Second Quarter 2012 Highlights
Nine RIO® systems sold in the second quarter, increasing
worldwide commercial installed base to 126 RIO systems and domestic
commercial installed base to 123 RIO systems
A total of fifteen RIO systems sold worldwide in the first six
months of 2012
2,590 MAKOplasty® procedures performed in the second quarter, a
66% increase over the same period in 2011
4,887 MAKOplasty® procedures performed in first six months of
2012, a 71% increase over the same period in 2011
Nine MAKOplasty Total Hip Arthroplasty (THA) applications sold
in the second quarter, of which two were sold to existing
customers
As of June 30, 2012, 58% of domestic commercial installed base
have the MAKOplasty THA application
MAKO Surgical Corp. (Nasdaq:MAKO), a medical device company that
markets its RIO® Robotic Arm Interactive Orthopedic surgical
platform, MAKOplasty® joint specific applications, and proprietary
RESTORIS® implants that together enable orthopedic surgeons to
consistently, reproducibly and precisely treat patient specific
osteoarthritic disease, today announced its selected operating
results for the quarter ended June 30, 2012.
2012 Second Quarter Review
RIO Systems – Nine RIO systems were sold during the second
quarter, of which eight were sold to domestic customers and one was
sold to a distributor in China, which in turn was sold for
commercial use to a prominent hospital in Hong Kong. The average
selling price for RIO systems was in line with the prior quarter.
These nine RIO systems bring MAKO's worldwide commercial installed
base of RIO systems to 126 systems and domestic commercial
installed base to 123 systems as of June 30, 2012.
MAKOplasty Procedure Volume – During the second quarter, 2,590
MAKOplasty procedures were performed, of which 2,494 were performed
at domestic sites. Of the 2,494 domestic procedures, 280 were Total
Hip Arthroplasty (THA) procedures. The average selling price for
all procedures was comparable with the prior quarter. The 2,590
MAKOplasty procedures performed represent a 13% increase over the
procedures performed in the first quarter of 2012 and a 66%
increase over the procedures performed in the second quarter of
2011. The average monthly utilization per system was 7.2 procedures
during the second quarter of 2012, an increase from 6.6 procedures
per system per month in the first quarter of 2012 and an increase
from 6.4 procedures per system per month in the second quarter of
2011. Through June 30, 2012, approximately 17,700 procedures had
been performed since the first procedure in June 2006.
MAKOplasty Total Hip Arthroplasty – In the second quarter, nine
MAKOplasty THA applications were sold, seven of which were sold
with the domestic RIO systems sales during the quarter and two of
which were sold as upgrades to existing commercial systems. As of
June 30, 2012, 71 RIO systems, or 58% of our domestic installed
base, have the MAKOplasty THA application.
Outlook
Based on the slower than expected start during the first six
months of the year, MAKO now anticipates selling 42 to 48 RIO
systems in 2012, which compares to prior guidance of 52 to 58 RIO
system sales. Additionally, as a result of adjusted guidance
for 2012 RIO sales, MAKO is narrowing 2012 MAKOplasty annual
procedure guidance to 11,000 to 12,000, which compares to prior
guidance of 11,000 to 13,000 procedures.
"With six months of 2012 behind us, we have experienced slower
than expected growth," said Maurice R. Ferré, M.D., President and
Chief Executive Officer of MAKO. " While our core belief in the
significant market opportunity and the transformational value of
our technology remains intact, management's near term focus will be
to improve our execution for the remainder of 2012 and beyond."
Conference Call
MAKO will host a conference call on July 9, 2012 at 5:00 pm ET
to discuss its selected operating results for the quarter ended
June 30, 2012. 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. The participant code is 98994992. 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 its RIO® Robotic-Arm
Interactive Orthopedic system, joint specific applications for the
knee and hip, and proprietary RESTORIS® implants for orthopedic
procedures called MAKOplasty®. The RIO is a surgeon-interactive
tactile surgical platform that incorporates a robotic arm and
patient-specific visualization technology, which enables precise,
consistently reproducible bone resection for the accurate insertion
and alignment of MAKO's RESTORIS implants. The MAKOplasty solution
incorporates technologies enabled by an intellectual property
portfolio including more than 300 U.S. and foreign, owned and
licensed, patents and patent applications. 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,
unanticipated changes in the timing of the sales cycle for MAKO's
products for the vetting process undertaken by prospective
customers, 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,
decreases in utilization of MAKO's principal product lines or in
procedure volume, increases in expenditures related to increased or
changing governmental regulation or taxation of MAKO's business,
both nationally and internationally, unanticipated issues in
complying with domestic or foreign regulatory requirements related
to MAKO's current products, including Medical Device Reporting
requirements and other required reporting to the United States Food
and Drug Administration, or securing regulatory clearance or
approvals for new products or upgrades or changes to MAKO's current
products, the impact of the United States healthcare reform
legislation enacted in March 2010 on hospital spending,
reimbursement, and the taxing of medical device companies, the
potential impact of the informal Securities and Exchange Commission
inquiry and the findings of that inquiry, any unanticipated impact
arising out of the securities class action or any other litigation
brought against MAKO, 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 periodic filings with the Securities and Exchange
Commission, including MAKO's annual report on Form 10-K for the
year ended December 31, 2011 filed on March 8, 2012. 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.
954-628-1706
investorrelations@makosurgical.com
or
Westwicke Partners
Mark Klausner
443-213-0500
makosurgical@westwicke.com
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