MAZOR ROBOTICS LTD.
(Registrant)
|
|||
|
By:
|
/s/ Ori Hadomi | |
Name: Ori Hadomi | |||
Title: Chief Executive Officer | |||
|
Mazor Robotics Inc.
189 S. Orange Ave., Suite 1850 Orlando, FL 32801
Tel: 1 (800) 80-MAZOR
Fax: (407) 591-3560
usa@MazorRobotics-us.com
|
Mazor Robotics Ltd.
PO Box 3104, 5 Shacham St. North Industrial Park,
Caesarea 3088900, Israel
Tel: +972 4 618-7100 Fax: +972 4 618-7111 info@mazorrobotics.com
|
Six month period
|
Three month period
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenue
|
$
|
27,174
|
$
|
14,703
|
$
|
15,455
|
$
|
8,284
|
||||||||
|
||||||||||||||||
Cost of revenue
|
$
|
8,875
|
$
|
3,566
|
$
|
4,726
|
$
|
1,912
|
||||||||
|
||||||||||||||||
Gross profit
|
$
|
18,299
|
$
|
11,137
|
$
|
10,729
|
$
|
6,372
|
||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
$
|
4,034
|
$
|
3,242
|
$
|
2,242
|
$
|
1,111
|
||||||||
Selling and marketing
|
$
|
20,209
|
$
|
14,656
|
$
|
10,316
|
$
|
7,783
|
||||||||
General and administrative
|
$
|
3,657
|
$
|
2,412
|
$
|
2,086
|
$
|
1,429
|
||||||||
Total operating cost and expenses
|
$
|
27,900
|
$
|
20,310
|
$
|
14,644
|
$
|
10,323
|
||||||||
|
||||||||||||||||
Loss from operations
|
$
|
(9,601
|
)
|
$
|
(9,173
|
)
|
$
|
(3,915
|
)
|
$
|
(3,951
|
)
|
||||
|
||||||||||||||||
Financing income, net
|
$
|
443
|
$
|
203
|
$
|
232
|
$
|
28
|
||||||||
|
||||||||||||||||
Loss before taxes on income
|
$
|
(9,158
|
)
|
$
|
(8,970
|
)
|
$
|
(3,683
|
)
|
$
|
(3,923
|
)
|
||||
|
||||||||||||||||
Income tax expense (benefit)
|
$
|
(250
|
)
|
$
|
209
|
$
|
(7
|
)
|
$
|
144
|
||||||
|
||||||||||||||||
Net loss
|
$
|
(8,908
|
)
|
$
|
(9,179
|
)
|
$
|
(3,676
|
)
|
$
|
(4,067
|
)
|
||||
|
||||||||||||||||
Net loss per share - Basic and diluted
|
$
|
(0.19
|
)
|
$
|
(0.21
|
)
|
$
|
(0.08
|
)
|
$
|
(0.09
|
)
|
||||
Weighted average common shares outstanding - Basic and diluted
|
47,990
|
42,880
|
48,227
|
43,347
|
June 30,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
20,347
|
$
|
14,954
|
||||
Short-term investments
|
33,267
|
37,862
|
||||||
Trade receivables
|
6,298
|
8,225
|
||||||
Other current assets
|
2,411
|
1,728
|
||||||
Inventory
|
7,365
|
4,715
|
||||||
Total current assets
|
69,688
|
67,484
|
||||||
|
||||||||
Non-current assets
|
||||||||
Long-term investments
|
3,800
|
9,017
|
||||||
Property and equipment, net
|
4,168
|
3,615
|
||||||
Intangible assets, net
|
2,093
|
2,258
|
||||||
Other non-current assets
|
981
|
351
|
||||||
Total non-current assets
|
11,042
|
15,241
|
||||||
Total assets
|
$
|
80,730
|
$
|
82,725
|
||||
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
$
|
2,526
|
$
|
5,018
|
||||
Deferred revenue
|
3,481
|
4,031
|
||||||
Other current liabilities
|
11,772
|
8,462
|
||||||
Total current liabilities
|
17,779
|
17,511
|
||||||
Non-current liabilities
|
||||||||
Employee benefits
|
461
|
325
|
||||||
Total non-current liabilities
|
461
|
325
|
||||||
Total liabilities
|
18,240
|
17,836
|
||||||
