Mazor Robotics Ltd. | ||||||||||||||||||||||||
CONSOLIDATED CASH FLOW STATEMENTS | ||||||||||||||||||||||||
(U.S. Dollars in thousands) | ||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||
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| Nine months ended |
| Three months ended |
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| September 30, |
| September 30, |
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| 2018 |
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| 2017 |
| 2018 |
| 2017 |
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Cash flows from operating activities: |
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Loss for the period |
| $ | (22,061) |
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| $ | (12,856) |
| $ | (16,943) |
| $ | (3,948) |
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Adjustments: |
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Depreciation and amortization |
| $ | 1,507 |
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| $ | 1,107 |
| $ | 628 |
| $ | 393 |
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Finance income, net |
| $ | (372) |
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| $ | (328) |
| $ | (265) |
| $ | (209) |
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Share-based payments |
| $ | 12,576 |
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| $ | 4,975 |
| $ | 8,673 |
| $ | 2,553 |
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Income tax benefit |
| $ | (2) |
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| $ | (250) |
| $ | (1) |
| $ | - |
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| $ | 13,709 |
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| $ | 5,504 |
| $ | 9,035 |
| $ | 2,737 |
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Change in inventory |
| $ | 555 |
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| $ | (3,350) |
| $ | (129) |
| $ | (400) |
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Change in trade and other accounts receivable |
| $ | (5,545) |
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| $ | 354 |
| $ | (982) |
| $ | (906) |
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Change in prepaid lease fees |
| $ | (6) |
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| $ | (30) |
| $ | (14) |
| $ | (8) |
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Change in trade and other accounts payable |
| $ | 6,358 |
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| $ | 159 |
| $ | 6,361 |
| $ | (633) |
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Change in employee benefits |
| $ | 19 |
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| $ | 123 |
| $ | (21) |
| $ | (13) |
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| $ | 1,381 |
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| $ | (2,744) |
| $ | 5,215 |
| $ | (1,960) |
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Interest received |
| $ | 703 |
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| $ | 432 |
| $ | 208 |
| $ | 249 |
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Income tax paid |
| $ | (37) |
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| $ | (15) |
| $ | (3) |
| $ | - |
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| $ | 666 |
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| $ | 417 |
| $ | 205 |
| $ | 249 |
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Net cash used in operating activities |
| $ | (6,305) |
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| $ | (9,679) |
| $ | (2,488) |
| $ | (2,922) |
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Cash flows from investing activities: |
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Proceeds from (investment in) short-term investments
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| $ | (5,802) |
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| $ | 1,416 |
| $ | (414) |
| $ | (9,019) |
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Investment in long-term investments |
| $ | (3,361) |
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| $ | (4,288) |
| $ | - |
| $ | (3,665) |
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Purchase of property and equipment |
| $ | (1,487) |
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| $ | (1,557) |
| $ | (410) |
| $ | (244) |
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Net cash used in investing activities |
| $ | (10,650) |
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| $ | (4,429) |
| $ | (824) |
| $ | (12,928) |
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Cash flows from financing activities: |
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Proceeds from issuance of ADRs, net |
| $ | - |
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| $ | 40,000 |
| $ | - |
| $ | 40,000 |
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Proceeds from exercise of share options by employees |
| $ | 7,463 |
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| $ | 8,293 |
| $ | 2,353 |
| $ | 4,574 |
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Net cash provided by financing activities |
| $ | 7,463 |
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| $ | 48,293 |
| $ | 2,353 |
| $ | 44,574 |
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Net increase (decrease) in cash and cash equivalents |
| $ | (9,492) |
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| $ | 34,185 |
| $ | (959) |
| $ | 28,724 |
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Cash and cash equivalents at the beginning of the period |
| $ | 46,376 |
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| $ | 14,954 |
| $ | 37,475 |
| $ | 20,347 |
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Effect of exchange rate differences on balances of cash
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| $ | (352) |
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| $ | (111) |
| $ | 16 |
| $ | (43) |
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Cash and cash equivalents at the end of the period |
| $ | 36,532 |
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| $ | 49,028 |
| $ | 36,532 |
| $ | 49,028 |
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Supplementary cash flows information: |
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Purchase of property and equipment in credit |
| $ | (19) |
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| $ | (96) |
| $ | (19) |
| $ | (96) |
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Issuance costs on credit |
| $ | - |
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| $ | (22) |
| $ | - |
| $ | (22) |
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Classification of inventory to fixed assets |
| $ | 50 |
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| $ | 300 |
| $ | 50 |
| $ | 300 |
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