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Mazor Robotics Receives First Purchase Order for Renaissance(TM) System from Turkey Distribution Partner
December 19, 2013
Mazor Robotics Ltd. (nasdaqcm:MZOR)(tase:MZOR), the developer of Renaissance(TM), an innovative surgical guidance system and its complementary products, announced today that it has received its first order for a Renaissance system from Cordamed Biomedical Engineering Inc., its distribution partner in Turkey. This represents the first Renaissance system order in Turkey, and Cordamed will install the system at a prominent hospital in Istanbul.
"Our strategy of working with distributors is demonstrating tangible results, allowing us to expand our presence in key markets," commented Ori Hadomi, Mazor's Chief Executive Officer. "Our Renaissance system enables hospitals to improve patient care with a leading technology, thus raising the standard of the care.
""The Cordamed team is highly skilled and motivated to ensure the healthcare system throughout Turkey is utilizing the latest technologies to provide better surgery outcomes," commented Bayram Kose, Chief Executive Officer of Cordamed......read more
Mako Surgical's shareholders OK $1.65B Stryker buyout
December 16, 2013
Mako Surgical (NSDQ:MAKO) cleared a hurdle on the way to its $1.65 billion buyout by Stryker (NYSE:SYK) when its shareholders approved the acquisition last week.
About 65% of the robotic surgery company's shareholders voted on the $30-per-share deal, with 99% voting to approve the transaction, according to a press release. The stock owners also gave their non-binding OK for "specified compensation payable to the company's named executive officers in connection with the merger," Mako said.
The deal is expected to close tomorrow, according to the release......
A former executive with Hansen Medical (NSDQ:HNSN) can't get out of a lawsuit filed against him by the the U.S. Securities & Exchange Commission accusing him of hatching a scheme to artificially inflate Hansen's revenues.
The SEC accused Christopher Sells, the robotic surgery device company's erstwhile vice president of commercial operations, and Timothy Murawski, a VP and Sells' deputy, of scheming "to have Hansen Medical personnel temporarily install the company’s robotic catheter system at a customer site before the customer was ready for it so that Hansen Medical could record the product sale," according to an SEC press release issued at the time.
"Hansen Medical personnel would then immediately dismantle the equipment and put it in storage until months later, when they would return to reinstall the equipment," according to the statement. "The SEC further alleges that, in a sales transaction in the final days of December 2008, Sells and Murawski instructed Hansen Medical personnel to forge a customer signature on certain required documents to allow the company to record the revenue that quarter.".....read more
Mazor Robotics to Report Third Quarter Financial Results on November 18, 2013
November 12, 2013
Mazor Robotics Ltd. (TASE:MZOR; NASDAQ:MZOR), a developer of innovative surgical robots and complementary products, announced today that it will report financial results for the third quarter ended September 30, 2013, before the U.S. markets open on Monday, November 18, 2013.
The company will host a conference call to discuss these results on Monday, November 18, 2013, at 8:30 AM ET (3:30 PM IST). Investors within the United States interested in participating are invited to call 877-941-6009 and reference the Conference ID: 4650552.
Participants in Israel can use the toll free dial-in number 1809-21-4368 and reference the same Conference ID number. All other international participants can use the dial-in number 480-629-9819, using the same Conference ID.
A replay of the event will be available for two weeks following the conclusion of the call. To access the replay, callers in the United States can call 800-406-7325 and reference the Replay Access Code: 4650552. All international callers can dial 303-590-3030, using the same Replay Access Code. To access the webcast, please visit www.mazorrobotics.com, click ‘Investors.
’Additionally, On Tuesday, November 19th at 11:30am ET, the Company is scheduled to present at the Barclays Select Growth Conference in New York City. A live webcast and subsequent archived replay of the Company’s presentation may be accessed via the investor relations section of the Company’s website.......read more
Mazor Robotics rakes in $47M from offering
November 4, 2013
Mazor Robotics rakes in nearly $47 million from a $17-per-share stock offering after the underwriters trigger an over-allotment worth about $6 million.
Mazor Robotics (NSDQ:MZOR) said it raked in a total of $46.9 million from a stock offering announced last week, including a last-minute $5.9 million addition from an over-allotment.
