Medical device manufacturer ReWalk Robotics, of Marlborough, announced Tuesday it had reduced its losses in the first quarter of the year and has $67.4 million in cash.
The company reported a net loss of $3.1 million for the first quarter of 2021, compared to a net loss of $3.8 million in the first quarter of the prior year. This loss reduction came as a result of increased revenue, up 62.5% year-over-year for the quarter to $1.3 million, and a decline in operating expenses to $3.7 million for the quarter from $4 million in the first quarter of 2020, according to a release from the company.
ReWalk makes exoskeletons for people with spinal cord and other injuries to help with walking.
“We see areas of our direct markets gradually reopening, which allows us to increase trials of ReWalk’s new Personal 6.0 System with patients and return to in-clinic demonstrations of our rehab products for new potential users,” ReWalk CEO Larry Jasinski said in the release.
He said the company has a strong cash position to allow ReWalk to explore further opportunities for growth. As of March 31, 2021, ReWalk had $67.4 million in cash on its balance sheet.
