ReWalk Robotics, Yokneam Ilit, Israel, and Marlborough, Massachusetts, announced its financial results for the three- and nine-month periods ending September 30.
Highlights of the third quarter (3Q) include:
- Total revenue was $1.2 million, compared with $1.5 million during 3Q 2014, and up from $610,000 in 2Q 2015.
- Gross profit was $87,000, compared to a gross profit of $331,000 for 3Q 2014, reflecting lower sales volumes and additional production costs.
- Total operating expenses were $6.4 million, versus $8.1 million in 3Q 2014. Operating expenses in 3Q 2015 reflect increased investment in sales and market development activities and the additional costs of being a public company. Operating expenses in 3Q 2014 were impacted by a non-cash share-based compensation charge of $4.1 million related to ReWalk’s initial public offering.
- Net loss was $6.4 million versus a net loss of $6.4 million for the same period last year. Non-generally accepted accounting principles (GAAP) net loss was $5.9 million compared with non-GAAP net loss of $3.5 million in the prior year quarter.
Nine-month financial highlights are as follows:
- Total revenues were $2.4 million, compared with $2.5 million during the prior year period.
- Gross profit was $180,000, compared to a gross loss of $92,000 for the nine months ended September 30, 2014.
- Total operating expenses were $17.8 million, versus $14.6 million in the prior year period, reflecting investment in reimbursement and market development activities, and the cost of being a publicly traded company.
- Operating loss was $17.7 million compared with $14.6 million during the prior year period.
- Net loss was $17.9 million, compared with a net loss of $16.2 million during the nine months ended September 30, 2014. Non-GAAP net loss was $16.2 million, compared with non-GAAP net loss of $10.1 million for the same period last year.
- As of September 30, 2015, ReWalk had $25.1 million in cash and no debt.
“In the year since we received FDA [U.S. Food and Drug Administration] clearance, we have significantly transformed from a limited personal pay and rehabilitation directed business to focus on the substantially larger market opportunity with reimbursement coverage for personal use devices, said Larry Jasinski, CEO. “During the third quarter, we increased reimbursement submissions to 99 pending claims, and received ten favorable coverage decisions.”
