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
|
Twelve month period
|
Three month period
|
|||||||||||||||
ended December 31,
|
ended December 31,
|
|||||||||||||||
2017
(Unaudited)
|
2016
(Audited)
|
2017
(Unaudited)
|
2016
(Unaudited)
|
|||||||||||||
Revenue
|
$
|
64,947
|
$
|
36,379
|
$
|
19,149
|
$
|
14,043
|
||||||||
|
||||||||||||||||
Cost of revenue
|
$
|
23,684
|
$
|
10,330
|
$
|
7,789
|
$
|
4,148
|
||||||||
|
||||||||||||||||
Gross profit
|
$
|
41,263
|
$
|
26,049
|
$
|
11,360
|
$
|
9,895
|
||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
$
|
8,192
|
$
|
5,736
|
$
|
2,500
|
$
|
1,709
|
||||||||
Selling and marketing, net
|
$
|
39,499
|
$
|
33,637
|
$
|
6,861
|
$
|
10,856
|
||||||||
General and administrative
|
$
|
7,375
|
$
|
5,697
|
$
|
2,065
|
$
|
1,625
|
||||||||
Total operating cost and expenses
|
$
|
55,066
|
$
|
45,070
|
$
|
11,426
|
$
|
14,190
|
||||||||
|
||||||||||||||||
Operating loss
|
$
|
(13,803
|
)
|
$
|
(19,021
|
)
|
$
|
(66
|
)
|
$
|
(4,295
|
)
|
||||
|
||||||||||||||||
Financing income, net
|
$
|
1,228
|
$
|
397
|
$
|
597
|
$
|
52
|
||||||||
|
||||||||||||||||
Profit (loss) before taxes on income
|
$
|
(12,575
|
)
|
$
|
(18,624
|
)
|
$
|
531
|
$
|
(4,243
|
)
|
|||||
|
||||||||||||||||
Income tax expense (benefit)
|
$
|
(156
|
)
|
$
|
44
|
$
|
94
|
$
|
23
|
|||||||
|
||||||||||||||||
Net income (loss)
|
$
|
(12,419
|
)
|
$
|
(18,668
|
)
|
$
|
437
|
$
|
(4,266
|
)
|
|||||
|
||||||||||||||||
Net earnings (loss) per share - Basic and diluted
|
$
|
(0.25
|
)
|
$
|
(0.42
|
)
|
$
|
0.01
|
$
|
(0.09
|
)
|
|||||
Weighted average common shares outstanding - Basic
|
49,154
|
44,881
|
51,588
|
47,560
|
Weighted average common shares outstanding - Diluted
|
49,154
|
44,881
|
57,572
|
47,560
|
December 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
46,376
|
$
|
14,954
|
||||
Short-term investments
|
56,708
|
37,862
|
||||||
Trade receivables
|
5,460
|
8,225
|
||||||
Other current assets
|
2,054
|
1,728
|
||||||
Inventory
|
7,864
|
4,715
|
||||||
Total current assets
|
118,462
|
67,484
|
||||||
|
||||||||
Non-current assets
|
||||||||
Long-term investments
|
5,171
|
9,017
|
||||||
Property and equipment, net
|
4,323
|
3,615
|
||||||
Intangible assets, net
|
1,925
|
2,258
|
||||||
Other non-current assets
|
1,115
|
351
|
||||||
Total non-current assets
|
12,534
|
15,241
|
||||||
Total assets
|
$
|
130,996
|
$
|
82,725
|
||||
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
$
|
3,474
|
$
|
5,018
|
||||
Deferred revenue
|
3,471
|
4,031
|
||||||
Other current liabilities
|
9,874
|
8,462
|
||||||
Total current liabilities
|
16,819
|
17,511
|
||||||
Non-current liabilities
|
||||||||
Employee benefits
|
414
|
325
|
||||||
Total non-current liabilities
|
414
|
325
|
||||||
Total liabilities
|
17,233
|
17,836
|
||||||
Equity
|
||||||||
Share capital
|
136
|
124
|
||||||
Share premium
|
225,678
|
174,647
|
||||||
Amounts allocated to warrants
|
9,629
|
-
|
||||||
Capital reserve for share-based payment transactions
|
10,480
|
9,859
|
||||||
Foreign currency translation reserve
