31,
2017 FINANCIAL RESULTS ON NON-GAAP BASIS
On a non-GAAP basis, the net loss for the full year ended
December 31, 2017 was $5.7 million, or $0.12 per share, compared to a net loss of
$16.1 million, or $0.36 per share for the full year ended
December 31, 2016.
ADJUSTMENTS TO REPORTED THIRD QUARTER 2017 FINANCIAL
RESULTS
As previously disclosed on January 8,
2018, the Company's revenue for the third quarter ended
September 30, 2017 was adjusted from
$17.2 million to $18.6 million. The corresponding cost of
goods sold was also adjusted from $5.3
million to $5.9 million. The
increase is due to system deliveries to Medtronic which were
incorrectly recorded as delivered after the third quarter ended
September 30, 2017.
Following an additional analysis of the 2017 third quarter
results, the Company is further adjusting its cost of goods sold by
$1.1 million to $7.0 million due to the inaccurate recording of
purchase of goods.
As a result of these adjustments, the gross margins for the
three and nine months ended September 30,
2017 were adjusted from 69.2% and 68.0% to 62.3% and 65.3%,
respectively. The net loss for the same
periods was increased by $0.3 million to $3.9
million and $12.9 million,
respectively.
The amended financial results for three and nine months ended
September 30, 2017 are available
through the Company's website at
https://www.mazorrobotics.com/index.php/investors-relations/financial-reports.
CONFERENCE CALL INFORMATION
The company will host a conference call to discuss these results
on Wednesday, February 14, 2018, at
8:30 AM EST (3:30 PM IST). Investors within the United States interested in participating
are invited to call 800-289-0438. Participants in Israel can use the toll-free dial-in number
1809 212 883. All other international participants can use the
dial-in number +1 323-794-2423.
A replay of the event will be available for two weeks following
the conclusion of the call. To access the replay, callers in
the United States can call
1-888-203-1112 and reference the Replay Access Code: 5797376. All
international callers can dial +1 719-457-0820, using the same
Replay Access Code. To access the webcast, please visit
www.mazorrobotics.com and select 'Investor Relations.'
Use of Non-GAAP Measures
In addition to disclosing financial results calculated in
accordance with generally accepted accounting principles in
conformity with International Financial Reporting Standards (GAAP),
this press release contains Non-GAAP financial measures for gross
profit, operating expenses, operating profit (loss), net income
(loss) and basic and diluted earnings per share that exclude the
effects of capitalization of development costs, non-cash expense of
amortization of intangible assets and share-based payments.
Management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding the Company's
performance that enhances management's and investors' ability to
evaluate the Company's net income and earnings per share and to
compare them to historical net income and earnings per share.
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 (TASE: MZOR; NASDAQGM: MZOR) believes in healing
through innovation by developing and introducing revolutionary
technologies and products aimed at redefining the gold standard of
quality care. Mazor Robotics Guidance System enables surgeons to
conduct spine and brain procedures in an accurate and secure
manner. For more information, 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 that 2018 will be a year
of transition for Mazor, Mazor benefitting from the accelerating
adoption of robotics for spine surgery, the expected decrease in
sales and marketing expenses, 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 May 1, 2017 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
(in thousands,
except per share data)
|
|
|
Twelve month
period
|
|
|
Three month
period
|
|
|
ended December
31,
|
|
|
ended December
31,
|
|
|
2017
(Unaudited)
|
|
|
2016
(Audited)
|
|
|
2017
(Unaudited)
|
|
|
2016
(Unaudited)
|
Revenue
|
|
$
|
64,947
|
|
|
$
|
36,379
|
|
|
$
|
19,149
|
|
|
$
|
14,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
$
|
23,684
|
|
|
$
|
10,330
|
|
|
$
|
7,789
|
|
|
$
|
4,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
$
|
41,263
|
|
|
$
|
26,049
|
|
|
$
|
11,360
|
|
|
$
|
9,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
$
|
8,192
|
|
|
$
|
5,736
|
|
|
$
|
2,500
|
|
|
$
|
1,709
|
Selling and
marketing, net
|
|
$
|
39,499
|
|
|
$
|
33,637
|
|
|
$
|
6,861
|
|
|
$
|
10,856
|
General and
administrative
|
|
$
|
7,375
|
|
|
$
|
5,697
|
|
|
$
|
2,065
|
|
|
$
|
1,625
|
Total operating
cost and expenses
|
|
$
|
55,066
|
|
|
$
|
45,070
|
|
|
$
|
11,426
|
|
|
$
|
14,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
$
|
(13,803)
|
|
|
$
|
(19,021)
|
|
|
$
|
(66)
|
|
|
$
|
(4,295)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing income,
net
|
|
$
|
1,228
|
|
|
$
|
397
|
|
|
$
|
597
|
|
|
$
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss)
before taxes on income
|
|
$
|
(12,575)
|
|
|
$
|
(18,624)
|
|
|
$
|
531
|
|
|
$
|
(4,243)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
$
|
(156)
|
|
|
$
|
44
|
|
|
$
|
94
|
|
|
$
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(12,419)
|
|
|
$
|
(18,668)
|
|
|
$
|
437
|
|
|
$
|
(4,266)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) per share - Basic and diluted
|
|
$
|
(0.25)
|
|
|
$
|
(0.42)
|
|
|
$
|
0.01
|
|
|
$
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - Basic
|
|
|
49,154
|
|
|
|
44,881
|
|
|
|
51,588
|
|
|
|
47,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - Diluted
|
|
|
49,154
|
|
|
|
44,881
|
|
|
|
57,572
|
|
|
|
47,560
|
Mazor
Robotics Ltd.
