MAKO Surgical Popping after Positive Quarter
Shares of MAKO Surgical (NASDAQ: MAKO) are seeing much strength during Wednesday's trading session after the company reported fourth quarter and yearly results yesterday, which were better than analysts' expectations.
MAKO Surgical reported fourth-quarter EPS of $-0.14 versus the estimated $-0.14 per share. Revenues came in at $32.9M versus the estimated $30.72M, beating by +7.1%.
MAKO also announced a total of 48 of its RIO systems sold worldwide in 2011, which is a 45% increase over 2010; 2,258 MAKOplasty procedures performed in the fourth quarter, a 97% increase over the same period in 2010; and 6,932 MAKOplasty procedures performed in 2011, a 99% increase over the same period in 2010.
Revenue was $32.9 million in the fourth quarter of 2011 compared to $14.8 million in the fourth quarter of 2010, representing a 122% increase. Revenue in the fourth quarter of 2011 primarily consisted of $11.4 million in revenue from the sale of implants and disposables used in the 2,258 MAKOplasty procedures performed in the quarter, $19.8 million in revenue from the sale of eighteen RIO systems and thirty-seven MAKOplasty THA applications and $1.7 million in revenue from service.
Gross profit for the fourth quarter of 2011 was $22.4 million compared to a gross profit of $8.8 million in the same period in 2010. Gross margin for the fourth quarter of 2011 was 68%, consisting of a 75% margin on procedure revenue, a 64% margin on RIO system revenue and a 72% margin on service revenue.
Currently, shares of MAKO Surgical are trading higher by about 6.8% at $40.00 per share.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.