|
2,119
|
2,119
|
||||||
Accumulated loss
|
(134,279
|
)
|
(121,860
|
)
|
||||
Total equity
|
113,763
|
64,889
|
||||||
Total liabilities and equity
|
$
|
130,996
|
$
|
82,725
|
Twelve Month ended
|
Three month ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
|
2017
(Unaudited)
|
2016
(Audited)
|
2017
(Unaudited)
|
2016
(Unaudited)
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Loss (income) for the period
|
$
|
(12,419
|
)
|
$
|
(18,668
|
)
|
$
|
437
|
$
|
(4,266
|
)
|
|||||
Adjustments:
|
||||||||||||||||
Depreciation and amortization
|
$
|
1,522
|
$
|
822
|
$
|
415
|
$
|
346
|
||||||||
Gain from sale of property and equipment
|
$
|
-
|
$
|
(6
|
)
|
$
|
-
|
$
|
-
|
|||||||
Finance expense (income), net
|
$
|
(291
|
)
|
$
|
(275
|
)
|
$
|
37
|
$
|
38
|
||||||
Share-based expenses
|
$
|
6,370
|
$
|
4,439
|
$
|
1,395
|
$
|
1,061
|
||||||||
Income tax expense (benefit)
|
$
|
(156
|
)
|
$
|
44
|
$
|
94
|
$
|
23
|
|||||||
|
$
|
7,445
|
$
|
5,024
|
$
|
1,941
|
$
|
1,468
|
||||||||
Change in inventory
|
$
|
(3,224
|
)
|
$
|
(1,938
|
)
|
$
|
126
|
$
|
(650
|
)
|
|||||
Change in trade and other accounts receivable
|
$
|
1,852
|
$
|
(3,512
|
)
|
$
|
1,498
|
$
|
(5,588
|
)
|
||||||
Change in prepaid lease fees
|
$
|
(39
|
)
|
$
|
(20
|
)
|
$
|
(9
|
)
|
$
|
(2
|
)
|
||||
Change in trade and other accounts payable
|
$
|
(138
|
)
|
$
|
8,723
|
$
|
(297
|
)
|
$
|
7,088
|
||||||
Change in employee benefits
|
$
|
89
|
$
|
26
|
$
|
(34
|
)
|
$
|
(13
|
)
|
||||||
|
$
|
(1,460
|
)
|
$
|
3,279
|
$
|
1,284
|
$
|
835
|
|||||||
|
||||||||||||||||
Interest received
|
$
|
554
|
$
|
301
|
$
|
122
|
$
|
66
|
||||||||
Income tax paid
|
$
|
(11
|
)
|
$
|
(38
|
)
|
$
|
4
|
$
|
-
|
||||||
|
$
|
543
|
$
|
263
|
$
|
126
|
$
|
66
|
||||||||
Net cash provided by (used in) operating activities
|
$
|
(5,891
|
)
|
$
|
(10,102
|
)
|
$
|
3,788
|
$
|
(1,897
|
)
|
|||||
Cash flows from investing activities:
|
||||||||||||||||
Proceeds from (investment in) short-term investments and deposits, net
|
$
|
(10,463
|
)
|
$
|
(11,094
|
)
|
$
|
(11,879
|
)
|
$
|
523
|
|||||
Purchase of long-term investments
|
$
|
(4,537
|
)
|
$
|
(9,823
|
)
|
$
|
(249
|
)
|
$
|
(917
|
)
|
||||
Proceeds in long-term investments
|
$
|
-
|
$
|
748
|
$
|
-
|
$
|
250
|
||||||||
Purchase of property and equipment
|
$
|
(2,364
|
)
|
$
|
(2,361
|
)
|
$
|
(807
|
)
|
$
|
(626
|
)
|
||||
Capitalization of development costs
|
$
|
-
|
$
|
(1,902
|
)
|
$
|
-
|
$
|
(385
|
)
|
||||||
Net cash used in investing activities
|
$
|
(17,364
|
)
|
$
|
(24,432
|
)
|
$
|
(12,935
|
)
|
$
|
(1,155
|
)
|
||||
Cash flows from financing activities:
|
||||||||||||||||
Proceeds from issuance of ADRs, net
|
$
|
39,988
|
$
|
31,416
|
$
|
(12
|
)
|
$
|
-
|
|||||||
Proceeds from exercise of share options by employees
|
$
|
14,945
|
$
|
4,100
|
$
|
6,652
|
$
|
513
|
||||||||
Proceeds from exercise of warrants by investors
|
$
|
-
|
$
|
481
|
$
|
-
|
$
|
-
|
||||||||
Net cash provided by financing activities
|
$
|
54,933
|
$
|
35,997
|
$
|
6,640
|
$
|
513
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
