Mazor Robotics (MZOR) received CE Mark approval for the Mazor X Surgical Assurance Platform. Medtronic (MDT) will proceed to market and sell the system in appropriate regions.
In mid-2Q17, MZOR and MDT announced their move to Phase II of their strategic partnership in support of the Mazor X platform, in which MDT took over exclusive global distribution and made a US $40MM third tranche investment in MZOR. (Other terms include annual minimum unit purchases, future product co-development, etc.)
Notably, the $40MM investment brings MDT's total investment in Mazor to $72MM, equaling up to 11.9% share ownership. MDT may purchase additional shares that could increase its investment to $125MM, with share ownership at 14.2%.
Just before the confirmation of Phase II, in MDT's FY1Q18 call, Geoff Martha noted, "The relationship continues to go well. Our customers see a lot of value in not just the robot, but in the Mazor X robot used in conjunction with our intraoperative imaging system, the O-arm 2, as well as our navigation platform, StealthStation." Mr. Martha is Executive Vice President and President for Medtronic's Restorative Therapies Group.
Sources: Mazor Robotics Ltd.; ORTHOWORLD Inc.