It’s tough period for ReWalk Robotics Ltd., as evidenced by its financial results for the three- and six-months ended June 30, 2015.
Background
Famously evident during the ceremonial bit of the last Paralympics, the ReWalk robotic suit is a wearable robotic exoskeletons for individuals with spinal cord injury.
The company’s revenue is climbing steadily, but so are the company’s losses as it hits that period in every company’s early years, where expenses incurred in accelerating development and marketing the offering run ahead of actual sales revenue growth. In actuality, total revenue for Q2 2015 was $610,000 compared to $500,000 during the equivalent period a year ago.
Net loss was $5.8 million for the second quarter of 2015 versus $4.7 million for the same period last year.
On the positive side, the company says it placed 12 ReWalk systems during the second quarter of 2015 compared to 10 systems during the second quarter of 2014. Furthermore, it introduced ReWalk Personal 6.0, ReWalk’s next generation device that offers the fastest walking speed, most natural gait and most precise fit of any exoskeleton on the market.
Other good news is reported in the form of positive coverage decisions on behalf of ReWalk’s customers from two large private commercial insurers for the ReWalk Personal system. Also ReWalk’s commercial reimbursement pipeline increased to 59 fully completed pending insurance claims.
Company comments
“Although second quarter growth was slower than we expected, demand generation in terms of qualified leads and completed filings for reimbursement grew substantially. We expanded and modified our training programs to more effectively qualify users and to better assist individuals in advancing their reimbursement applications,” said Larry Jasinski, Chief Executive Officer.
“In July, we launched a significant new product, the ReWalk Personal 6.0, which offers many superior features over any product in the market or in clinical trials today. With its streamlined design, including elimination of the backpack, we expect it will increase the number of users and offer them a better walking experience,” he added.
“We remain confident that the market opportunity and growth potential for ReWalk in our emerging industry is significant. And, that we will continue to expand our leadership position in wearable exoskeleton market for many years to come,” Jasinski concluded.
Source: ReWalk Robotics Ltd.
