Sales of its Renaissance surgical navigation systems and growth in recurring revenue propelled surgical visualization technology developer Mazor Robotics to a 42% revenue increase for its first quarter.
For the period (end-March 31), Mazor had $6.4 million in revenues, up from the $4.5 million reported in the first quarter of 2015. The company had a net loss of $5.1 million, however, compared with a net loss of $5.2 million in the same quarter last year.
In quarterly highlights, Mazor received orders for five Renaissance systems, including four from U.S. customers. Mazor sold only one system in the first quarter of 2015. Recurring revenue also increased 41%, reflecting procedural volume growth, the vendor said.