Equity
|
||||||||
Share capital
|
126
|
124
|
||||||
Share premium
|
180,318
|
174,647
|
||||||
Capital reserve for share-based payment transactions
|
10,695
|
9,859
|
||||||
Foreign currency translation reserve
|
2,119
|
2,119
|
||||||
Accumulated loss
|
(130,768
|
)
|
(121,860
|
)
|
||||
Total equity
|
62,490
|
64,889
|
||||||
Total liabilities and equity
|
$
|
80,730
|
$
|
82,725
|
Six months ended
|
Three months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Loss for the period
|
$
|
(8,908
|
)
|
$
|
(9,179
|
)
|
$
|
(3,676
|
)
|
$
|
(4,067
|
)
|
||||
Adjustments:
|
||||||||||||||||
Depreciation and amortization
|
$
|
714
|
$
|
296
|
$
|
372
|
$
|
150
|
||||||||
Finance income, net
|
$
|
(119
|
)
|
$
|
(173
|
)
|
$
|
(69
|
)
|
$
|
(31
|
)
|
||||
Share-based payments
|
$
|
2,422
|
$
|
2,134
|
$
|
1,221
|
$
|
1,218
|
||||||||
Income tax expense (tax benefit)
|
$
|
(250
|
)
|
$
|
209
|
$
|
(7
|
)
|
$
|
144
|
||||||
|
$
|
2,767
|
$
|
2,466
|
$
|
1,517
|
$
|
1,481
|
||||||||
Change in inventory
|
$
|
(2,950
|
)
|
$
|
(635
|
)
|
$
|
(1,588
|
)
|
$
|
(610
|
)
|
||||
Change in trade and other accounts receivable
|
$
|
1,260
|
$
|
2,377
|
$
|
(3,511
|
)
|
$
|
639
|
|||||||
Change in prepaid lease fees
|
$
|
(22
|
)
|
$
|
(4
|
)
|
$
|
(1
|
)
|
$
|
6
|
|||||
Change in trade and other accounts payable
|
$
|
792
|
$
|
1,333
|
$
|
(311
|
)
|
$
|
1,869
|
|||||||
Change in employee benefits
|
$
|
136
|
$
|
68
|
$
|
58
|
$
|
(8
|
)
|
|||||||
|
$
|
(784
|
)
|
$
|
3,139
|
$
|
(5,353
|
)
|
$
|
1,896
|
||||||
|
||||||||||||||||
Interest received
|
$
|
183
|
$
|
137
|
$
|
111
|
$
|
73
|
||||||||
Income tax paid
|
$
|
(15
|
)
|
$
|
(39
|
)
|
$
|
(15
|
)
|
$
|
(2
|
)
|
||||
|
$
|
168
|
$
|
98
|
$
|
96
|
$
|
71
|
||||||||
Net cash used in operating activities
|
$
|
6,757
|
$
|
3,476
|
$
|
7,416
|
$
|
619
|
||||||||
Cash flows from investing activities:
|
||||||||||||||||
Proceeds from (investment in) short-term investments and deposits, net
|
$
|
10,435
|
$
|
(2,377
|
)
|
$
|
1,478
|
$
|
(9,023
|
)
|
||||||
Investment in long-term investments
|
$
|
(623
|
)
|
$
|
(1,125
|
)
|
$
|
(525
|
)
|
$
|
(629
|
)
|
||||
Purchase of property and equipment
|
$
|
(1,313
|
)
|
$
|
(1,203
|
)
|
$
|
(504
|
)
|
$
|
(785
|
)
|
||||
Capitalization of development costs
|
$
|
-
|
$
|
(597
|
)
|
$
|
-
|
$
|
(597
|
)
|
||||||
Net cash provided by (used in) investing activities
|
$
|
8,499
|
$
|
(5,302
|
)
|
$
|
449
|
$
|
(11,034
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||||||
Proceeds from issuance of ADRs, net
|
$
|
-
|
$
|
11,895
|
$
|
-
|
$
|
11,895
|
||||||||
Proceeds from exercise of share options by employees
|
$
|
3,719
|
$
|
123
|
$
|
1,460
|
$
|
48
|
||||||||
Proceeds from exercise of share options and warrants, net
|
$
|
-
|
$
|
481
|
$
|
-
|
$
|
-
|
||||||||
Net cash provided by financing activities
|
$
|
3,719
|
$
|
12,499
|
$
|
1,460
|
$
|
11,943
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
$
|
5,461
|
$
|
