Mazor Robotics Reports Record Fourth Quarter and Full Year 2016

Mazor Robotics Reports Record Fourth Quarter and Full Year 2016 Results


Mazor Robotics Ltd.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(U.S. Dollars in thousands, except per share data)

	Twelve month period				Three month period
	ended December 31,				ended December 31,

	2016		2015		2016		2015
	(Unaudited)		(Audited)		(Unaudited)		(Unaudited)
Revenue	$	36,379	$	26,096	$	14,043	$	8,818

Cost of revenue		10,330		5,827		4,148		1,940

Gross profit		26,049		20,269		9,895		6,878

Operating costs and expenses:
Research and development		5,736		6,324		1,709		1,585
Selling and marketing		33,637		24,947		10,856		7,115
General and administrative		5,697		4,305		1,625		1,072
Total operating costs and expenses		45,070		35,576		14,190		9,772

Loss from operations		(19,021)		(15,307)		(4,295)		(2,894)

Financing income, net		397		135		52		43

Loss before taxes on income		(18,624)		(15,172)		(4,243)		(2,851)

Income tax expense		44		213		23		59

Net loss	$	(18,668)	$	(15,385)	$	(4,266)	$	(2,910)

Net loss per share – Basic and diluted	$	(0.42)	$	(0.36)	$	(0.09)	$	(0.07)

Weighted average common shares outstanding – Basic and diluted		44,881		42,284		47,560		42,349


Mazor Robotics Ltd.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF
(U.S. Dollars in thousands)

	December 31,		December 31,
	2016		2015
	(Unaudited)		(Audited)
Current assets
Cash and cash equivalents	$	14,954	$	13,519
Short-term investments		37,862		21,687
Trade receivables		8,225		5,002
Other current assets		1,728		1,420
Inventory		4,715		2,777
Total current assets		67,484		44,405

Non-current assets
Long-term investments		9,017		5,023
Property and equipment, net		3,615		1,432
Intangible assets, net		2,258		-
Other non-current assets		351		110
Total non-current assets		15,241		6,565

Total assets	$	82,725	$	50,970

Current liabilities
Trade payables	$	5,018	$	2,219
Deferred revenue		4,031		1,221
Other current liabilities		8,462		4,831
Total current liabilities		17,511		8,271

Non-current liabilities
Employee benefits		325		299
Total non-current liabilities		325		299
Total liabilities		17,836		8,570

Equity
Share capital		124		110
Share premium		174,647		136,107
Amounts allocated to share options		-		77
Capital reserve for share-based payment transactions		9,859		7,179
Foreign currency translation reserve		2,119		2,119
Accumulated loss		(121,860)		(103,192)
Total equity		64,889		42,400

Total liabilities and equity	$	82,725	$	50,970


Mazor Robotics Ltd.
CONSOLIDATED CASH FLOW STATEMENTS
(U.S. Dollars in thousands)

	Twelve month period				Three month period
	ended December 31,				ended December 31,
	2016		2015		2016		2015
	(Unaudited)		(Audited)		(Unaudited)		(Unaudited)
Cash flows from operating activities:
Loss for the period	$	(18,668)	$	(15,385)	$	(4,266)	$	(2,910)
Adjustments:
Depreciation and amortization		822		527		346		129
Gain on sale of property and equipment		(6)		-		-		-
Finance (income) expenses, net		(275)		(207)		38		30
Share-based expenses		4,439		3,091		1,061		832
Income tax expense		44		213		23		59
		5,024		3,624		1,468		1,050

Change in inventory		(1,938)		273		(650)		(146)
Change in trade and other accounts receivable		(3,512)		(2,408)		(5,588)		(3,517)
Change in prepaid lease fees		(20)		6		(2)		4
Change in trade and other accounts payable		8,723		2,217		7,088		1,064
Change in employee benefits		26		21		(13)		9
		3,279		109		835		(2,586)

Interest received		301		194		66		145
Income tax paid		(38)		(114)		-		(30)
		263		80		66		115

Net cash used in operating activities		(10,102)		(11,572)		(1,897)		(4,331)

Cash flows from investing activities:
Proceeds from (Purchase of ) short-term investments, net		(11,094)		9,816		523		(3,929)
Purchase of long-term investments		(9,823)		(7,538)		(917)		(60)
Proceeds from sale of long-term investments		748		992		250		-
Purchase of property and equipment		(2,361)		(702)		(626)		(266)
Capitalization of development costs		(1,902)		-		(385)		-
Net cash provided by (used in) investing activities		(24,432)		2,568		(1,155)		(4,255)

Cash flows from financing activities:
Proceeds from issuance of ADR's, net		31,416		-		-		-
Proceeds from exercise of share options by employees and
service providers		4,100		370		513		10
Proceeds from exercise of warrants by investors		481		-		-		-
Net cash provided by financing activities		35,997		370		513		10

Net increase (decrease) in cash and cash equivalents		1,463		(8,634)		(2,539)		(8,576)
Cash and cash equivalents at the beginning of the period		13,519		22,255		17,597		22,283
Effect of exchange rate differences on balances of
cash and cash equivalents		(28)		(102)		(104)		(188)
Cash and cash equivalents at the end of the period	$	14,954	$	13,519	$	14,954	$	13,519

Supplementary cash flows information:
Purchase of property and equipment on credit	$	(566)	$	-	$	(566)	$	-
Issuance costs in credit	$	(20)	$	-	$	(20)	$	-


Mazor Robotics Ltd.
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(U.S. Dollars in thousands, except per share data)
(UNAUDITED)

	Twelve month period				Three month period
	ended December 31,				ended December 31,
	2016		2015		2016		2015
GAAP gross profit	$	26,049	$	20,269	$	9,895	$	6,878
Amortization of intangible assets		74		-		74		-
Share-based expense		207		130		37		39
Non-GAAP gross profit	$	26,330	$	20,399	$	10,006	$	6,917
GAAP gross profit as percentage of revenues		71.6%		77.7%		70.5%		78.0%
Non-GAAP gross profit as percentage of revenues		72.4%		78.2%		71.3%		78.4%

GAAP operating expenses	$	45,070	$	35,576	$	14,190	$	9,772
Share-based expenses:
Research and development		783		475		88		131
Selling and marketing		2,435		1,575		463		456
General and administrative		1,444		911		473		206
Research and development - capitalization		(2,332)		-		-		-
Non-GAAP operating expenses	$	42,740	$	32,615	$	13,166	$	8,979

GAAP operating loss	$	(19,021)	$	(15,307)	$	(4,295)	$	(2,894)

Non-GAAP operating loss	$	(16,410)	$	(12,216)	$	(3,160)	$	(2,062)

GAAP net loss	$	(18,668)	$	(15,385)	$	(4,266)	$	(2,910)
Share-based expenses		4,869		3,091		1,061		832
Research and development - capitalization		(2,332)		-		-		-
Amortization of intangible assets		74		-		74		-
Non-GAAP net loss	$	(16,057)	$	(12,294)	$	(3,131)	$	(2,078)

GAAP basic and diluted loss per share	$	(0.42)	$	(0.36)	$	(0.09)	$	(0.07)

Non-GAAP basic and diluted loss per share	$	(0.36)	$	(0.29)	$	(0.07)	$	(0.05)

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