Why the Downgrade?
The downgrade primarily reflects lower orders for the Renaissance system in the first quarter of 2016. The company received 5 orders as compared to a record 12 in the fourth quarter of 2015.
In the first quarter, Mazor installed 4 systems in the U.S., including one with brain module, which is primarily used to assist Deep Brain Stimulation (DBS) procedures to treat movement disorders. The company has also installed six systems with the brain module in the U.S.