ReWalk’s revenue down 50% in first quarter
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ReWalk's prototype for a system to help stroke patients walk.
Marlborough medical device manufacturer ReWalk Robotics on Thursday reported 50% less revenue in the first quarter, compared to the same time period in 2019, the company announced on Thursday.
Total revenue for the first quarter of 2020 was $0.8 million, compared to $1.6 million in the year prior.
The company reported that total operating costs for the first quarter of 2020 were $4 million, compared to $4.5 million the year prior. The net loss was $3.8 million, compared to a net loss of $4 million the year before.
The company attributed the revenue decrease to the COVID-19 pandemic, which it said affected its ability to meet, train and deliver products to customers.
“We have reacted to the new environment and have modified our spending and cash usage to make sure we have sufficient cash to execute our plan for the remaining part of the year and beyond,” said CEO Larry Jasinski in a statement.
Meanwhile, ReWalk said it is entering products for upper and lower extremities, offering hand, leg, arm and balance systems with MediTouch. The company is known for its wearable exoskeleton medical devices, intended for people with mobility issues.
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