ReWalk Robotics, Yokneam Ilit, Israel, and Marlborough, Massachusetts, announced its financial results for the fourth quarter (4Q) and full-year (FY) periods ended December 31, 2015. Highlights of and subsequent to the 4Q 2015 include:
- Total revenue was $1.3 million for 4Q 2015, compared with $1.5 million in the 4Q 2014.
- Gross profit in 4Q was $34,000, compared to a gross loss of $529,000 for 4Q 2014.
- Total operating expenses in 4Q 2015 were $7.5 million, versus $4.8 million in 4Q 2014.
- Net loss was $7.5 million for 4Q 2015 versus a net loss of $5.5 million in the prior year quarter.
- Total revenue was $3.7 million for FY 2015, compared to $4 million in 2014.
- Gross profit was $214,000 for 2015, compared to a gross loss of $621,000 for 2014. In 2014, ReWalk recorded a one-time charge of $466,000 for the early settlement at a discount of its BIRD Foundation grant. The positive margin in 2015 reflects the benefits of having fully transitioned manufacturing to Sanmina, San Jose, California, partially offset by costs associated with the conversion to Personal 6.0.
- Total operating expenses in 2015 were $25.4 million versus $19.3 million in the prior year. The increase reflects the company’s increased investment in sales and marketing, reimbursement, and research and development (R&D) resources, as well as the increased cost of being a publicly traded company.
- Net loss for FY 2015 was $25.4 million compared with a net loss of $21.7 million for the full year 2014.
FY 2015 Financial Results
On January 4, ReWalk entered into a credit facility with Kreos Capital under which Kreos extended a line of credit for up to $20 million, of which ReWalk has currently drawn down $12 million. As of December 31, 2015, ReWalk had $17.9 million in cash on its balance sheet prior to this draw down.
