Israel-based developer of robotic technology and products, Mazor Robotics Ltd. (MZOR - Free Report) , recently announced that it received 25 surgical guidance system orders during third-quarter 2016. This includes 18 orders for Mazor X, a new platform for spine surgeries using highly automated robotic technologies. The rest consists of four Renaissance systems for the U.S. market and three Renaissance systems for the international market.
The ‘Mazor robotics renaissance guidance system’ (Renaissance System) is a key catalyst for the company. Recently, Mazor Robotics and The Center for Musculoskeletal Disorders announced the first installation of this system in an ambulatory outpatient setting. In this regard, the Renaissance platform is a flagship product of Mazor Robotics that transforms spine surgery from freehand procedures to highly-accurate and state-of-the-art procedures. On a global basis, Mazor Robotics ended the third quarter with installation of 131 systems, of which 79 have been placed in the U.S.
Network expansion has been another major growth driver for the company as it expanded operations in the Myrtle Beach area with Grand Strand Medical Center, installing the Renaissance platform. Notably, this development marked the second installation of this high-end system in the state of South Carolina and the ninth HCA-affiliated facility to buy a Renaissance system.
MAZOR ROBOTICS Price
Of the other developments in the recent past, Mazor Robotics announced the receipt of a massive $20 million equity investment from Medtronic (MDT - Free Report) , a leading medical device company. Notably, in May 2016, Medtronic made an initial investment of $11.9 million in Mazor Robotics and currently owns a 7.2% stake.
Mazor Robotics has managed to gain considerable traction in new metropolitan markets and in academic centers within a short span of time.
Internationally, Mazor Robotics continues to work with its distribution partners to expand into the market. On the regulatory front, the company continues to make progress and move closer to approvals in key markets like Japan and South Korea.
Zacks Rank & Key Picks
Currently, Mazor Robotics carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the broader medical sector include Quidel Corp. (QDEL - Free Report) and NuVasive, Inc. (NUVA - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Quidel recorded 16.84% in the past one year, higher than the S&P 500’s 6.64%. Over the next five years, the stock is estimated to record earnings growth rate of 20%, higher than the industry average of 14.8%.
NuVasive gained 30.54% over the past one year compared to the S&P 500’s 6.64%. Over the next five years, the stock is expected to see 16.7% earnings growth compared to the industry average of 14.8%.
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