ReWalk reports decline in revenue despite stroke suit clearances
Photo | Courtesy of ReWalk
A demonstration of ReWalk's exoskeleton systems
Despite recent U.S. and European clearances for exoskeleton devices for stroke patients, ReWalk Robotics reported a softer second quarter than expected, sending the company’s stock down nearly 10% on Thursday morning.
The company said revenues in the quarter were $900,000 compared to $1.8 million for the same period last year.
The company's stock opened trading at $3.33 Thursday after closing Wednesday at $3.72.
The decline in sales comes despite the U.S. and European regulators approving the company’s ReStore exo-suit for stroke rehabilitation to clinics in the U.S. in the quarter.
Only one of those devices were placed during the quarter, while 13 ReWalk personal devices for spinal cord injury patients were placed.
For the same period last year, 21 ReWalk systems were placed. Many of those expected second-quarter sales were deferred to July, the company said.
The company reported a net loss of $4.6 million, which was an improvement over the $5.8-million loss for the prior year period.
In a statement, CEO Larry Jasinski said the ReStore device is still expected to drive the company’s future growth.
“Broadening the foundation of the company with commercialization of a unique and disruptive technology into a second and much larger market has been a key strategic objective of the company over the past three years and will be the basis for our future growth in revenues,” Jasinski said.
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