Mako Surgical revenues surge 60% in the quarter while losses widen
Mako Surgical reports 60% surge in revenue (Brian Bandell @ South Florida Business Journal)
Mako Surgical Corp. continued its run as one of the fastest-growing companies in South Florida, with a 67 percent revenue increase in the third quarter.
The Fort Lauderdale-based company (NASDAQ: MAKO) reported revenue of $20 million, up from $12 million in the same quarter a year ago. The introduction of advanced hip replacement surgery to its Robotic Arm Interactive Orthopedic (RIO) device, which sold 12 units during the recent quarter, boosted its sales.
However, higher expenses for sales, marketing and research caused Mako Surgical’s losses to deepen. The company lost $9.7 million in the third quarter, which was greater than its $8.9 million loss in the prior-year period. It had $67.4 million in cash on hand and available investments as of Sept. 30.
Mako Surgical said its RIO systems were in 97 medical centers at the end of the quarter.
“We believe that the expansion of our product offering through the launch of the hip application will allow us to continue to drive the adoption of MAKOplasty to help enable surgeons to deliver consistent, reproducible precision to orthopedic procedures,” Mako Surgical President and CEO Dr. Maurice Ferre said in a news release.
Mako Surgical shares closed Wednesday down $2.51 to $33.34 before its earnings were announced. The 52-week high was $43 on Oct. 14. The 52-week low was $10.95 on Nov. 17, 2010.