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Mazor Robotics Ltd. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF (U.S. Dollars in thousands) |
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September 30,
2016 (Unaudited) |
December 31,
2015 (Audited) |
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| Current assets | ||||||||
| Cash and cash equivalents | $ | 17,597 | $ | 13,519 | ||||
| Short-term investment | $ | 37,314 | $ | 21,687 | ||||
| Trade receivables | $ | 2,782 | $ | 5,002 | ||||
| Other current assets | $ | 1,585 | $ | 1,420 | ||||
| Inventory | $ | 4,065 | $ | 2,777 | ||||
| Total current assets | $ | 63,343 | $ | 44,405 | ||||
| Non-current assets | ||||||||
| Prepaid lease fee | $ | 91 | $ | 73 | ||||
| Deferred tax assets | $ | 37 | $ | 37 | ||||
| Long-term investments | $ | 9,421 | $ | 5,023 | ||||
| Property and equipment, net | $ | 2,764 | $ | 1,432 | ||||
| Intangible assets | $ | 2,332 | $ | - | ||||
| Total non-current assets | $ | 14,645 | $ | 6,565 | ||||
| Total assets | $ | 77,988 | $ | 50,970 | ||||
| Current liabilities | ||||||||
| Trade payables | $ | 2,654 | $ | 2,219 | ||||
| Other current liabilities | $ | 7,724 | $ | 6,052 | ||||
| Total current liabilities | $ | 10,378 | $ | 8,271 | ||||
| Non-current liabilities | ||||||||
| Employee benefits | $ | 338 | $ | 299 | ||||
| Total non-current liabilities | $ | 338 | $ | 299 | ||||
| Total liabilities | $ | 10,716 | $ | 8,570 | ||||
| Equity | ||||||||
| Share capital | $ | 124 | $ | 110 | ||||
| Share premium | $ | 174,174 | $ | 136,107 | ||||
| Amounts allocated to share options | $ | - | $ | 77 | ||||
| Capital reserve for share-based payment transactions | $ | 8,449 | $ | 7,179 | ||||
| Foreign currency translation reserve | $ | 2,119 | $ | 2,119 | ||||
| Accumulated loss | $ | (117,594 | ) | $ | (103,192 | ) | ||
| Total equity | $ | 67,272 | $ | 42,400 | ||||
| Total liabilities and equity | $ | 77,988 | $ | 50,970 | ||||
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Mazor Robotics Ltd. CONSOLIDATED CASH FLOW STATEMENTS (U.S. Dollars in thousands) (Unaudited) |
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Nine months ended
September 30, |
Three months ended
September 30, |
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| 2016 | 2015 | 2016 | 2015 | |||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||
| Loss for the period | $ | (14,402 | ) | $ | (12,475 | ) | $ | (5,223 | ) | $ | (5,217 | ) | ||||||
| Adjustments: | ||||||||||||||||||
| Depreciation | $ | 476 | $ | 398 | $ | 180 | $ | 148 | ||||||||||
| Gain on sale of property and equipment | (6 | ) | - | (6 | ) | - | ||||||||||||
| Finance income, net | $ | (313 | ) | $ | (237 | ) | $ | (140 | ) | $ | (99 | ) | ||||||
| Share-based payments | $ | 3,378 | $ | 2,259 | $ | 1,244 | $ | 981 | ||||||||||
| Taxes on income (tax benefit) | $ | 21 | $ | 154 | $ | (188 | ) | $ | 64 | |||||||||
| $ | 3,556 | $ | 2,574 | $ | 1,090 | $ | 1,094 | |||||||||||
| Change in inventory | $ | (1,288 | ) | $ | 419 | $ | (557 | ) | $ | 247 | ||||||||
| Change in trade and other accounts receivable | $ | 2,076 | $ | 1,109 | $ | (301 | ) | $ | 1,695 | |||||||||
| Change in prepaid lease fees | $ | (18 | ) | $ | 2 | $ | (14 | ) | $ | 5 | ||||||||
| Change in trade and other accounts payable | $ | 1,635 | $ | 1,153 | $ | 302 | $ | (420 | ) | |||||||||
| Change in employee benefits | $ | 39 | $ | 12 | $ | (29 | ) | $ | (6 | ) | ||||||||
| $ | 2,444 | $ | 2,695 | $ | (599 | ) | $ | 1,521 | ||||||||||
| Interest received | $ | 235 | $ | 49 | $ | 98 | $ | 14 | ||||||||||
| Income tax paid | $ | (38 | ) | $ | (84 | ) | $ | 1 | $ | 24 | ||||||||
| $ | 197 | $ | (35 | ) | $ | 99 | $ | 38 | ||||||||||
| Net cash used in operating activities | $ | (8,205 | ) | $ | (7,241 | ) | $ | (4,633 | ) | $ | (2,564 | ) | ||||||
| Cash flows from investing activities: | ||||||||||||||||||
| Proceeds from (Purchase of) short-term investments and deposits, net | $ | (11,617 | ) | $ | 7,259 | $ | (9,240 | ) | $ | 2,246 | ||||||||