The Caesarea, Israel-based robotics company makes the Renaissance robotic surgery system for spinal surgeries.
The $17-per-share offering, announced last week, was slated to raise about $41 million not including the 360,000-share over-allotment the underwriters triggered, according to a press release.......read more
Robotic Surgery Stocks on Watch Following Mazor (MZOR) Update
October 21, 2013
Mazor Robotics Ltd. (Nasdaq: MZOR) peers are lower today following a performance update from the company.
Ahead of the bell, Mazor said in part, Based on the Company’s expected 2013 third quarter revenue, revenue for the three months ended September 30, 2013 is estimated to be approximately $3.0 million compared to $4.1 million in the three months ended September 30, 2012. During the three months ended September 30, 2013, the Company sold two Renaissance systems and one system upgrade compared to five systems during the three month period ended September 30, 2012......read more
Stryker Corp. earnings weighed down by charges related to product recalls and cost of company acquisitions
October 17, 2013
Costs related to product recalls and the acquisition of other operations weighed down third quarter earnings for Stryker Corp.
But sales and earnings from ongoing operations were solid, the Kalamazoo-based company reported.
The medical technologies developer reported net earnings of $103 million, on sales of $2.15 billion, a 70.8 percent decrease from net earnings of $353 million, on sales of $2.0 billion, during third quarter 2012.
On a per-share basis, the maker of orthopedic implants, hospital beds and surgical devices reported net earnings of 27 cents per fully diluted share during the period ended Sept. 30, down from 92 cents per diluted share for the same period a year ago.
Excluding one-time charges related to the recall of two hip replacement systems (the recall of Rejuvenate and ABG II began in July of 2012 after some implant patients leveled complaints) and restructuring charges related to the acquisition of the neurovascular division of Boston Scientific Corp., Surpass Medical Ltd. and Trauson Holdings Company Limited -- as well as the expected acquisition of Mako Surgical Corp. -- adjusted net earnings of $373 million represented a 0.8 percent increase over third quarter 2012, the company reported......read more
Intuitive Surgical's Profit Falls 14% as Robots Disappoint
October 17, 2013
Struggling robotic surgery company Intuitive Surgical Inc. (ISRG) turned in another disappointing performance in the third quarter, reporting the first year-over-year decline in quarterly sales in its history.
Earnings fell 14% as the company continued to suffer from customers' concerns about the safety and cost-effectiveness of its da Vinci robots, and also from fewer gynecological procedures and from lower spending by hospitals in reaction to implementation of the new health-care law, the company said.
In all, third-quarter revenue fell 7%, driven primarily by a roughly 32% decline in system sales of the da Vinci robots, the high-priced machines that allow surgeons to conduct procedures remotely from a computer console. Services and instruments revenue, however, grew from the prior year as a result of an increase in the number of procedures performed on the machines the company has already sold.
The magnitude of Intuitive Surgical's sales decline exceeded analysts' already lowered expectations, who had forecast total sales of $526 million, compared to the $499 million that the company actually generated......complete article
3 Things to Watch in Intuitive Surgical's Earnings Report
October 15, 2013
Intuitive Surgical (NASDAQ: ISRG) maker of the da Vinci Robotic Surgical System and market-leader in technology-assisted surgery, is slated to report earnings after the market closes Thursday. For investors who have suffered through a rough 2013 -- with shares trading down almost 20% since the beginning of the year -- here are three key areas to focus on when earnings are reported.
1. The basics With any company reporting earnings, the quickest way to get a drive-by feel for how the company performed is to compare how revenue and earnings figures stack up against what Wall Street analysts were expecting.
Here's a look at what analysts will be looking for:
Earnings per Share
These are both lower than what the company experienced during the third quarter of 2012. In fact, if Intuitive matches these expectations, it will represent a 4% decrease in earnings and a 2% drop in revenue.
The reason for such slow growth from a company that was growing like gangbusters leads to the second thing to look out for.......continue reading
Fresh from news of its own acquisition by Stryker (NASDAQ:SYK), Mako Surgical (NASDAQ:MAKO) said today that it's inked a buyout of its own, for partner Pipeline Biomedical Holdings in a cash/stock deal.
