ReWalk posts $2.7M loss in 3Q, revenues up 164%
Photo | Courtesy of Lifeward
A person utilizes a Lifeward mobility assistive device.
Marlborough medical device manufacturer ReWalk Robotics, Ltd. reported a $2.7-million loss during the company’s most recent quarter, which ended Sept. 30, at the same time marking the company’s highest quarterly revenue in four years, according to an earnings report released Wednesday.
The loss is lower than the same quarter a year prior, when ReWalk reported a net loss of $3.3 million, a difference of 20%.
While the company continues to operate in the red, its revenues for the quarter totaled $1.97 million, up from $747,000 during the same quarter in 2020, an increase of 164%.
“Growth came from personal ReWalk placements in Germany and with the placement of multiple systems at a U.S physical therapy university where Exoskeleton training is becoming a core part of the curriculum as this field moves towards being a standard of care,” said Larry Jasinski, ReWalk’s CEO, in a statement.
A different device, the ReBoot, was recently designated as a U.S. Food & Drug Administration breakthrough device, which will ostensibly streamline ultimate approval processes.
ReWalk share prices did not change on Wednesday, the day the earnings report was released, both opening and closing at $1.49 per share on the Nasdaq. That’s a slight increase from Jan. 4, when the company’s stock price opened and closed at $1.36 per share, according to historical data.
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