Mazor shut out of spine assist sales

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Mazor Surgical Technologies Ltd. (TASE:MZOR) saw revenue fall to NIS 590,000 for the first quarter of 2010 from NIS 930,000 for the corresponding quarter of 2009, due to delays in closing a number of sales contracts. Net loss widened to NIS 6.7 million (NIS 0.34 per share) for the first quarter from NIS 2.9 million for the corresponding quarter.

Mazor develops devices and imaging systems to support orthopedic surgical procedures. The company had no sales of its flagship SpineAssist miniature robotic system for spinal procedures during the first quarter, although it increased sales of other products and disposable systems.

Mazor’s current liabilities totaled NIS 4.3 million at the end of March, and the company says that it will have no trouble meeting its liabilities over the next two years. The company said that the crisis in Europe would have only a limited effect on it, because sales in Greece, Spain, Portugal, and Ireland are small.

Mazor’s share price fell 4.5% by mid-afternoon on the TASE to NIS 9.57, giving a market cap of NIS 210 million.

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