Mako has already paid out $2.5 million in cash to Pipeline and will issue nearly 4 million shares of MAKO stock to seal the deal. At yesterday's $29.55 close, that represents about $116.8 million, according to a press release.
Pipeline has made implants for Mako's Rio surgical robot system since 2010, according to the release, including its Restoris PST cup and the tapered stem hip implant used in the Makoplasty total hip arthroplasty procedure. The deal is expected to close by Oct. 4 according to Mako
Stryker's $30 a Share Mako Surgical Deal Smokes Out Shorts
September 25, 2013
Medical equipment manufacturer Stryker (SYK) said it will buy MAKO Surgical (MAKO) for $30 a share, in a deal that could smoke out short sellers of the robotic orthopedic equipment maker.
Stryker's acquisition values MAKO Surgical shares at $1.65 billion in cash, or about an 85% premium to the company's closing share price on Tuesday. The acquisition may prove to be a big boost to the credibility of makers of controversial robotic medical equipment such as Intuitive Surgical (ISRG). It also may prove painful for short-sellers who have piled into short positions in the shares of MAKO and Intuitive Surgical, given lingering questions about the safety of medical robots......read more
Shares of robotic surgery company MAKO Surgical soared more than 85% on news that the company will be acquired by medical devices giant Stryker for $1.65 billion, or $30 per share.
In this video, from The Motley Fool's health-care show, Market Checkup, analysts Max Macaluso and David Williamson discuss what they think of the deal and how the market reacted to the news.......read more
A Surgical Robotic Stock That's, You Know, Going Higher (COV, ISRG, ARAY)
August 22, 2013
Judging from the recent weakness of mechanical surgery equipment names like Intuitive Surgical, Inc. (NASDAQ:ISRG) or Covidien plc (NYSE:COV), it would be easy to conclude the entire industry was in trouble. COV shares are off by 11% since April's peak, and ISRG shares plunged 26% in July after the FDA posted a warning letter that the company's surgical robots may themselves cause injury.
Neither stock has indicated any real buying interest from investors of late. Covidien plc and Intuitive Surgical aren't investment barometers for the entire surgical device market, however. There's at least one advanced surgery equipment maker with a stock that's performed well, and is knocking on the door of another breakout. It's Accuray Incorporated (NASDAQ:ARAY).
The company is the brains behind the device called the CyberKnife. The cutter is a radiosurgery system, which uses image guidance along with robotic cutting to deliver a high dose of radiation directly to a solid tumor, as opposed to a broadly aimed or bathing approach used by radiologists now. Accuray Incorporated also makes the related TomoTherapy System, which can create a highly-accurate 3D image of a tumor that can then be used to deliver a treatment (with the CyberKnife, or other means).....read more
HOYA to Invest in EndoMaster, a Company for a Robotic-assisted Surgical System
August 19, 2013
HOYA Group announced today that it has decided to invest in EndoMaster Pte. Ltd. (hereinafter EndoMaster; Headquarters: Singapore; CEO: Louis Phee), a company that developed MASTER, a minimally invasive robotic-assisted surgical system for endoscopic surgery. The investment amount will not be made public.
MASTER, EndoMaster's robotic system, is a system in which surgery is performed by two remotely controlled robotic arms mounted on the tip of an endoscope using images sent from a camera that is also mounted on the tip. As the robotic arms are controlled like a doctor's hands intuitively and precisely using the joystick controller, MASTER would enable to support the accurate, safe performance of highly sophisticated surgery such as endoscopic submucosal dissection (ESD). This has the potential of less discomfort, a faster healing time, and helping reduce a risk of procedural and post-operative complications for the patient thus improves in the quality of their lives.
Through basic research in collaboration with doctors, EndoMaster is currently endeavoring to improve the devices, with the aim to launch its first product into the market in 2016......read more
Is This the End of Robotic Surgery?