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION AS OF
(U.S. Dollars in
thousands)
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Audited)
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
46,376
|
|
$
|
14,954
|
Short-term
investments
|
|
56,708
|
|
|
37,862
|
Trade
receivables
|
|
5,460
|
|
|
8,225
|
Other current
assets
|
|
2,054
|
|
|
1,728
|
Inventory
|
|
7,864
|
|
|
4,715
|
Total current
assets
|
|
118,462
|
|
|
67,484
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Long-term
investments
|
|
5,171
|
|
|
9,017
|
Property and
equipment, net
|
|
4,323
|
|
|
3,615
|
Intangible assets,
net
|
|
1,925
|
|
|
2,258
|
Other non-current
assets
|
|
1,115
|
|
|
351
|
Total non-current
assets
|
|
12,534
|
|
|
15,241
|
|
|
|
|
|
|
Total
assets
|
$
|
130,996
|
|
$
|
82,725
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Trade
payables
|
$
|
3,474
|
|
$
|
5,018
|
Deferred
revenue
|
|
3,471
|
|
|
4,031
|
Other current
liabilities
|
|
9,874
|
|
|
8,462
|
Total current
liabilities
|
|
16,819
|
|
|
17,511
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Employee
benefits
|
|
414
|
|
|
325
|
Total non-current
liabilities
|
|
414
|
|
|
325
|
|
|
|
|
|
|
Total
liabilities
|
|
17,233
|
|
|
17,836
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share
capital
|
|
136
|
|
|
124
|
Share
premium
|
|
225,678
|
|
|
174,647
|
Amounts allocated to
warrants
|
|
9,629
|
|
|
-
|
Capital reserve for
share-based payment transactions
|
|
10,480
|
|
|
9,859
|
Foreign currency
translation reserve
|
|
2,119
|
|
|
2,119
|
Accumulated
loss
|
|
(134,279)
|
|
|
(121,860)
|
Total
equity
|
|
113,763
|
|
|
64,889
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
|
130,996
|
|
$
|
82,725
|
|
|
|
|
|
|
Mazor
Robotics Ltd.
CONSOLIDATED CASH
FLOW STATEMENTS
(U.S.
