03/29/2017 2:50 am EST
Mazor X expands on the company’s robotic guidance technology to include analytical tools, multiple-source data, precision guidance, optical tracking, intra-op verification and connectivity technologies. That is a lot of jargon, but we tell you this so that you know that Mazor X is a key technology for spine surgery.
Mazor is at a key inflection point, in our view, having generated record sales in the most recent quarter. Specifically, the 21 systems ordered during the most recent quarter illustrated strong ongoing demand – strong news on the fundamentals.
What is more exciting is that there is a clear and significant shift toward direct orders for the Mazor X system. Importantly, of the 21 systems currently in backlog, 18 are for Mazor X and only six of those are from Medtronic.
This indicates significant bottom-up demand from surgeons. The Medtronic partnership is a good starting point, but the business is picking up momentum on its own. What is harder to do than spine surgery? Mazor is a top player in the space that is delivering on growth. We see compelling value in the stock.
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