ReWalk Robotics Ltd announces announced its financial results for the three months ended March 31, 2022.
Highlights of and subsequent to the first quarter of 2022 include:
- Total revenue for the first quarter of 2022 was $0.9 million, compared to $1.3 million in the first quarter of 2021;
- Placed on June 8th CMS agenda of the Biannual Healthcare Common Procedure Coding System (HCPCS) meeting that includes benefit category determination for the first time under the new DEMPOS rules. This is based on previous interactions with CMS to determine ReWalk’s benefit category and payment status.
- ReWalk has increased resources and presence in VA Polytrauma/TBI Care Systems as well as a process to expand training through the VA’s designated Community Based Outpatient Clinic network.
- Strong cash position with $82.6 million as of March 31, 2022;
- The Company’s operating expenses were $4.6 million in the first quarter of 2022, compared to $3.7 million in the first quarter of 2021;
- In April 2022, the Company joined the Human Robot Interaction Consortium, part of the Israel Innovation Authority MAGNET incentive program, where it will collaborate with several universities to develop advanced technologies aimed at improving the human-exoskeleton interaction.
“The ongoing collaborative efforts with CMS, especially the CMS Public HCPCS session will be critically important to driving forward our efforts to achieve patient reimbursement for our life-changing robotics technologies,” stated Larry Jasinski, Chief Executive Officer of ReWalk. “While our quarterly sales were somewhat disappointing – in part due to Covid related processing limitations that slowed the case-by-case process with many groups that have supported placements – we continue to work hard to build out established systems to improve predictability and consistency of payment. We are also laser-focused on continued interactions with the Veterans Administration (VA) for earlier referrals after injury and enhancement of training resources through the Community based clinics. Finally, we are excited to join the Human Robot Interaction Consortium and expand our collaboration with academic institutions to further advance our technologies.”
First Quarter 2022 Financial Results
Total revenue was $0.9 million in the first quarter of 2022, compared to $1.3 million during the first quarter of 2021. The decrease is mainly due to the lower number of ReWalk Personal 6.0 units sold in the United States and with distributers and our agent in the UK.
Gross margin was 30% during the first quarter of 2022, compared to 54% in the first quarter of 2021. The decrease is mainly due to the lower number of units sold.
Total operating expenses in the first quarter of 2022 were $4.6 million, compared to $3.7 million in the in the first quarter of 2021. The increase is due to higher SG&A employee and employee related expenses as well as increased consulting for reimbursement, product development and professional services.
Net loss was $4.4 million for the first quarter of 2022, compared to a net loss of $3.1 million in the first quarter of 2021.
Non-GAAP net loss was $4.1 million in the first quarter of 2022, compared to $2.8 million during the first quarter of 2021.
[Source(s): ReWalk Robotics Ltd, GlobeNewswire]
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