Revenue, losses up for ReWalk in Q1
ReWalk Robotics, the Marlborough-based maker of exoskeleton systems for paraplegics, boosted its revenue in the first quarter, according to an earnings statement. Sales, though, came up short, according to CEO Larry Jasinski.
“Sales this quarter were less than expected as the number of units placed were impacted by longer cycle times to complete patient evaluation, training and processing of reimbursement claims,” Jasinski said in a statement Thursday.
ReWalk, which over the last year has hit important milestones such as landing coverage deals with commercial insurers and government payers in Germany and the U.S., still increased its revenue to $635,000, an increase of 43 percent over the first quarter of 2014.
Meanwhile, the company reported a net loss of $5.7 million, or 48 cents per share, up from $5.1 million a year earlier. But Jasinski said the outlook for the second quarter is strong.
“April commitments are already equal to first quarter sales, and we have two months remaining in (the second quarter). Our outlook remains positive for growth over the course of the year,” Jasinski said.
Compared with last year, placement of ReWalk systems had more than doubled in the first quarter, from 6 to 13, the company said. Jasinski said a case-by-case reimbursement strategy is the key to achieving long-term growth.
“The experienced reimbursement team we have recruited has begun to build the infrastructure we need to enable more individuals to obtain coverage for their systems in the short term and will be able to support market growth over the next few years,” Jasinski said.
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