Surging sales of its Mazor X surgical visualization guidance platform propelled Mazor Robotics to a more than doubling of revenues in its third quarter.
For the period (end-September 30), the surgical visualization technology developer had record revenues of $17.2 million, up 126% from $7.6 million reported in the third quarter of 2016. Mazor had a third-quarter net loss of $3.7 million, compared with a net loss of $5.2 million in the third quarter of 2016.
The company recognized revenue from sales of 17 systems, including 16 Mazor X and one Renaissance system. In comparison, Mazor included revenue from three Mazor X and three Renaissance systems in the same period a year ago. The firm currently has a backlog of 15 Mazor X and two Renaissance systems.
In other developments, Medtronic assumed the exclusive worldwide distribution of Mazor X under a lead-sharing and distribution agreement that took effect on September 18. Medtronic has also made a $40 million third-tranche investment in Mazor, and it absorbed 29 former Mazor employees into its robotic sales team.
