UPDATE: Oppenheimer Cuts PT to $13 on MAKO Surgical on Lower Procedural Guidance

Oppenheimer maintained MAKO Surgical

with a Perform rating and lowered the price target from $14.00 to $13.00. Oppenheimer said, "4Q12 sales of $30.2M were no surprise as MAKO had pre-announced select operating metrics (including soft system placements and procedures) in January. 2013 guidance of 45-48 systems was in-line with our thinking, but light on the procedural side (13,500-14,500 vs our 15,372). Management noted it is hearing some "noise" on new competitive alternatives, but maintains it is not seeing any actual impact to business as a result. Procedure guidance for '13 looks reasonable to us. Visibility on the system guidance is lower, however, owing to competitor counter-detailing and the uncertain macro environment weighing on capex spending decisions. On our lowered '13E sales, our PT moves to $13 from $14." MAKO Surgical closed at $11.00 on Tuesday.