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Mazor Robotics Receives 5 Orders in Q1, Shares Down

Shares of Mazor Robotics Ltd. MZOR fell 4.1% to close at $11.60 on Apr 5, after the company announced the receipt of five orders for Renaissance system in the first quarter ended Mar 31, 2016.

Evidently, the number of orders failed to cheer investors resulting in the slide in share price. Notably, the company had received a record 12 orders for the system in the fourth quarter of 2015, of which 8 were installed in the U.S. The remaining 4 came from its international distribution partners.

In the first quarter, Mazor installed 4 systems in the U.S., including one with brain module, which is primarily used to assist Deep Brain Stimulation (DBS) procedures to treat movement disorders. The company has now installed six systems with the brain module in the U.S.

The remaining order during the quarter came from Mazor’s Australian distribution partner. The company ended the quarter with the placement of 113 Renaissance systems globally, including 68 in the U.S.

Although order growth was disappointing, we believe the recent deals reflect Mazor’s growing clout in the academic institutions. Over the last 12 months, well-know academic institutions like University of Chicago, University of Miami, and University of Connecticut John Dempsey Hospital, Hackensack University Medical Center and Columbia University Hospital purchased the system.

Mazor Robotics has also forayed into new metropolitan areas of Chicago, Miami, Philadelphia and Birmingham. The company expanded its presence in Central Florida and Texas, the states with the highest number of Renaissance systems. Notably, at the end of 2015, the company had installed its systems in 26 of the 50 major metropolitan regions.

Zacks Rank & Key Picks

Currently, Mazor Robotics carries a Zacks Rank #3 (Hold).

Better-ranked stocks in the same space are Accuray ARAY, AngioDynamics ANGO and Globus Medical GMED. All the stocks sport a Zacks Rank #2 (Buy).
 

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