Fourth Quarter 2010 and Full Year
Highlights
Thirteen RIO® Systems Sold in the Quarter, Increasing Domestic
Commercial Installed Base to 67 RIO Systems
Total of 33 RIO Systems Sold Worldwide in 2010
1,146 MAKOplasty® Procedures Performed in the Quarter, a 104%
Increase Over the Same Period in 2009
Total of 3,485 MAKOplasty® Procedures Performed in 2010, a 118%
Increase Over the Same Period in 2009
MAKO Surgical Corp. (Nasdaq:MAKO), a medical device company that
markets both its RIO® Robotic Arm Interactive Orthopedic surgical
platform and proprietary RESTORIS® implants for minimally invasive
orthopedic procedures known as MAKOplasty®, today announced its
selected operating results for its fourth quarter ended December
31, 2010 in anticipation of its business update presentation at the
29th Annual J.P. Morgan Healthcare Conference at the Westin St.
Francis Hotel in San Francisco on Wednesday, January 12, 2011 at
2:30 pm PST.
MAKO will provide a live webcast of the business update
presentation. Interested parties may access the live webcast by
visiting the investor relations section of MAKO's web site at
www.makosurgical.com. A replay of the webcast will be available at
the site after the live presentation.
2010 Fourth Quarter and Full Year Review
RIO Systems – Thirteen RIO systems were installed and customer
accepted at commercial sites during the fourth quarter. A total of
33 new RIO systems were sold worldwide in 2010 and MAKO's domestic
commercial installed base of RIO systems totaled 67 as of December
31, 2010.
MAKOplasty Procedure Volume – During the fourth quarter, 1,146
MAKOplasty procedures were performed, of which 1,142 procedures
were performed at domestic sites, and our clinical research site in
Glasgow, Scotland reported that four procedures were performed at
its site. The 1,146 MAKOplasty procedures represent a 41% increase
over procedures performed in the third quarter of 2010 and a 104%
increase over the fourth quarter of 2009. The average monthly
utilization per system was 6.7 procedures during the fourth quarter
of 2010, an increase from 5.7 procedures per system per month in
the third quarter of 2010 and 6.0 procedures per system per month
in the fourth quarter of 2009. The average monthly utilization per
system for the year ended December 31, 2010 was 6.4. A total of
3,485 MAKOplasty procedures were performed in 2010 and through
December 31, 2010, a total of 5,869 procedures have been performed
since the first procedure in June 2006.
"We are pleased that our ongoing focus on execution has
continued to produce strong operating results," said Maurice R.
Ferre, M.D., President and Chief Executive Officer of MAKO. "We are
also pleased that we continue to experience strong adoption of
MAKOplasty by surgeons and hospitals."
Earnings Call Information
MAKO will host a conference call on Tuesday, March 1 at 4:30 pm
EST to discuss its fourth quarter and full year 2010 financial
results. To listen to the conference call, please dial 877-843-0414
for domestic callers and 914-495-8580 for international callers
approximately ten minutes prior to the start time. To access the
live audio broadcast or the subsequent archived recording, visit
the Investor Relations section of MAKO's website at
www.makosurgical.com.
About MAKO Surgical Corp.
MAKO Surgical Corp. is a medical device company that markets
both its RIO® Robotic Arm Interactive Orthopedic system and its
proprietary RESTORIS® knee implants for a minimally invasive
orthopedic procedure called knee MAKOplasty®. The MAKO RIO is a
surgeon-interactive tactile surgical platform that incorporates a
robotic arm and patient-specific visualization technology, and
prepares the knee joint for the insertion and alignment of MAKO's
resurfacing RESTORIS implants through a minimal incision. The
FDA-cleared and CE Marked RIO system allows surgeons to provide
precise, consistently reproducible tissue-sparing, bone resurfacing
for a large, yet underserved, patient population suffering from
early to mid-stage osteoarthritic knee disease. MAKO has an
intellectual property portfolio of more than 250 owned or licensed
patents and patent applications relating to the areas of robotics,
haptics, computer assisted surgery and implants. Additional
information can be found at www.makosurgical.com.
Forward-Looking Statements
This press release contains forward-looking statements
regarding, among other things, statements related to expectations,
goals, plans, objectives and future events. MAKO intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Reform Act of 1995. In some cases, forward-looking statements can
be identified by the following words: "may," "will," "could,"
"would," "should," "expect," "intend," "plan," "anticipate,"
"believe," "estimate," "predict," "project," "potential,"
"continue," "ongoing" or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. These statements are based on the current
estimates and assumptions of our management as of the date of this
press release and are subject to risks, uncertainties, changes in
circumstances, assumptions and other factors that may cause actual
results to differ materially from those indicated by
forward-looking statements, many of which are beyond MAKO's ability
to control or predict. Such factors, among others, may have a
material adverse effect on MAKO's business, financial condition and
results of operations and may include the potentially significant
impact of a continued economic downturn or delayed economic
recovery on the ability of MAKO's customers to secure adequate
funding, including access to credit, for the purchase of MAKO's
products or cause MAKO's customers to delay a purchasing decision,
changes in competitive conditions and prices in MAKO's markets,
unanticipated issues relating to intended product launches,
decreases in sales of MAKO's principal product lines, increases in
expenditures related to increased or changing governmental
regulation or taxation of MAKO's business, unanticipated issues in
securing regulatory clearance or approvals for new products or
upgrades or changes to MAKO's current products, the impact of the
recently enacted United States healthcare reform legislation on
hospital spending, reimbursement, and the taxing of medical device
companies, loss of key management and other personnel or inability
to attract such management and other personnel and unanticipated
intellectual property expenditures required to develop, market, and
defend MAKO's products. These and other risks are described in
greater detail under Item 1A, "Risk Factors," in MAKO's annual
report on Form 10-K for the year ended December 31, 2009 filed with
the Securities and Exchange Commission on March 10, 2010, MAKO's
quarterly report on Form 10-Q for the quarter ended March 31, 2010
filed with the Securities and Exchange Commission on May 7, 2010
and MAKO's quarterly report on Form 10-Q for the quarter ended
September 30, 2010 filed with the Securities and Exchange
Commission on November 3, 2010. Given these uncertainties, undue
reliance should not be placed on these forward-looking statements.
MAKO does not undertake any obligation to release any revisions to
these forward-looking statements publicly to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events.
"MAKOplasty®," "RESTORIS®," "RIO®," as well as the "MAKO" logo,
whether standing alone or in connection with the words "MAKO
Surgical Corp." are trademarks of MAKO Surgical Corp.
CONTACT: Investors:
MAKO Surgical Corp.
Susan M. Verde
954-927-2044 x349
sverde@makosurgical.com
Westwicke Partners
Mark Klausner
443-213-0500
makosurgical@westwicke.com
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