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34 DEVICES & IMPLANTS Mazor Robotics Brings in Record Year With $36.4M in 2016 Revenue — 16 Highlights By Megan Wood M azor Robotics released its financial results for fourth quarter and full year, ended Dec. 31, 2016. Q4 2016 1. Mazor's revenue saw a 59 percent boost in the fourth quarter of 2016 to $14 million, up from $8.8 million in the fourth quarter of 2015. 2. U.S. revenue rose from $6.7 million in the fourth quarter of 2015 to $12.6 million in the fourth quarter of 2016. 3. e quarter ended with a backlog of 21 sys- tems, including 18 Mazor X systems; Mazor will report revenues form these systems in 2017. 4. e company earned $1.4 million in inter- national revenue this quarter, compared to $2.1 million in the fourth quarter of 2015. 5. Mazor reported the fourth quarter of 2016 gross margin at 70.5 percent, compared to 78 percent in the fourth quarter of 2015. 6. e company's total operating expenses hit $14.2 million this quarter, which reflects a boost in investment in sales and marketing activities. 7. Mazor experienced a $4.3 million operat- ing loss. 8. Cash, cash equivalents and investments were $61.8 million, as of Dec. 31, 2016. Full-year 2016 9. e company's full-year 2016 revenue rose 39 percent to $36.4 million, up from $26.1 million in 2015. 10. Mazor's 2016 U.S. revenue increased to $30.7 million, reflecting a 51 percent in- crease from 2015 U.S. revenue. e company received revenue from 30 systems in 2016, compared to only 16 systems in 2015. 11. Regarding international revenue, 2016 saw $5.7 million compared to $5.8 million in 2015. 12. Recurring revenue was valued at $16.8 million in 2016, compared to $12.7 million in 2015, due to a boost in the Renaissance systems' install base in the United States and globally. 13. e company's gross margin was 71.6 per- cent in 2016, down from 77.7 percent in 2015. 14. Total operating expenses came in at $45.1 million, and operating loss was $19 million. 15. Mazor's 2016 net loss was $18.7 million. 16. e company used $10.1 million in cash for operating activities. n SpineGuard and Zavation's DSG SmartScrew Offers 1-step Insertion — 6 Key Notes By Adam Schrag S pineGuard and Zavation have an- nounced the successful comple- tion of 20 U.S.-based surgeries using dynamic surgical guidance SmartScrew technology. Here's what you need to know: 1. While one in five pedicle screws are misplaced during spinal fusion and cause spinal cord and nerve damage, the DSG SmartScrew technology pro- vides surgeons with real-time auditory guidance to help them insert the screw in one step. 2. SpineGuard reported 20 surgeries were successfully performed in the United States with the SmartScrew. The technology reduces surgery time and allows surgeons to use less fluorosco- py than usual. 3. Tampa-based University of South Florida neurosurgery professor Thom- as Freeman, MD, said of his experience using the technology, "I knew immedi- ately where the trajectory of the screw was going, even without fluoroscopy. Rather than using five steps to put a screw into the spine, only one step was needed. I could redirect it easily if needed." 4. SpineGuard and Zavation partnered in 2015 to develop the DSG-integrat- ing pedicle screw. 5. The U.S. spine industry is estimat- ed to have grown 5 percent between 2015 and 2016 to $7.8 billion in hospi- tal sales, marking the market's highest year-over-year growth since 2010. 6. The U.S. spinal implants and devices market exceeds the U.S. hip and knee market's size, growing to an estimat- ed $7.5 billion in 2015, up 2.5 percent from 2014. n 10 States With Highest Percentage of Medicare Beneficiaries By Laura Dyrda H ere are the states with the highest percentage of peo- ple on Medicare, according to the Kaiser Family Foundation. 1. West Virginia: 19 percent 2. Florida: 18 percent 3. Maine: 18 percent 4. Montana: 17 percent 5. Arkansas: 16 percent 6. Kentucky: 16 percent 7. Michigan: 16 percent 8. Pennsylvania: 16 percent 9. South Carolina: 16 percent 10. Tennessee: 16 percent Kaiser Family Foundation gath- ered the data from the Census Bureau's March Supplement to the Current Population Survey and data is based on 2015 numbers. n