3,721
|
$
|
(5,507
|
)
|
$
|
290
|
|||||||
Cash and cash equivalents at the beginning of the period
|
$
|
14,954
|
$
|
13,519
|
$
|
25,896
|
$
|
17,008
|
||||||||
Effect of exchange rate differences on balances of cash and cash equivalents
|
$
|
(68
|
)
|
$
|
37
|
$
|
(42
|
)
|
$
|
(21
|
)
|
|||||
Cash and cash equivalents at the end of the period
|
$
|
20,347
|
$
|
17,277
|
$
|
20,347
|
$
|
17,277
|
||||||||
Supplementary cash flows information:
|
||||||||||||||||
Purchase of property and equipment in credit
|
$
|
(55
|
)
|
$
|
(32
|
)
|
$
|
(55
|
)
|
$
|
(32
|
)
|
||||
Issuance costs in credit
|
$
|
-
|
$
|
(199
|
)
|
$
|
-
|
$
|
(199
|
)
|
||||||
Capitalization of development expenses on credit
|
$
|
-
|
$
|
(414
|
)
|
$
|
-
|
$
|
(414
|
)
|
||||||
Classification of inventory to fixed assets
|
$
|
300
|
$
|
-
|
$
|
164
|
$
|
-
|
||||||||
|
Six month period
|
Three month period
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
GAAP gross profit
|
$
|
18,299
|
$
|
11,137
|
$
|
10,729
|
$
|
6,372
|
||||||||
Amortization of intangible assets
|
165
|
-
|
83
|
-
|
||||||||||||
Share-based payments
|
108
|
83
|
55
|
47
|
||||||||||||
Non-GAAP gross profit
|
$
|
18,572
|
$
|
11,220
|
$
|
10,867
|
$
|
6,419
|
||||||||
GAAP gross profit as percentage of revenues
|
67.3
|
%
|
75.7
|
%
|
69.4
|
%
|
76.9
|
%
|
||||||||
Non-GAAP gross profit as percentage of revenues
|
68.3
|
%
|
76.3
|
%
|
70.3
|
%
|
77.5
|
%
|
||||||||
|
||||||||||||||||
GAAP operating expenses
|
$
|
27,900
|
$
|
20,310
|
$
|
14,644
|
$
|
10,323
|
||||||||
Share-based payments:
|
||||||||||||||||
Research and development
|
$
|
352
|
$
|
347
|
$
|
194
|
$
|
197
|
||||||||
Selling and marketing
|
$
|
851
|
$
|
1,215
|
$
|
411
|
$
|
695
|
||||||||
General and administrative
|
$
|
1,111
|
$
|
489
|
$
|
561
|
$
|
279
|
||||||||
Development costs capitalization
|
$
|
-
|
$
|
(1,011
|
)
|
$
|
-
|
$
|
(1,011
|
)
|
||||||
Non-GAAP operating expenses
|
$
|
25,586
|
$
|
19,270
|
$
|
13,478
|
$
|
10,163
|
||||||||
|
||||||||||||||||
GAAP operating loss
|
$
|
(9,601
|
)
|
$
|
(9,173
|
)
|
$
|
(3,915
|
)
|
$
|
(3,951
|
)
|
||||
Non-GAAP operating loss
|
$
|
(7,014
|
)
|
$
|
(8,050
|
)
|
$
|
(2,611
|
)
|
$
|
(3,744
|
)
|
||||
GAAP net loss
|
$
|
(8,908
|
)
|
$
|
(9,179
|
)
|
$
|
(3,676
|
)
|
$
|
(4,067
|
)
|
||||
Amortization of intangible assets
|
$
|
165
|
$
|
-
|
$
|
83
|
$
|
-
|
||||||||
Share-based payments
|
$
|
2,422
|
$
|
2,134
|
$
|
1,221
|
$
|
1,218
|
||||||||
Development costs capitalization
|
$
|
-
|
$
|
(1,011
|
)
|
$
|
-
|
$
|
(1,011
|
)
|
||||||
Non-GAAP net loss
|
$
|
(6,321
|
)
|
$
|
(8,056
|
)
|
$
|
(2,372
|
)
|
$
|
(3,860
|
)
|
||||
|
||||||||||||||||
GAAP basic and diluted loss per share
|
$
|
(0.19
|
)
|
$
|
(0.21
|
)
|
$
|
(0.08
|
)
|
$
|
(0.09
|
)
|
||||
|
||||||||||||||||
Non-GAAP basic and diluted loss per share
|
$
|
(0.13
|
)
|
$
|
(0.19
|
)
|
$
|
(0.05
|
)
|
$
|
(0.09
|
)
|
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