Mazor Robotics (NSDQ:MZOR) shares are down this morning despite the company’s report that both 4th-quarter and full-year results topped expectations on Wall Street.
The Caesarea, Israel-based robot-assisted surgery company posted widened losses of -$4.2 million, or -9¢ per share, on sales of $14.0 million for the 3 months ended Dec. 31. That amounts to a 48.8% increase in red ink on sales growth of 59.3% compared with Q4 2015. Adjusted to exclude 1-time items, losses per share were -7¢, a full nickel ahead of the -12¢ forecast on The Street, where analysts were looking for sales of $12.7 million.
Losses also grew for the full year, rising 21.3% to -$18.7 million, or -42¢ per share, on sales growth of 39.4% to $36.4 million compared with 2015. Adjusted EPS of -36¢ came in a whopping 42¢ ahead of the consensus, which called for sales of $35.3 million.
“Our record performance in the 4th quarter and success throughout the year reinforces 2016 as a strategic turning point for the company,” CEO Ori Hadomi said in prepared remarks. “We have greatly enhanced our leadership position in the spine market with the implementation of the Medtronic co-marketing and co-promotional agreement and the launch of the transformational Mazor X system. While our systems order growth is impressive, our high utilization rate and recurring revenue growth illustrates the benefits Mazor is bringing to both surgeon and patient. With a strong backlog, we enter 2017 with momentum to continue our growth.”
MZOR shares were down -6.1% to $21.99 apiece today in mid-morning trading.
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