August 18, 2013
In this video, Fool contributor Matt Thalman discuss how the robotic surgery industry is changing in front of investors' eyes. MAKO Surgical (NASDAQ: MAKO) and Intuitive Surgical (NASDAQ: ISRG) are the two big players in this market and have seen their share prices fall in the past few months as sales have slowed down. At least for Intuitive Surgical, this comes at a time when the company is attempting to transition from relying on selling razors to selling more blades, with demand from hospitals slowing down as many can't justify spending the money on the da Vinci machine today......read more
Intuitive Surgical Revised To $440 As Concerns Weigh On Growth
August 14, 2013
In the last six months, the cost benefit concerns and a warning letter from the FDA, have taken a toll on the stock of Intuitive Surgical (NYSE:ISRG), the developer of robotic surgical system da Vinci. In Q2, the company reported dismal earnings as revenues grew by only 8%, significantly lower than the high-teen growth levels the company had achieved since 2008. (Intuitive Surgical Disappoints On All Fronts).
This was mainly attributed to U.S. hospitals’ reluctance to purchase the system as hysterectomies face pressure following the outcome of a comprehensive cost-benefit study by Columbia University (Click here for full details). Sales of the da Vinci system declined for the first time in the last three years.
The situation is not expected to change in the near term as the management stated that overall revenues for 2013 are now expected to see growth in the range of 0% – 7%. Further, growth in the number of procedures should also settle around 15%-18%......read more
Titan Medical Inc. Grants Stock Options
August 2, 2013
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Titan Medical Inc. (the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today that the Company has granted, effective August 2, 2013, a total of 1,023,553 incentive stock options to Directors, Officers and Employees of the Company pursuant to its incentive stock option plan. These stock options are exercisable until August 2, 2018, at a price of $0.56. Stock options granted to Independent Directors vest immediately while stock options to Officers and Employees vest over a period of twelve months......read more
Hansen Medical agrees to settle shareholders' lawsuit for $8.5M
July 29, 2013
Hansen Medical (NSDQ:HNSN) said it agreed to pay out $8.5 million in cash and stock to put to rest a shareholders' lawsuit filed over its 2009 restatement of revenues.
The Mountain View, Calif.-based robotic surgery company said it agreed to pay $4.25 million in cash and another $4.5 million worth of its own stock to settle the lawsuit.
The agreement must still be approved by Judge Claudia Wilken of the U.S. District Court for Northern California, where a hearing is slated for Nov. 21, according to a regulatory filing.........read more
Intuitive Surgical Authorizes $779 Million Share Buyback
July 29, 2013
Intuitive Surgical Inc.'s (ISRG) board has authorized the robotic-assisted surgery company to buy back an additional $779 million in stock.
Shares rose 4.1% to $398 in recent premarket trading. Through Friday's close, the stock has dropped 22% in the past three months.
The move raises the total amount available for share repurchases to $1.5 billion, which includes about $721 million remaining from previous authorizations.
In connection with this share repurchase authorization, Intuitive struck an accelerated share repurchase program agreement with Goldman Sachs Group Inc. (GS) under which Intuitive Surgical will repurchase $500 million of its shares from Goldman.....read more
Why MAKO Earnings Won't Rebound Soon
July 26, 2013
MAKO Surgical (NASDAQ: MAKO) will release its quarterly report on Tuesday, and investors are preparing for another substantial loss from the robotic-surgery system maker. Despite the promise of the company's technology as another step forward for medical science, MAKO earnings face the challenges of slow growth, high taxation, and general criticism of the industry.
One problem with being in an innovative industry is that the actions of competitors can reflect badly on your profit.
That's part of what MAKO has had to face lately, as rival Intuitive Surgical has borne the brunt of criticism for its da Vinci robotic-surgical system. Yet, MAKO also has its own issues to overcome in returning to a higher-growth trajectory.....read more
Intuitive Surgical, Inc. (NASDAQ:ISRG) stock lose by 6.83%
July 22, 2013
The stock had moved down by 6.83% to close at $392.67 on Friday, after the opening price at $366.00 per share. Intuitive Surgical, Inc. (NASDAQ:ISRG) had throughout the trading session moved between $357.02 and $393.17 per share and presently has 52 week lowest price at $357.02 and 52 week highest price at $585.67 per share. The market cap of the stock is at $15.77 billion with 40.16 million shares outstanding and 94% institutional ownership of capital. The trading volume on Friday was at 4.67 million shares on the stock and the average level is at 692,731.00 shares per day......read complete article
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Intuitive Surgical Declines on Warning Letter From FDA
July 20, 2013
Intuitive Surgical Inc. (ISRG)’s sales trajectory may have hit a wall amid regulatory scrutiny over adverse events during operations using its surgical robots and concerns on whether the $1.5 million devices are cost effective.
