ReWalk seeks to reclassify product as artificial legs
Photo | Courtesy of ReWalk
A demonstration of ReWalk's exoskeleton systems
Marlborough medical device manufacturer ReWalk Robotics Inc. is working with the U.S. Centers for Medicare and Medicaid Services to classify one of its products as artificial legs, which would make it easier for patients to receive its products.
ReWalk expects feedback from CMS later this year on its ReWalk Personal Prosthetic Exoskeleton, which helps people with lower body injuries learn to walk, according to the company’s second quarter earnings report, which was released Tuesday.
“Our collaborative efforts with CMS and other bodies on reimbursement, combined with ongoing improvements of the technology, are driving significant progress against this goal. Further, recent public sessions and subsequent interaction with CMS are encouraging steps on this pathway to deliver for patients and create value for our shareholders. We look forward to near-term milestones that have the potential to significantly catalyze our growth via expanded reimbursement,” ReWalk CEO Larry Jasinski said in a press release.
For the second quarter, the company, which has facilities in Israel and Germany, said revenue was $1.6 million, up from $1.4 million in the second quarter of 2021. However, operating expenses were up $1.2 million year over year, creating a quarterly net loss of $4.4 million, compared with $3.1 million over in the second quarter of 2021.
ReWalk reported cash holdings of $79.9 million.
ReWalk’s board of directors has approved a stock-buyback program totalling $8 million, valid through Jan. 20. The decision is still subject to approval of an Israeli court.
The company’s stock price on the Nasdaq has ticked up slightly since these announcements, rising from $1.04 per share on Tuesday morning to $1.08 at 11:30 a.m. Friday.
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