Mazor Robotics Ltd. (TASE:MZOR), a developer of robotic navigation systems for spinal procedures, quadrupled its revenue and halved its net loss for the second quarter of 2012.
Revenue rose to $2.9 million (NIS 11.2 million) for the second quarter from $500,000 (NIS 2 million) for the corresponding quarter, and net loss narrowed to $1.1 million (NIS 4.2 million) ($0.05 per share) from $2.7 million (NIS 10.5 million).
Operating expenses rose to $3.3 million for the second quarter from $2.8 million for the corresponding quarter, as Mazor implemented its growth strategy to increase sales in the US.
Mazor CEO Ori Hadomi said, "Our strong operating performance and financial results represent the successful execution of our growth plan. We have made significant progress in placing our Renaissance systems in prestigious hospital networks, particularly within the important US market."
Mazor's share price rose 4.9% by mid-afternoon to NIS 4.78, giving a market cap of NIS 106 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 14, 2012
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