MARLBOROUGH, Mass. and BERLIN, Germany and YOKNEAM ILIT, Israel, Nov. 10, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) today announced its financial results for the three and nine months ended September 30, 2020.
Highlights of and subsequent to the third quarter of 2020 include:
- Total revenue for the third quarter of 2020 was $0.7 million, compared to $1.2 million in the prior year quarter;
- Received Medicare Provider certification from the Centers for Medicare & Medicaid Services ("CMS");
- Completed additional contract with a German payor; and
- Raised total of approximately $9.0 million in gross proceeds from a registered direct offering of ordinary shares and a concurrent private placement of unregistered warrants to purchase ordinary shares (as previously referenced in ReWalk's Second Quarter 2020 Financial Results).
“Our most important measurements in the quarter were the achievements with CMS certification and the additional German insurance contract as they are the strategic drivers of growth for our company,” said Larry Jasinski, Chief Executive Officer. “The revenue for the quarter was impacted by the limited market access to train and process insurance submissions due to the current environment. We anticipate that our results will remain choppy until COVID-19 restrictions lessen.”
Third Quarter 2020 Financial Results
Total revenue was $0.7 million for the third quarter of 2020, compared to $1.2 million during the prior year quarter. The decrease was mainly due to a lower number of units sold in Germany and the U.S.
Gross margin remained generally flat with 52% during the third quarter of 2020 compared to 53% during the third quarter of 2019.
Total operating expenses in the third quarter of 2020 were $3.5 million, compared to $3.7 million in the prior year quarter. The decrease was mainly due to lower R&D spend as we completed the development of our ReStore® device.
Net loss was $3.3 million for the third quarter of 2020, compared to a net loss of $3.4 million in the prior year quarter.
Non-GAAP net loss was $3.0 million for the third of 2020 compared to $3.1 million during the prior year quarter. Reconciliation of net loss to non-GAAP net loss is included at the end of this press release.
Liquidity
As of September 30, 2020, ReWalk had $18.1 million in cash on its balance sheet and $3.4 million in short- and long-term debt.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures, and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk’s mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel, and Germany. For more information on the ReWalk systems, please visit www.rewalk.com.
