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October 12, 2009 Stock Pick: MAKO Surgical Corp. (MAKO)

Stock Price: $9.01

MAKO Surgical Corp. is a medical device company that markets both its RIO(r) Robotic-Arm Interactive Orthopedic system and its proprietary RESTORIS(r) implants for minimally invasive orthopedic knee procedures. The company has an intellectual property portfolio of more than 250 licensed or owned patents and patent applications relating to the areas of robotics, haptics, computer assisted surgery and implants.

MAKO closed a public offering on August 19th after securing net proceeds of $54.4 million. The offering was priced at $7.25 a share. As of June 30, 2009, MAKO had cash, cash equivalents and short-term investments of around $32.4 million. With this latest offering, MAKO has an even stronger balance sheet and cash position.

MAKO is trading at a market cap of only around $226 million. We believe MAKO is undervalued at this time.

MAKO has only 15.92 million shares in its float. Investors could begin to see MAKO as a mini-ISRG (Intuitive Surgical). MAKO has innovative robotic arm technology for orthopedic surgery, currently focused on knees, but they expect to move into hips in the years to come as well.

We could see MAKO become a major play from this level.

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