Marlborough medical equipment manufacturer ReWalk Robotics narrowed its first-quarter losses as it keys in on releasing more products in Europe and the U.S.
The company said Tuesday it lost $4 million in the first quarter compared to $6.3 million in the first quarter of 2018. Revenues of nearly $1.6 million increased slightly, but gross margins improved to 59% compared to 43% in the prior year quarter.
The company said it’s on track to launch a device to help stroke patients recover in both the U.S. and Europe around the middle of the year, and major insurers like Cigna are signaling an openness to review beneficiaries’ submissions for the company’s spinal cord injury system on a case-by-case basis.
The company regained its compliance with Nasdaq listing rules after raising $8.6 million in two offerings and executing a 1-for-25 reverse stock split.
In a statement, CEO Larry Jasinski said 2019 will be a turning point for the company due to insurance developments and entry into the stroke rehab market.
“Europe continues to demonstrate positive signs of increased acceptance for our SCI Personal 6.0 device, and the recent U.S. activities show the same trend,” Jasinski said. “All activities for the ReStore exo-suit including regulatory clearance, successful production and launch in the United States and Europe are on track with our plan.”
The company’s stock opened trading up 4%, but quickly fell back down to about 1% below Monday’s close.
