ReWalk Posts 2Q, YTD Financial Results
ReWalk Robotics, Yokneam Ilit, Israel, and Marlborough, Massachusetts, announced its financial results for the three- and six- month period ending June 30. Financial highlights are as follows:
· Total revenue for 2Q 2017 was $2 million compared with $817,000 for 2Q 2016, an increase of 146 percent.
· Gross margin improved to 37 percent during 2Q 2017 compared to 10 percent in the prior year period, primarily attributable to the increase in volume, conversion of rental units to purchases, and lower product costs.
· Total operating expenses in 2Q 2017 were $6.1 million compared with $8.7 million in 2Q 2016. Operating expenses in 2Q 2017 reflect initiatives to reduce spending announced this year.
· Research and development (R&D) expense was $1.3 million compared with $3 million for the same period in 2016. 2Q 2016 expenses include a one-time R&D charge related to the licensing agreement with the Wyss Institute for Biologically Inspired Engineering at Harvard University.
· Net loss was $6.3 million for 2Q 2017 compared with a net loss of $9.1 million in 2Q 2016. Non-generally accepted accounting principles (GAAP) net loss for 2Q 2017 was $4.9 million compared with a non-GAAP net loss of $8 million in 2Q 2016.
· As of June 30, ReWalk had $16.3 million in cash compared with $15.6 million a year ago.