Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: For the quarter, MAKO recorded $30.2 million in revenue and announced that it had sold 45 of its RIO orthopedic surgical platforms worldwide in 2012. Revenue fell from the $32.9 million reported in the year-ago period and was short of the $31.4 million Wall Street had expected. MAKO's fourth-quarter loss of $0.13, however, met expectations. Looking forward, MAKO anticipates selling 45 to 48 RIO platforms in 2013 (essentially flat to up 7% from 2012), and performing 13,500 to 14,500 MAKOplasty procedures, which would represent procedure growth of 32% to 42% from 2012.
Now what: With better physician training in place, we're beginning to see procedure growth increase, but the pace at which RIO surgical platforms are selling has to be irritating both investors and the Street. MAKO can somewhat limit research and development costs on its end, but I doubt that'll be enough to bridge the gap to turn it profitable anytime soon. This means that while losses may be shrinking, they should continue, in my estimate, at least through 2013.
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Zero to hero?
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