The company’s revenue since 2006 has increased at least 20 percent each year to about $2.18 billion in 2012 while its stock price jumped fivefold. Then in February, Bloomberg News reported that U.S. regulators were surveying surgeons on the robots following a rise in reports that included as many as 70 deaths since 2009. A review of Food and Drug Administration records now shows reports of injuries involving robot procedures doubled in the first six months of 2013 compared with a year earlier.
The Sunnyvale, California-based device maker has lost about $7 billion in value since the doctors’ survey was reported. Intuitive disclosed July 18 that an FDA warning letter had been received and cut its 2013 revenue forecast by more than half, saying sales growth may range from unchanged to 7 percent.....read more
All hands are on deck at Intuitive Surgical (NASDAQ: ISRG) after the market's most prominent robotic surgical stock plunged by double digits in after-hours trading on Thursday. Intuitive released earnings, and the company's latest financial report dazzled no one, a sharp contrast to the stellar performance investors have gotten used to from this innovative health-care star.
However, it wasn't the numbers that sent Intuitive's stock nuclear on Thursday after the closing bell. The FDA has picked and prodded at the robotic surgical device maker for some time, but regulators' investigations came to a big climax that culminated in a gut-wrenching one-two punch for investors. Is it time to be worried about one of health care's most innovative companies?.....read more
Medical Robotic Systems Market Is Expected to Reach USD 13.64 Billion in 2018 : Transparency Market Research
July 18, 2013
Market Research Reports : Transparency Market Research published new market report "Medical Robotic Systems Market (Surgical Robots, Non-Invasive Radiosurgery Robotic Systems, Prosthetics and Exoskeletons, Assistive and Rehabilitation Robots, Non-Medical Robotics in Hospitals and Emergency Response Robotic Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018", the global medical robotic systems market was worth USD 5.48 billion in 2011 and is expected to reach USD 13.64 billion in 2018, growing at a CAGR of 12.6% from 2012 to 2018.
Intuitive Surgical's Quarter, Robots Get Heightened Scrutiny
July 17, 2013
Intuitive Surgical Inc. (ISRG), the maker of expensive robotic-surgery systems that are facing questions about their safety and cost-effectiveness, already has warned about disappointing second-quarter results, but the company's full report Thursday should help investors better understand the reasons behind the sales slowdown.
The Sunnyvale, Calif., company last week blamed the results on hospitals cutting back on spending and slowed growth in a key procedural area, but some hospital administrators and surgeons said they are taking a harder look at their use of the company's products in the wake of a controversy over the robotic surgery's costs and safety.
While no hospital officials interviewed for this article said they would stop using the systems, some suggested they are reviewing their training and safety procedures. Any slowdown in momentum for the da Vinci machines, which had an average sales price of $1.55 million last quarter, could further deflate Intuitive Surgical's once high-flying stock.
Intuitive Surgical declined to comment specifically for this article but has expressed confidence in its products and has taken a defiant posture toward its critics. Chief Executive Gary Guthart said in April that "despite a concerted effort by vocal critics of robotic surgery, support remains strong among patients, surgeons and hospitals."......read more
Clal Finance sees $350m acquisition of Mazor Robotics
July 17, 2013
The prediction is based on the pick-up in sales of Mazor's Renaissance robotic navigation system for spinal surgery.
Clal Finance analyst Yoav Keidar predicts that Mazor Robotics Ltd. (Nasdaq: MZOR; TASE:MZOR) will be acquired within two years for $350 million, double its market cap of $178 million, following the pick-up in sales of its Renaissance robotic navigation system for spinal surgery. "We believe that continued sales growth could attract a buyer for the company. For the first time, we include a merger and acquisition premium in our valuation for the company," he says.