| Purchase of long-term investments | $ | (8,906 | ) | $ | - | $ | (7,781 | ) | $ | - | ||||||||
| Purchase of property and equipment | $ | (1,735 | ) | $ | (436 | ) | $ | (628 | ) | $ | (248 | ) | ||||||
| Proceeds from long-term investments | $ | 498 | $ | - | $ | 498 | $ | - | ||||||||||
| Capitalization of development costs | $ | (1,517 | ) | $ | - | $ | (920 | ) | $ | - | ||||||||
| Net cash provided by (used in) investing activities | $ | (23,277 | ) | $ | 6,823 | $ | (18,071 | ) | $ | 1,998 | ||||||||
| Cash flows from financing activities: | ||||||||||||||||||
| Proceeds from issuance of ADRs, net | $ | 31,416 | $ | - | $ | 19,521 | $ | - | ||||||||||
| Proceeds from exercise of share options by employees | $ | 3,587 | $ | 360 | $ | 3,464 | $ | 53 | ||||||||||
| Proceeds from exercise of warrants by investors | $ | 481 | $ | - | $ | - | $ | - | ||||||||||
| Net cash provided by financing activities | $ | 35,484 | $ | 360 | $ | 22,985 | $ | 53 | ||||||||||
| Net increase (decrease) in cash and cash equivalents | $ | 4,002 | $ | (58 | ) | $ | 281 | $ | (513 | ) | ||||||||
| Cash and cash equivalents at the beginning of the period | $ | 13,519 | $ | 22,255 | $ | 17,277 | $ | 22,678 | ||||||||||
| Effect of exchange rate differences on balances of cash and cash equivalents | $ | 76 | $ | 86 | $ | 39 | $ | 118 | ||||||||||
| Cash and cash equivalents at the end of the period | $ | 17,597 | $ | 22,283 | $ | 17,597 | $ | 22,283 | ||||||||||
| Supplementary cash flows information: | ||||||||||||||||||
| Acquisition of fixed assets on credit | $ | (68 | ) | $ | - | $ | (68 | ) | $ | - | ||||||||
| Issuance costs in credit | $ | (20 | ) | $ | - | $ | (20 | ) | $ | - | ||||||||
| Capitalization of development expenses on credit | $ | (385 | ) | $ | - | $ | (385 | ) | $ | - | ||||||||
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Mazor Robotics Ltd. RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (U.S. Dollars in thousands, except per share data) (Unaudited) |
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Nine month period
ended September 30, |
Three month period
ended September 30, |
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| 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
| GAAP gross profit | $ | 16,154 | $ | 13,391 | $ | 5,017 | $ | 3,770 | |||||||||||
| Share-based payments | $ | 170 | $ | 91 | $ | 87 | $ | 39 | |||||||||||
| Non-GAAP gross profit | $ | 16,324 | $ | 13,482 | $ | 5,104 | $ | 3,809 | |||||||||||
| GAAP gross profit as percentage of revenues | 72.3 | % | 77.5 | % | 65.7 | % | 75.9 | % | |||||||||||
| Non-GAAP gross profit as percentage of revenues | 73.1 | % | 78.0 | % | 66.9 | % | 76.7 | % | |||||||||||
| GAAP operating expenses | $ | 30,880 | $ | 25,804 | $ | 10,570 | $ | 8,895 | |||||||||||
| Share-based payments: | |||||||||||||||||||
| Research and development | $ | 695 | $ | 344 | $ | 348 | $ | 148 | |||||||||||
| Selling and marketing | $ | 1,972 | $ | 1,119 | $ | 757 | $ | 567 | |||||||||||
| General and administrative | $ | 971 | $ | 705 | $ | 482 | $ | 227 | |||||||||||
| Research and development costs capitalization | $ | (2,332 | ) | $ | - | $ | (1,321 | ) | $ | - | |||||||||
| Non-GAAP operating expenses | $ | 29,574 | $ | 23,636 | $ | 10,304 | $ | 7,953 | |||||||||||
| GAAP operating loss | $ | (14,726 | ) | $ | (12,413 | ) | $ | (5,553 | ) | $ | (5,125 | ) | |||||||
| Non-GAAP operating loss | $ | (13,250 | ) | $ | (10,154 | ) | $ | (5,200 | ) | $ | (4,144 | ) | |||||||
| GAAP net loss | $ | (14,402 | ) | $ | (12,475 | ) | $ | (5,223 | ) | $ | (5,217 | ) | |||||||
| Share-based payments | $ | 3,808 | $ | 2,259 | $ | 1,674 | $ | 981 | |||||||||||
| Research and development costs capitalization | $ | (2,332 | ) | $ | - | $ | (1,321 | ) | $ | - | |||||||||
| Non-GAAP net loss | $ | (12,926 | ) | $ | (10,216 | ) | $ | (4,870 | ) | $ | (4,236 | ) | |||||||
| GAAP basic and diluted loss per share | $ | (0.33 | ) | $ | (0.30 | ) | $ | (0.11 | ) | $ | (0.12 | ) | |||||||
| Non-GAAP basic and diluted loss per share | $ | (0.29 | ) | $ | (0.24 | ) | $ | (0.11 | ) | $ | (0.10 | ) | |||||||