$
|
31,678
|
$
|
1,463
|
$
|
(2,507
|
)
|
$
|
(2,539
|
)
|
||||||
Cash and cash equivalents at the beginning of the period
|
$
|
14,954
|
$
|
13,519
|
$
|
49,028
|
$
|
17,597
|
||||||||
Effect of exchange rate differences on balances of cash and cash equivalents
|
$
|
(256
|
)
|
$
|
(28
|
)
|
$
|
(145
|
)
|
$
|
(104
|
)
|
||||
Cash and cash equivalents at the end of the period
|
$
|
46,376
|
$
|
14,954
|
$
|
46,376
|
$
|
14,954
|
||||||||
Supplementary cash flows information:
|
||||||||||||||||
Purchase of property and equipment in credit
|
$
|
(24
|
)
|
$
|
(566
|
)
|
$
|
(24
|
)
|
$
|
(566
|
)
|
||||
Issuance costs in credit
|
$
|
(10
|
)
|
$
|
-
|
$
|
(10
|
)
|
$
|
-
|
||||||
Capitalization of development expenses on credit
|
$
|
-
|
$
|
(20
|
)
|
$
|
-
|
$
|
(20
|
)
|
||||||
Classification of inventory to fixed assets, net
|
$
|
75
|
$
|
-
|
$
|
75
|
$
|
-
|
Twelve month period
|
Three month period
|
|||||||||||||||
ended December 31,
|
ended December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
GAAP gross profit
|
$
|
41,263
|
$
|
26,049
|
$
|
11,360
|
$
|
9,895
|
||||||||
Amortization of intangible assets
|
333
|
74
|
83
|
74
|
||||||||||||
Share-based payments
|
355
|
207
|
107
|
37
|
||||||||||||
Non-GAAP gross profit
|
$
|
41,951
|
$
|
26,330
|
$
|
11,550
|
$
|
10,006
|
||||||||
GAAP gross profit as percentage of revenues
|
63.5
|
%
|
71.6
|
%
|
59.3
|
%
|
70.5
|
%
|
||||||||
Non-GAAP gross profit as percentage of revenues
|
64.6
|
%
|
72.4
|
%
|
60.3
|
%
|
71.3
|
%
|
||||||||
|
||||||||||||||||
GAAP operating expenses
|
$
|
55,066
|
$
|
45,070
|
$
|
11,426
|
$
|
14,190
|
||||||||
Share-based payments:
|
||||||||||||||||
Research and development
|
$
|
875
|
$
|
783
|
$
|
234
|
$
|
88
|
||||||||
Selling and marketing
|
$
|
2,969
|
$
|
2,435
|
$
|
606
|
$
|
463
|
||||||||
General and administrative
|
$
|
2,171
|
$
|
1,444
|
$
|
448
|
$
|
473
|
||||||||
Development costs capitalization
|
$
|
-
|
$
|
(2,332
|
)
|
$
|
-
|
$
|
-
|
|||||||
Non-GAAP operating expenses
|
$
|
49,051
|
$
|
42,740
|
$
|
10,138
|
$
|
13,166
|
||||||||
|
||||||||||||||||
GAAP operating loss
|
$
|
(13,803
|
)
|
$
|
(19,021
|
)
|
$
|
(66
|
)
|
$
|
(4,295
|
)
|
||||
Non-GAAP operating profit (loss)
|
$
|
(7,100
|
)
|
$
|
(16,410
|
)
|
$
|
1,412
|
$
|
(3,160
|
)
|
|||||
GAAP net income (loss)
|
$
|
(12,419
|
)
|
$
|
(18,668
|
)
|
$
|
437
|
$
|
(4,266
|
)
|
|||||
Amortization of intangible assets
|
$
|
333
|
$
|
74
|
$
|
83
|
$
|
74
|
||||||||
Share-based payments
|
$
|
6,370
|
$
|
4,869
|
$
|
1,395
|
$
|
1,061
|
||||||||
Development costs capitalization
|
$
|
-
|
$
|
(2,332
|
)
|
$
|
-
|
$
|
-
|
|||||||
Non-GAAP net income (loss)
|
$
|
(5,716
|
)
|
$
|
(16,057
|
)
|
$
|
1,915
|
$
|
(3,131
|
)
|
|||||
|
||||||||||||||||
GAAP basic and diluted earnings (loss) per share
|
$
|
(0.25
|
)
|
$
|
(0.42
|
)
|
$
|
0.01
|
$
|
(0.09
|
)
|
|||||
|
||||||||||||||||
Non-GAAP basic and diluted earnings (loss) per share
|
$
|
(0.12
|
)
|
$
|
(0.36
|
)
|
$
|
0.03
|
$
|
(0.07
|
)
|
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