Keidar gives Mazor a "Buy" recommendation with a target price of NIS 25 per share, a 17% premium over today's opening price on the TASE of NIS 20.20.
"The $20 million sales forecast for the Renaissance system and disposable part is projected to rise to $30 million in 2014 and $40 million in 2015....read more
Can Intuitive Surgical Earnings Overcome Its Controversy?
July 16, 2013
Intuitive Surgical (NASDAQ: ISRG) will release its quarterly report on Thursday, but don't expect shareholders to be too excited about the report. Shares of the company recently traded at their lowest levels in nearly two years, and with ongoing controversy about the company's da Vinci robotic surgical systems, it's unclear whether Intuitive Surgical earnings can hold up to the pressure the stock is under right now......read more
Intuitive Surgical gives downbeat outlook
July 8, 2013
Intuitive Surgical Inc. ISRG -16.15% projected second-quarter results below analyst expectations as sales of the company's robotic surgery machines were hurt by increased economic pressure on hospitals and slower growth of benign gynecologic procedures.
Shares slumped 13% to $436.02 after hours. Through the close, the stock is down 9.3% over the past 12 months.
For the second quarter, the company expects net income of $160 million and revenue of $575 million. Analysts polled by Thomson Reuters most recently projected earnings of about $178 million and revenue of $630 million.
The company has faced criticism in recent months over the cost-effectiveness and safety of its hallmark da Vinci machines, which allow surgeons to operate robotic machines to perform minimally invasive procedures that can be difficult to do by hand.....read more
Intuitive Surgical: Key Growth Drivers For Our $600 Price Estimate
June 28, 2013. Source TREFIS.com
So far 2013 has not been a great year for Intuitive Surgical (NYSE:ISRG) as the stock is up almost 5% since the beginning of the year. The stock has had a roller coaster ride during the year. While the robotic surgical device maker continued to post robust growth in its earnings a number of factors including numerous lawsuits, an increase in complications reported to the FDA followed by the regulator’s survey and a detailed study questioning da Vinci’s cost-safety benefits weighed on the stock price (read our note here for full details).
While the company has won first of 26 major lawsuits that were filed against it, concerns have not faded completely as investors await the survey report from the FDA and outcome of other lawsuits. Barring any major negative surprise here, we believe the stock remains undervalued due to huge growth potential of the company.....read more
Titan Medical Inc. Announces OpX Agreement
June 13, 2013
Titan Medical Inc. (TITXF) announced today that effective June 1, 2013 it has entered into an agreement with OpX Consulting, LLC ("OpX"). As part of Titan's commercialization plan, OpX will provide strategic consulting services to hospitals and Group Purchasing Organizations (GPOs) as it relates to the implementation and optimization of robotic surgery programs.
OpX Consulting specializes in optimizing executive decisions in robotic surgery by reducing risk, managing cost, and customizing strategies for healthcare executives considering robotic surgery program implementation or expansion. Backed by more than a decade of expertise in award-winning medical device and robotic surgery sales and management positions, OpX combines extensive industry knowledge with proven strategic analysis to diagnose and defuse robotic program challenges faced by clinicians and administrators. This unique approach, called OpX SolutionsCopyright, generates fact-based recommendations to achieve customized patient care, operational, and financial goals by enabling healthcare organizations to reduce total robotic cost while increasing asset utilization, surgeon satisfaction, and program participation.......read more
Gardy & Notis, LLP Encourages Investors Who Suffered Substantial Losses Investing in Intuitive Surgical, Inc. to Contact the Firm
May 31, 2013
(GLOBE NEWSWIRE via COMTEX) -- Gardy & Notis, LLP, a national law firm advocating for shareholder rights, announces that a lawsuit has been filed in the United States District Court for the Northern District of California alleging violations of federal securities laws by officers and directors of Intuitive Surgical, Inc. ("Intuitive Surgical" or the "Company") ISRG
Any Intuitive Surgical investor wishing to serve as lead plaintiff in the above lawsuit must apply to the Court no later than June 25, 2013. If you are an Intuitive Surgical shareholder and wish to discuss this lawsuit or have any questions concerning your rights and interests, you may contact the Firm by calling 201-567-7377, or contacting the attorneys named below.
