MZOR Mazor Robotics

Do any of you listen to TMF Industry Focus podcasts? Each day, they discuss a specific industry. While driving to work this morning, I listened to the healthcare segment. A part of the conversation was about the KITE acquisition, and they moved onto a company that sounded interesting: MZOR - Mazor Robotics. Based in Israel, Mazor Robotics, Ltd. is a medical device company and manufacturer of a robotic guidance system for spine surgery. Surgeons that utilize Mazor Robotics Renaissance generally specialize in orthopedic surgery or neurosurgery.

I plan to investigate further; does anyone have knowledge about MZOR?


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MZOR was discussed some on the New Paradigm Investing board about 4 years ago. That won’t include the newer business deals, but should provide you some insight to the company. I can’t complain since I am up 158% in a half position.

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MZOR has a jig like device to better operate on spines and brains as I recall. There was/is an investigation by Israeli authorities a couple few months back. I don’t know the outcome if any as of yet.
An investment by MDT really was a game changer for them since they now have access to MDT’s much larger sales force. They have met sales milestones and recently received a 2nd milestone payment by MDT. IMO chances are decent that MDT eventually buys them.


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That’s what they mentioned in the podcast. If I recall…Medtronic’s stake is ~12%.

The financials do not support the valuation (and this is coming from me). I know the company well, I have seen its market, I have seen what its product does. It is a fine product, but it is not even close to a da Vinci robot. It is basically, as Moneyman stated, a jig like instrument.

The valuation of Mazor I believe is based upon the markets thought as to what a buy out would be worth if MDT were to finish the transaction and buy Mazor out.

That was my opinion. I was tempted years ago to buy into Mazor, but the numbers never added up. They get far less per unit and per reusable components than ISRG gets, and the total market is much smaller as well. Yes, one can calculate a sufficiently large market to support the current valuation, but Mazor’ penetration into the TAM has not made a whole lot of traction over the last few years.



Hi Tracy

Yes I have held for a few years and the remaining rump of my investment is up 277% for me. I have sold off 2 tranches this year. It has grown thanks to the deal with Medtronic but is nowhere near profitability. I’m not sure it will be either with its current rate but the Fool article recently talked about a 100x in the TAM or something crazy. I’m not sure whether to believe it. Also one of the Drs in the NPI board asked about in his hospital for feedback from surgeons and wasn’t wowed.

See links to:

  1. latest portfolio review with details on my sales and holdings over the last 6 months etc……
  2. a link to my mega themes analysis which included one on robotics including Mazor.…


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Thanks, Tinker. My mom went to the emergency room this weekend, and I haven’t had time to do the research that I promised.

Hey, the stock has more than doubled and the finances have not gotten much better, so what do I know. But yes, I don’t see how Mazor goes to market and makes money for itself with its current business unless things start to geometrically increase like happened for ISRG. And that is of course the hope and dream of many. Clearly Medtronics thinks it is a good investment (FOR THEM). They have invested something like $40-$60 million in Mazor, less than 10% of the companies current market cap. Their interest is selling product. I am sure MDT has great ROI on its investment. $40-$60 million to get to market the technology, that is a pretty good deal for MDT. $1 billion! We shall have to see - be nice to the see the inside books of MDT. But I just don’t see it on these finances, and on the fact that sales have not grown all that much over the last few years. Perhaps MDT can make it happen and then take out Mazor.


Btw Best wishes for your mom.



What a nice thing to say, Tinker! It appears to be a gall bladder episode, and she will meet with the doctor next week. In the meantime…MZOR. Folks, TMF podcasts are good. Be sure to check them out.


Firstly - Happy thanks giving everyone, hope you’re all enjoying chomping on your Turkey or Vege-Turkey or something delightful.

Secondly - TracyK hope your Mum’s episode worked out ok and she is in good health.

Lastly - getting down to Mazor and also more broadly robotic surgery…

Whilst I was less than impressed with the valuation, the market penetration and profitability (or lack of) that Mazor was demonstrating with or without Medtronic, I kept a rump of a stake going. A few weeks ago I attended the APAC Med Tech forum and saw a presentation that makes me question the future for all these single robotic surgery point solutions - Da Vinci, Mazor etc.

Basically Verb Surgical presented their vision and the platform they are looking to deliver - they call it digital surgery. It is a JV between J&J and Google’s Verily Health ventures arm.

Verb is looking to establish a digital platform for all surgical procedures and build out robotics etc from this. It is a very disruptive play in this space - much more than navigation guidance etc.

Anyone in Intuitive or Mazor etc should take a look at this. It is probably a few years away but it has the potential to out innovate and displace a lot of these point solution operators.

PS I have access to a presentation I can share in case anyone wants to message me off the board although it is 125mb!