UPDATE: Goldman Sachs Lowers MAKO Surgical's PT

According to a research report published this morning, Goldman Sachs has lowered MAKO Surgical's MAKO PT from $49 to $42. Goldman Sachs said in the report, "MAKO Surgical reported 1Q2012 revenue of $19.6 mn, 19% below our estimate and 17.6% below the Street, and a loss per share of $0.28 that was $0.12 greater than our estimate and $0.09 greater than consensus. The company placed six systems during the quarter (two less than our estimate), and recorded 2,297 procedures (knee and hip), well below our estimate of 2,683. Management lowered system placement guidance to 52-58 (vs. 56-62), but maintained procedure guidance of 11,000-13,000. We are lowering our estimates to reflect (1) lower system sales, (2) push-outs in assumptions on hip adoption, and (3) higher discretionary spending." Goldman Sachs maintains its Buy rating on MAKO Surgical, which is currently trading at $26.10.