ReWalk gains revenue; net loss deepens
Despite a slower than expected quarter, ReWalk Robotics of Marlborough saw a revenue jump of more than 20 percent, but declared a $5.8 million loss as the manufacturer of robotic exoskeletons for spinal cord-injury victims seeks more customers.
ReWalk, which also has headquarters in Israel, said it took in $610,000 during the second quarter, which ended June 30. That was up from $500,000 in the same quarter last year. More significantly, it turned a $60,000 gross profit, a turnaround from a $225,000 loss.
For the first half of 2015, ReWalk took in $1.25 million in revenue, up nearly 32 percent over last year. Its gross profit from January through June was $93,000, compared with a $423,000 loss.
The net loss was deeper than that of the second quarter last year ($4.7 million). For the first half of this year, ReWalk has posted a net loss of $11.5 million, deeper than the $9.7 million it absorbed in the first half of 2014.
But in its report, the company cited progress on the sales front from April through June. It said it placed 12 ReWalk systems, up from 10. The company also saw increased insurance coverage for their product. In addition, ReWalk introduced ReWalk Personal 6.0, its next-generation device that it says offers the fastest walking speed, most natural gait and most precise fit of any exoskeleton on the market.
"We remain confident that the market opportunity and growth potential for ReWalk in our emerging industry is significant,” CEO Larry Jasinski said in a company statement. “And, that we will continue to expand our leadership position in wearable exoskeleton market for many years to come.”
WBJ Web Partners
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