Dollars in thousands)
|
|
|
Twelve Month
ended
|
|
|
Three month
ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2017
(Unaudited)
|
|
|
2016
(Audited)
|
|
|
2017
(Unaudited)
|
|
|
2016
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (income) for the
period
|
|
$
|
(12,419)
|
|
|
$
|
(18,668)
|
|
|
$
|
437
|
|
|
$
|
(4,266)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
$
|
1,522
|
|
|
$
|
822
|
|
|
$
|
415
|
|
|
$
|
346
|
|
Gain from sale of
property and equipment
|
|
$
|
-
|
|
|
$
|
(6)
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Finance expense
(income), net
|
|
$
|
(291)
|
|
|
$
|
(275)
|
|
|
$
|
37
|
|
|
$
|
38
|
|
Share-based
expenses
|
|
$
|
6,370
|
|
|
$
|
4,439
|
|
|
$
|
1,395
|
|
|
$
|
1,061
|
|
Income tax expense
(benefit)
|
|
$
|
(156)
|
|
|
$
|
44
|
|
|
$
|
94
|
|
|
$
|
23
|
|
|
|
$
|
7,445
|
|
|
$
|
5,024
|
|
|
$
|
1,941
|
|
|
$
|
1,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
inventory
|
|
$
|
(3,224)
|
|
|
$
|
(1,938)
|
|
|
$
|
126
|
|
|
$
|
(650)
|
|
Change in trade and
other accounts receivable
|
|
$
|
1,852
|
|
|
$
|
(3,512)
|
|
|
$
|
1,498
|
|
|
$
|
(5,588)
|
|
Change in prepaid
lease fees
|
|
$
|
(39)
|
|
|
$
|
(20)
|
|
|
$
|
(9)
|
|
|
$
|
(2)
|
|
Change in trade and
other accounts payable
|
|
$
|
(138)
|
|
|
$
|
8,723
|
|
|
$
|
(297)
|
|
|
$
|
7,088
|
|
Change in employee
benefits
|
|
$
|
89
|
|
|
$
|
26
|
|
|
$
|
(34)
|
|
|
$
|
(13)
|
|
|
|
$
|
(1,460)
|
|
|
$
|
3,279
|
|
|
$
|
1,284
|
|
|
$
|
835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
$
|
554
|
|
|
$
|
301
|
|
|
$
|
122
|
|
|
$
|
66
|
|
Income tax
paid
|
|
$
|
(11)
|
|
|
$
|
(38)
|
|
|
$
|
4
|
|
|
$
|
-
|
|
|
|
$
|
543
|
|
|
$
|
263
|
|
|
$
|
126
|
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating activities
|
|
$
|
(5,891)
|
|
|
$
|
(10,102)
|
|
|
$
|
3,788
|
|
|
$
|
(1,897)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
(investment in) short-term investments and deposits, net
|
|
$
|
(10,463)
|
|
|
$
|
(11,094)
|
|
|
$
|
(11,879)
|
|
|
$
|
523
|
|
Purchase of long-term
investments
|
|
$
|
(4,537)
|
|
|
$
|
(9,823)
|
|
|
$
|
(249)
|
|
|
$
|
(917)
|
|
Proceeds in long-term
investments
|
|
$
|
-
|
|
|
$
|
748
|
|
|
$
|
-
|
|
|
$
|
250
|
|
Purchase of property
and equipment
|
|
$
|
(2,364)
|
|
|
$
|
(2,361)
|
|
|
$
|
(807)
|
|
|
$
|
(626)
|
|
Capitalization of
development costs
|
|
$
|
-
|
|
|
$
|
(1,902)
|
|
|
$
|
-
|
|
|
$
|
(385)
|
|
Net cash used in
investing activities
|
|
$
|
(17,364)
|
|
|
$
|
(24,432)
|
|
|
$
|
(12,935)
|
|
|
$
|
(1,155)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of ADRs, net
|
|
$
|
39,988
|
|
|
$
|
31,416
|
|
|
$
|
(12)
|
|
|
$
|
-
|
|
Proceeds from
exercise of share options by employees
|
|
$
|
14,945
|
|
|
$
|
4,100
|
|
|
$
|
6,652
|
|
|
$
|
513
|
|
Proceeds from
exercise of warrants by investors
|
|
$
|
-
|
|
|
$
|
481
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Net cash provided
by financing activities
|
|
$
|
54,933
|
|
|
$
|
35,997
|
|
|
$
|
6,640
|
|
|
$
|
513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
$
|
31,678
|
|
|
$
|
1,463
|
|
|
$
|
(2,507)
|
|
|
$
|
(2,539)
|
|
Cash and cash
equivalents at the beginning of the period
|
|
$
|
14,954
|
|
|
$
|
13,519
|
|
|
$
|
49,028
|
|
|
$
|
17,597
|
|
Effect of exchange
rate differences on balances of cash and cash
equivalents
|
|
$
|
(256)
|
|
|
$
|
(28)
|
|
|
$
|
(145)
|
|
|
$
|
(104)
|
|
Cash and cash
equivalents at the end of the period
|
|
$
|
46,376
|
|
|
$
|
14,954
|
|
|
$
|
46,376
|
|
|
$
|
14,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary cash
flows information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment in credit
|
|
$
|
(24)
|
|
|
$
|
(566)
|
|
|
$
|
(24)
|
|
|
$
|
(566)
|
|
Issuance costs in
credit
|
|
$
|
(10)
|
|
|
$
|
-
|
|
|
$
|
(10)
|
|
|
$
|
-
|
|
Capitalization of
development expenses on credit
|
|
$
|
-
|
|
|
$
|
(20)
|
|
|
$
|
-
|
|
|
$
|
(20)
|
|
Classification of
inventory to fixed assets, net
|
|
$
|
75
|
|
|
$
|
-
|
|
|
$
|
75
|
|
|
$
|
-
|
|
Mazor
Robotics Ltd.
