ReWalk grows revenue; continues to build market
WBJ FILE PHOTO
ReWalk Robotics CEO Larry Jasinski displays a ReWalk system at
the company's U.S. headquarters in Marlborough in February.
Exoskeleton maker ReWalk Robotics saw third-quarter revenue climb substantially from the second quarter, although revenue was still down from the same quarter in the previous year.
Total revenue for the Marlborough company was $1.2 million in the quarter that ended Sept. 30, down from $1.5 million during the third quarter of 2014. But revenue improved over the second quarter’s $610,000. Net loss was $6.4 million for the third quarter of 2015, the same as experienced in the third quarter last year.
The company, which also has headquarters in Israel, makes the ReWalk Personal System, a powered frame that allows people with spinal cord injuries to stand and walk. The company placed 23 systems during the third quarter of 2015, compared with 27 systems during the prior year quarter, and 12 placed during the second quarter of 2015.
The federal Food and Drug Administration cleared the product for marketing in the summer of 2014. This allowed the company to widen its customer base from the personal-pay and rehabilitation markets, to the larger insurance-reimbursed market. Commercial reimbursement submissions were up 68 percent from the second quarter, to 99 pending insurance claims, and the company also reported it had ten favorable reimbursement decisions during the third quarter.
CEO Larry Jasinski said in Thursday’s statement that the company is preparing to publish additional data about the health and economic benefits of its exoskeletons.
Total operating expenses in the third quarter of 2015 were $6.4 million, versus $8.1 million in the third quarter of 2014. Operating expenses in the third quarter of 2014 were impacted by a non-cash share-based compensation charge of $4.1 million related to ReWalk’s IPO, the company said.
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