ReWalk Robotics Ltd announces its financial results for the three and six months ended June 30, 2022.
Highlights of and subsequent to the second quarter of 2022 include:
- Total revenue for the second quarter of 2022 was $1.6 million, compared to $1.4 million in the second quarter of 2021;
- Strong cash position with $78.8 million as of June 30, 2022;
- The Company’s operating expenses were $5.1 million in the second quarter of 2022, compared to $3.9 million in the second quarter of 2021;
- In June 2022, the Company announced that its Board of Directors (the “Board”) had approved a program to repurchase up to $8.0 million of the Company’s ordinary shares, par value NIS 0.25 per share, subject to receipt of Israeli court approval. In July 2022, the Company announced that it had received approval from an Israeli court for the share repurchase program, valid through January 20, 2023. The process to begin repurchasing shares is underway.
- On June 8th, the Company presented before CMS at its Healthcare Common Procedure Coding System (HCPCS) meeting, detailing why CMS should promptly assign the ReWalk Personal Prosthetic Exoskeleton to the “artificial leg” prosthetic benefit category. No preliminary determination was made during the meeting, and ReWalk is currently awaiting further feedback from CMS, which it expects to receive during the second half of 2022.
“Establishing broad access to ambulation technology for the paralyzed community – as well as adding new technologies to improve utilization – is our primary objective,” stated Larry Jasinski, Chief Executive Officer of ReWalk Robotics. “Our collaborative efforts with CMS and other bodies on reimbursement, combined with ongoing improvements of the technology, are driving significant progress against this goal. Further, recent public sessions and subsequent interaction with CMS are encouraging steps on this pathway to deliver for patients and create value for our shareholders. We look forward to near-term milestones that have the potential to significantly catalyze our growth via expanded reimbursement.”
Second Quarter 2022 Financial Results
Total revenue was $1.6 million in the second quarter of 2022, compared to $1.4 million during the second quarter of 2021. The increase is mainly due to higher number of ReWalk Personal 6.0 units sold in Europe and a higher number of distributed products sold in the United States.
Gross margin was 48% during the second quarter of 2022, compared to 51% in the second quarter of 2021. The decrease is mainly driven by higher freight and service-related expenses.
Total operating expenses in the second quarter of 2022 were $5.1 million, compared to $3.9 million in the second quarter of 2021. The increase is due to higher SG&A employee and employee related expenses as well as higher consulting expenses related to CMS progress, product development and professional services related to the 2022 proxy process.
Net loss was $4.4 million for the second quarter of 2022, compared to a net loss of $3.1 million in the second quarter of 2021.
Non-GAAP net loss was $4.2 million in the second quarter of 2022, compared to $2.9 million during the second quarter of 2021.
[Source(s): ReWalk Robotics Ltd, GlobeNewswire]
ReWalk Robotics Reports First Quarter 2022 Financial Results