Mazor Robotics shares dip despite Q2 beat

Shares in Mazor Robotics (NSDQ:MZOR) fell today despite the robotic surgical platform developer posting 2nd quarter earnings that handily topped expectations on Wall Street.

The Caesarea, Israel-based company posted losses of $3.7 million, or 8¢ per share, on sales of $15.5 million for the 3 months ended June 30, seeing losses shrink 9.6% while sales grew 86.6% compared with the same period last year.

After adjusting to exclude 1-time items, losses per share were 5¢, significantly below the 23¢ loss per share expectations on Wall Street. Revenues also came in just above analyst expectations of $14.3 million.

Mazor said it has received purchase orders for 19 systems during the 2nd quarter, and ended the quarter with a backlog of 14 systems.

“Our Q2 performance is highlighted by record quarterly revenue and a year-over-year increase of 87%, which reflects the market’s excitement for Mazor X and the successful sales execution with our partner. The market traction and recognition of the system’s benefits is generating robust demand for our surgical guidance systems, which strengthens our leadership position in the U.S. market. Our sales team is continuing to pursue these opportunities and during the first few weeks of the third quarter we have received purchase orders for six systems,” CEO Ori Hadomi said in a press release.

Shares in Mazor Robotics have dipped today, down 1.7% at $39.32 as of 10:27 a.m. EDT.

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