Piper Jaffray Reiterates OW Rating, $26 PT On MAKO

MAKO Surgical Corp.'s MAKO solid outlook frames out expectations for another year of robust of growth, while also leaving room for upside, potentially driven by the hip system or outperformance in terms of robot placements or utilization, Piper Jaffray reports. “In terms of revenues for Q4, excluding the cumulative adjustment taken in the quarter, sales would have been around $1.2 mil higher than our estimate for the quarter, due primarily to better than expected ASP's,” Piper Jaffray writes. “Given the solid robot placements and increased utilization in Q4, as previously announced, and the strong showing of the hip system at the recent AAOS annual meeting, management guidance provides the last piece of the picture for investors. We continue to view MAKO's proprietary robotic arm technology as one of the most compelling innovations in orthopaedics in recent years.” Piper Jaffray has reiterated its Overweight rating and $26 price target on MAKO, which closed Tuesday at $20.08.