Mazor Robotics Announces First Quarter Financial Results

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when operating and evaluating the Company’s business internally and therefore decided to make these non-GAAP adjustments available to investors.

About Mazor

Mazor Robotics (TASE: MZOR; NASDAQGM: MZOR) believes in healing through innovation by developing and introducing revolutionary robotic-based technology and products aimed at redefining the gold standard of quality care. Mazor Robotics Renaissance® Guidance System enables surgeons to conduct spine and brain procedures in a more accurate and secure manner. For more information, please visit www.MazorRobotics.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Any statements in this release about future expectations, plans or prospects for the Company, including without limitation, statements regarding the market opportunity for the Renaissance system, the greater adoption of and the expansion of the presence of Renaissance, the priorities that the Company will focus on to assure its long term success, that the Company believes it will experience growth in 2015 and beyond, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions are forward-looking statements. These statements are only predictions based on Mazor's current expectations and projections about future events. There are important factors that could cause Mazor's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include, but are not limited to, the impact of general economic conditions, competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results, and other factors indicated in Mazor's filings with the Securities and Exchange Commission (SEC) including those discussed under the heading "Risk Factors" in Mazor’s annual report on Form 20-F filed with the SEC on April 29, 2015 and in subsequent filings with the SEC. For more details, refer to Mazor's SEC filings. Mazor undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our expectations, except as may be required by law.

Mazor Robotics Ltd.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(in thousands, except per share data)

    Three month period
ended March 31,
2015

(Unaudited)

    2014

(Unaudited)

Revenue $ 4,510 $ 4,878
 
Cost of revenue $ 1,097 $ 1,031
 
Gross profit $ 3,413 $ 3,847
 
Operating costs and expenses:
Research and development $ 1,474 $ 1,644
Selling and Marketing $ 5,948 $ 4,911
General and administrative $ 1,103 $ 910
Total operating costs and expenses $ 8,525 $ 7,465
 
Loss from operations $ (5,112) $ (3,618)
 
Financing income (expenses), net $ (61) $ 24
 
Loss before taxes on income $ (5,173) $ (3,594)
 
Income tax expense $ 29 $ 40
       
Net loss $ (5,202) $ (3,634)
 
Net loss per share – Basic and diluted $ (0.12) $ (0.09)
 
Weighted average common shares outstanding – Basic and diluted   42,172   41,120

Mazor Robotics Ltd.

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