Mazor Robotics to Go Public in the U.S.

Israeli company Mozor Robotics Ltd., which makes the robotic surgical guidance system Renaissance, has announced it will sell up to 2 million American Depositary Shares (ADSs) in an underwritten public offering. All shares offered will be sold by the company.

Barclays Capital Inc. is acting as sole book-running manager with Ladenburg Thalmann & Co. Inc., JMP Securities LLC and First Analysis Securities Corporation acting as co-managers of the offering. Mazor expects to grant the underwriters a 30-day option to purchase up to 300,000 additional ADSs at the offering price.

Concurrently with the announcement, Mazor released some preliminary details of its third quarter financial results for fiscal year 2013, which ended Sept. 30. According to company officials, the numbers are not final, but are accurate to the best of their ability to calculate right now.

Mazor expects to report revenue of approximately $14.2 million for the nine months ended Sept. 30, 2013 compared to $9.4 million in the nine months ended Sept. 30, 2012. In the first nine months of 2013, the company sold a total of 16 Renaissance systems and one system upgrade compared to 12 systems in the first nine months of 2012 and has now a clinical installed base of 56 systems (including its predecessor to Renaissance) globally, 30 of which are in the United States. Based on the company’s expected 2013 third quarter revenue, revenue for the three months ended Sept. 30 this year is estimated to be approximately $3 million compared to $4.1 million in the three months ended Sept. 30 last year. During the three months ended Sept. 30, 2013, the company sold two Renaissance systems and one system upgrade compared to five systems during the three-month period ended Sept. 30, 2012. The two systems were sold to Doctor’s Hospital of Sarasota, Fla. and Neuroproject Ltd., the company’s distributor in Russia, which will place the system in a Moscow hospital.

During the three months ended Sept. 30, Mazor’s sales and marketing efforts were reportedly focused on securing orders from large healthcare corporations and integrated delivery networks.

At the end of the quarter, the company also expects to report an estimated $22.9 million in cash, cash equivalents and marketable securities and no long-term debt. The company expects its closing procedures to be completed in November.

Mazor Robotics’ U.S. offices are in Orlando, Fla. The company’s robotic technology is designed and approved for various spine surgeries, including minimally invasive procedures.