MAKO Surgical's (NASDAQ: MAKO) legal wins just keep stacking up.
Just last month, the company not only settled a trade secrets lawsuit on its own terms with competitor Blue Belt Technologies, but also resolved a patent infringement complaint it brought against U.K.-based Stanmore Implants for uncanny similarities between its own RIO System and Stanmore's Sculptor RGA.
Curiously enough, the resolution of the latter complaint ended with MAKO acquiring Stanmore's robotics technology for less than $1 million. Meanwhile, Stanmore agreed to withdraw itself from the surgical robotics market completely.
As noted on The Motley Fool earlier this month, however, management was also facing a courtroom challenge from other shareholders who alleged they were misled by last year's over-inflated RIO System sales projections. Of course, anyone who kept track of MAKO in 2012 remembers what happened after they missed their own lofty expectations.
Last week, however, according to a report from the South Florida Business Journal, the courts reminded shareholders the importance of owning their investing decisions.
More specifically, a Southern Florida District Court judge dismissed one of the aforementioned class action lawsuits after pointing out MAKO's "2012 sales projections were accompanied by meaningful language that cautioned investors that these 'forward-looking statements' may not be on target.".....continue reading
Will MAKO Surgical's earnings ever fully recover?
May 3, 2013
In recent months, analysts have gotten slightly less optimistic about MAKO's earnings prospects, widening their loss estimates by $0.03 per share for the first quarter and double that for the full 2013 year. But the stock has languished under more dramatic losses, with the stock falling nearly 15% since late January.
A combination of factors has hit MAKO hard this year. The implementation of Obamacare's medical device excise tax will force the unprofitable company to pay 2.3% of its gross sales. Moreover, weaker-than-expected sales of its RIO systems in 2012 led the company to miss earnings projections, and the guidance it gave in February for 2013 sales was uninspiring.
MAKO also had to deal with legal issues during the quarter. It filed suit against competitor Blue Belt Technologies over alleged violations of a non-competition agreement with a former sales manager who went to work for Blue Belt. Meanwhile, after filing suit against Stanmore Implants earlier in the quarter, MAKO settled last month, agreeing to buy Stanmore's robotic assets and removing a potential competitive threat.
Arguably, though, the worst news for MAKO came from competitor Intuitive Surgical (NASDAQ: ISRG) , which faces controversy over its da Vinci surgical system. The FDA recently announced it would investigate Intuitive's device in light of lawsuits filed by patients alleging injuries and deaths as well as comments from medical experts that the devices add expense without corresponding medical benefits. Although the two companies don't overlap as much as you might think in terms of medical procedures, MAKO is likely to suffer from any fallout from Intuitive's problems.....complete article
By Dow Jones Business News
Intuitive Surgical's Profits Rise But So Do Concerns
April 18, 2013
--Earnings grow 32% despite recent string of negative publicity
--Hysterectomies performed with Intuitive's da Vinci robots at low end of expectations
--Intuitive says procedure growth for 2013 to be at low end of previous guidance
Intuitive Surgical Inc.'s (ISRG ) first-quarter earnings rose 32% as sales of its robotic surgery machines continued to increase, but signs also emerged that physicians and patients may be getting less comfortable with the robots in gynecological procedures.
Recent criticism over the cost-effectiveness and safety of Intuitive's da Vinci machines went mostly unfelt in the quarter, in which sales grew 23% and the overall number of procedures increased 18%. The company noted, however, that it saw the key surgery area of benign hysterectomies grow at the lower end of its expectations. Intuitive said that it now projects total procedure growth for the year at the bottom end of its guidance, or about 20%.
However, the company maintained its revenue guidance for the year, saying it expected to reach the top end of the 16%- to-19% revenue growth it had forecast in January. Analysts had been watching closely for any change to the company's guidance and signs of uncertainty from the company's executives.
Intuitive shares fell 4.9% to $469.21 in after-hours trading.
