ReWalk Robotics revenue drops in first quarter
Photo | Courtesy of ReWalk Robotics
Larry Jasinski is the CEO of ReWalk Robotics, a global exoskeleton medical device manufacturer that originated in Israel and is now based in Marlborough.
ReWalk Robotics reported decreases in revenue and losses in the first quarter, driven in part by COVID-related processing limitations.
The Marlborough-based company, which develops, manufactures, and markets wearable robotic exoskeletons for people with lower limb disabilities resulting from spinal cord injury or stroke, reported revenue of about $900,000 in the first three months of the year, down from $1.3 million the year before. Net loss for the quarter was $4.4 million, a drop from a $3.1-million loss in the first quarter of 2021.
Sales of ReWalk Personal 6.0 were down in the first quarter, which contributed to the drop in revenue, and to a gross margin of 30%, compared to 54% in 2021. Operating expenses increased to $4.6 million, largely due to employee-related expenses and increased consulting for reimbursement, product development, and professional services.
“While our quarterly sales were somewhat disappointing - in part due to COVID-related processing limitations that slowed the case-by-case process with many groups that have supported placements - we continue to work hard to build out established systems to improve predictability and consistency of payment,” CEO Larry Jasinski said in a press release.
Jasinski said the company is on the June 8 agenda of the Biannual Healthcare Common Procedure Coding System, a Centers for Medicare and Medicaid Services meeting that includes benefit category determination for the first time under new regulations for products such as theirs.
“We are also laser-focused on continued interactions with the Veterans Administration for earlier referrals after injury and enhancement of training resources through the community-based clinics,” he said.
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