ReWalk reduced annual losses 28% in 2019
Photo | Courtesy of ReWalk
A demonstration of ReWalk's exoskeleton systems
Marlborough medical device manufacturer ReWalk Robotics Ltd. on Thursday announced it lost $15.6 million in 2019, an improvement over the $21.7 million it lost in 2018.
After the company made its earnings report on Thursday morning, the price of ReWalk stock dropped 6% to 83 cents per share on the Nasdaq, which is flirting with the lowest the company's stock has ever been priced since it started publicly trading in 2014.
ReWalk specializes in medical devices helping people with lower limb paralysis and spinal cord injuries walk.
While still operating in the red, the company announced it sold 25 of its ReWalk and ReStore systems in the fourth quarter 2019 vs. 19 in the fourth quarter of 2018. The company's total revenue for the fourth quarter was $1.2 million, a decrease of $1.6 million from the previous year.
As of Dec. 31, ReWalk had $16.2 million in cash left, although in February it completed a $7 million stock offering, which it plans to use for research and development.
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