Mako Surgical trades lawsuit against Stanmore for acquisition
April 16, 2013
Instead of pursuing a patent infringement lawsuit against Stanmore Impacts Worldwide, Mako Surgical Corp. is buying its rival robotic surgical technology.
Davie-based Mako (NASDAQ: MAKO) filed several federal lawsuits against U.K.-based Stanmore on March 19 alleging that it violated the patents for Mako’s hip and knee replacement robot. Mako was first to market in this area with the Robotic Arm Interactive Orthopedic (RIO) while Stanmore was close to launching its Sculptor Robotic Guidance Arm, which received U.S. Food and Drug Administration approval in February 2013
On Tuesday, Mako said it agreed to settle its lawsuits against Stanmore in exchange for acquiring Stanmore’s Sculptor system. Mako Senior VP and CFO Fritz LaPorte said the cash deal was for just under $1 million. He noted that litigating the case before the International Trade Commission would have taken about 18 months and cost $5 to $6 million.....read more
Mako Surgical wins injunction against ex-sales veep, Blue Belt Technologies
April 9, 2013
Mako Surgical (NSDQ:MAKO) won an injunction restricting a former sales executive's ability to work for rival Blue Belt Technologies in a breach of contract lawsuit leveled between the robotic surgery companies.
Ft. Lauderdale-based Mako sued Blue Belt and Gellman in February, alleging that they breached his contract, including non-competition and non-disclosure pacts, according to court documents. Blue Belt allegedly targeted rival companies' sales managers, according to the documents, which also accuse Gellman of stealing trade secrets.
Pittsburgh-based Blue Belt announced Gellman's hiring in early February, after about 2½ years as a Mako sales VP.....read more
College of GYN Comments on Robotic Surgery
March 14, 2013
Intuitive Surgical (ISRG) Falls as Costs and Benefits of Robotic Surgery Questioned
February 20, 2013
Intuitive Surgical, Inc. (NASDAQ: ISRG) is seeing early pressure following the results of a study that found that a hysterectomy cost thousands more with the company's robot surgical device versus standard less-invasive surgery. The robot survey also didn't prove to reduce complications.
Based on a study of 264,758 women who underwent hysterectomy for benign gynecologic disorders at 441 hospitals across the United States from 2007 to 2010, robotic operations cost hospitals $2,189 more per procedure, according to the Journal of the American Medical Association (JAMA).
Use of robotically-assisted hysterectomy increased from 0.5% in 2007 to 9.5% of all hysterectomies in 2010, the report showed.....read more
Mako Surgical President and CEO Dr. Maurice Ferre. Image by Mark Freerks
Mako Surgical meets 2012 sales targets, stock falls to new low
January 7, 2013
Mako Surgical Corp. announced fourth quarter sales figures that met the company’s expectations, yet its shares traded down to a 52-week low on Monday morning.
The Davie-based manufacturer of a hip and knee replacement surgical robot (NASDAQ: MAKO) announced the number of units sold without any financial data as it plans to make a presentation before investors at the J.P. Morgan Healthcare Conference in San Francisco on Wednesday.
Mako Surgical sold 15 of its Robotic Arm Interactive Orthopedic (RIO) systems in the fourth quarter, the same number as in the third quarter. Of the sales in the recent quarter, 13 were domestic and two were to Italy and Thailand, with the revenue on the international sales to be recognized in a later quarter.
The company sold 45 RIO systems in 2012, which was in line with its annual estimate of 42 to 48 systems sold. Mako Surgical lowered its sales estimate in the second quarter.....read more
Robotic Surgery Company Completes Financing
January 4, 2013
Medrobotics Corp. Makes the Flex Robotic System
Raynham, Mass.-based Medrobotics Corp. has successfully converted notes worth $33.6 million into Series D preferred stock; the stock has been bought both by current shareholders and undisclosed investors.
According to the company, the proceeds will go toward regulatory submissions and further commercialization, as Medrobotics looks to expand across Europe and the U.S.
Medrobotics is worth paying attention to because of the Flex Robotic System, its robotic-assistance device that allows surgeons to reach complicated locations within the human body.
The robot offers a highly precise platform for electronic visualization, and third-party tools can be hooked up to the system to allow for dual-handed tactile feedback.....read more
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