RECONCILIATIONS OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(U.S.
Dollars in thousands, except per share data)
|
(UNAUDITED)
|
|
|
Twelve month
period
|
|
|
Three month
period
|
|
|
ended December
31,
|
|
|
ended December
31,
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
GAAP gross
profit
|
|
$
|
41,263
|
|
|
$
|
26,049
|
|
|
$
|
11,360
|
|
|
$
|
9,895
|
Amortization of
intangible assets
|
|
|
333
|
|
|
|
74
|
|
|
|
83
|
|
|
|
74
|
Share-based
payments
|
|
|
355
|
|
|
|
207
|
|
|
|
107
|
|
|
|
37
|
Non-GAAP gross
profit
|
|
$
|
41,951
|
|
|
$
|
26,330
|
|
|
$
|
11,550
|
|
|
$
|
10,006
|
GAAP gross profit as
percentage of revenues
|
|
|
63.5%
|
|
|
|
71.6%
|
|
|
|
59.3%
|
|
|
|
70.5%
|
Non-GAAP gross
profit as percentage of revenues
|
|
|
64.6%
|
|
|
|
72.4%
|
|
|
|
60.3%
|
|
|
|
71.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
|
$
|
55,066
|
|
|
$
|
45,070
|
|
|
$
|
11,426
|
|
|
$
|
14,190
|
Share-based
payments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development
|
|
$
|
875
|
|
|
$
|
783
|
|
|
$
|
234
|
|
|
$
|
88
|
Selling
and marketing
|
|
$
|
2,969
|
|
|
$
|
2,435
|
|
|
$
|
606
|
|
|
$
|
463
|
General
and administrative
|
|
$
|
2,171
|
|
|
$
|
1,444
|
|
|
$
|
448
|
|
|
$
|
473
|
Development costs
capitalization
|
|
$
|
-
|
|
|
$
|
(2,332)
|
|
|
$
|
-
|
|
|
$
|
-
|
Non-GAAP operating
expenses
|
|
$
|
49,051
|
|
|
$
|
42,740
|
|
|
$
|
10,138
|
|
|
$
|
13,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
|
$
|
(13,803)
|
|
|
$
|
(19,021)
|
|
|
$
|
(66)
|
|
|
$
|
(4,295)
|
Non-GAAP operating
profit (loss)
|
|
$
|
(7,100)
|
|
|
$
|
(16,410)
|
|
|
$
|
1,412
|
|
|
$
|
(3,160)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income (loss)
|
|
$
|
(12,419)
|
|
|
$
|
(18,668)
|
|
|
$
|
437
|
|
|
$
|
(4,266)
|
Amortization of
intangible assets
|
|
$
|
333
|
|
|
$
|
74
|
|
|
$
|
83
|
|
|
$
|
74
|
Share-based
payments
|
|
$
|
6,370
|
|
|
$
|
4,869
|
|
|
$
|
1,395
|
|
|
$
|
1,061
|
Development costs
capitalization
|
|
$
|
-
|
|
|
$
|
(2,332)
|
|
|
$
|
-
|
|
|
$
|
-
|
Non-GAAP net
income (loss)
|
|
$
|
(5,716)
|
|
|
$
|
(16,057)
|
|
|
$
|
1,915
|
|
|
$
|
(3,131)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basic and
diluted earnings per share
|
|
$
|
(0.25)
|
|
|
$
|
(0.42)
|
|
|
$
|
0.01
|
|
|
$
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic and
diluted earnings (loss) per share
|
|
$
|
(0.12)
|
|
|
$
|
(0.36)
|
|
|
$
|
0.03
|
|
|
$
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Contacts: EVC Group
Michael Polyviou/Doug
Sherk - Investors
mpolyviou@evcgroup.com; dsherk@evcgroup.com
+212-850-6020; +646-445-4800
View original
content:http://www.prnewswire.com/news-releases/mazor-robotics-reports-record-fourth-quarter--full-year-2017-financial-results-300598584.html
SOURCE Mazor Robotics Ltd.