ReWalk Robotics, Yokneam Ilit, Israel, and Marlborough, Massachusetts, announced its financial results for the three-month period ended September 30.
Highlights of and subsequent to the third quarter (3Q) 2016 include:
- Total revenue was $1.4 million for 3Q 2016, compared to $1.2 million for 3Q 2015.
- Research and development expense was $2.0 million in 3Q 2016, compared to $1.3 million in 3Q 2015, reflecting investment in product development programs.
- SG&A [selling, general, and administrative] expense grew to $5.7 million in 3Q 2016, compared to $5.1 million in 3Q 2015, primarily reflecting investment in reimbursement activities.
- Net loss was $7.9 million for 3Q 2016 compared with a net loss of $6.4 million for 3Q 2015. Non-GAAP [generally accepted accounting principles] net loss for 3Q 2016 was $6.7 million compared with a non-GAAP net loss of $5.8 million in 3Q 2015.
- As of September 30, ReWalk had $12.4 million in cash. Subsequent to the end of the quarter, ReWalk raised gross proceeds of $12.2 million in a public offering of ordinary shares and warrants.
The company said it is reiterating revenue guidance in the range of $6.2 to $7 million for the full year, subject to the timing of certain key business catalysts, including placements in international markets, timing of reimbursement decisions, rental unit conversions, and larger orders to support research studies through the U.S. Department of Veterans Affairs.
