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MAKO Surgical AO Message Board

  • donknute donknute May 7, 2013 4:08 PM Flag

    Q1 Results: Beat on Rev, Miss on earnings (-.21). 5 bots sold

    Looks like the new Tx one is Q2.
    First Quarter 2013 Highlights

    First quarter revenue totaled $24.8 million, a 26% increase over the same period in 2012

    Five RIO® systems sold in the first quarter, increasing worldwide commercial installed base to 161 RIO systems and domestic commercial installed base to 156 RIO systems

    2,988 MAKOplasty® procedures performed in the first quarter, a 30% increase over the same period in 2012

    Six MAKOplasty Total Hip Arthroplasty (THA) applications sold in the first quarter, of which one was sold to an existing customer

    As of March 31, 2013, 63% of worldwide commercial installed base is MAKOplasty THA enabled

    FORT LAUDERDALE, Fla., May 7, 2013 (GLOBE NEWSWIRE) -- MAKO Surgical Corp. (Nasdaq:MAKO), a medical device company that markets its RIO® Robotic Arm Interactive Orthopedic surgical platform, MAKOplasty® joint specific applications and proprietary RESTORIS® implants that together enable orthopedic surgeons to consistently, reproducibly and precisely treat patient specific osteoarthritic disease, today announced its operating results for the quarter ended March 31, 2013.

    Recent Business Developments

    RIO Systems – Five RIO systems were sold during the first quarter to domestic customers. These five RIO systems bring MAKO's worldwide commercial installed base of RIO systems to 161 systems and domestic commercial installed base to 156 systems as of March 31, 2013. At the end of the quarter, MAKO had 154 MAKOplasty sites worldwide. In addition, the revenue associated with two previously deferred international commercial system sales was recognized in the first quarter as all revenue recognition criteria were satisfied. Six MAKOplasty THA applications were sold, five of which were sold with the domestic RIO systems sales during the quarter and one of which was sold as an upgrade to an existing customer with a knee-only commercial system. As of March 31, 2013, 102 RIO systems, or 63% of the worldwide commercial installed base, have the MAKOplasty THA application.

    MAKOplasty Procedure Volume – During the first quarter, 2,988 MAKOplasty procedures were performed, of which 2,861 were performed at domestic sites. Of the 2,988 procedures, 467 were THA procedures. The 2,988 MAKOplasty procedures performed represent a 3% increase over the procedures performed in the fourth quarter of 2012 and a 30% increase over the procedures performed in the first quarter of 2012. The average monthly utilization per site was 6.6 procedures during the first quarter of 2013. Through March 31, 2013, approximately 26,000 procedures had been performed since the first procedure in June 2006.

    Sentiment: Strong Buy

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    • Analysts don't figure in non-cash/non-operating expenses or income into their EPS estimates. So with Fritz laPorte's explanation of the $661K derivative value change, MAKO HIT the avg. street estimate of -$0.19 EXACTLY. Fritz confirmed this on the CC. The revenue was on target, too. May have been off $100K in either direction depending on which day's analysts' avg. rev estimate you're using to compare from the last few days. For what it's worth, MAKO hit the St. estimates right on target. I guess Ferre was expecting everyone to be impressed with that :-/

    • Listening to the call now... IMPORTANT pt - Fritz explained that there was a $661K non-op/non-cash expense associated with chg in the FV of the derivative related to the Deerfield facility. So the NON-GAAP Loss Per Share is $0.19. They met expectations on the bottom line, beat slightly on the top line.

      • 1 Reply to clearstone72
      • i didn't review the latest rev est. before i posted above, so it looks like they met expectations on sales as well. Interestingly, their A/R and A/R days out this qtr are significantly reduced... and inventory steady at about $25 mil. I sort of wonder if they aren't pushing sales of Rio systems out to the back-half of 2013 on purpose to focus on procedure growth.

    • Not going to use the Deerfield Credit facility. Take the non-activity charge and let expire. No debt.

      Sentiment: Strong Buy

    • Donknute,,I value your opinion and have been long a big position at a higher price..I had been optimistic but after another quarter failing to meet most projections I am turning pessimistic...Why do you still rate this stock as strong buy...They lost more than expected on EPS..they missed the 3000 mark for procedures...and 5 RIO sales is certainly not a great number...I think this company needs new management...the Big Wigs seem to be in over their heads...A lot of new companies realize that the men who founded and managed the company when it was a start up are not the men to lead as company matures...Wonder how u feel,,,

    • Guidance unchanged. Less cash burn than I expected. No utilization rates yet that I can see.

      Sentiment: Strong Buy

    • Revenue was $24.8 million in the first quarter of 2013 compared to $19.6 million in the first quarter of 2012, representing a 26% increase. The increase in revenue was primarily attributable to the recognition of revenue of 2,988 MAKOplasty procedures performed, which represents a 30% increase over the procedures performed in the first quarter of 2012, and an increase in system revenue and service revenue.

      Gross profit for the first quarter of 2013 was $18.3 million compared to a gross profit of $14.2 million in the same period in 2012. Gross margin for the first quarter of 2013 was 74%, consisting of a 75% margin on procedure revenue, a 63% margin on RIO system revenue and an 87% margin on service revenue.

      Operating expenses were $27.2 million in the first quarter of 2013 compared to $25.9 million in the first quarter of 2012. The increase in operating expenses was primarily due to an increase in sales, marketing and operations costs associated with the commercialization of the RIO system, MAKOplasty applications and RESTORIS implant systems; and an increase in general and administrative costs as MAKO continued to build infrastructure to support growth.

      Net loss for the three months ended March 31, 2013 was $9.6 million, or $(0.21) per basic and diluted share, based on average basic and diluted shares outstanding of 46.8 million. Included in net loss for the first quarter of 2013 was a non-cash and non-operating expense of $661,000 associated with the change in fair value of a derivative asset related to a credit facility agreement. This compares to a net loss for the same period in 2012 of $11.7 million, or $(0.28) per basic and diluted share, based on average basic and diluted shares outstanding of 41.7 million.

      Sentiment: Strong Buy

    • speedlake May 7, 2013 4:12 PM Flag

      Not great news but solid, I'll take it!

    • Cash, cash equivalents and available-for-sale investments were $71.0 million as of March 31, 2013 compared to $73.3 million as of December 31, 2012. As of March 31, 2013, no amounts have been drawn under the credit facility agreement with affiliates of Deerfield Management Company, L.P.

      Sentiment: Strong Buy