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ReWalk Robotics Reports First Quarter 2023 Financial Results
On-Track Start to Fiscal Year with Progress in Advancing Reimbursement Coverage for Medicare Beneficiaries MARLBOROUGH, Mass. BERLIN and YOKNEAM ILLIT,
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[{"type":"text","content":"On-Track Start to Fiscal Year with Progress in Advancing Reimbursement Coverage for Medicare Beneficiaries MARLBOROUGH, Mass. BERLIN and YOKNEAM ILLIT, Israel, May 11, 2023 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), a leading provider of innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions, today announced its financial results for the three months ended March 31, 2023. Highlights of the first quarter of 2023 include: Total revenue for the first quarter of 2023 was $1.2 million, as compared to $0.9 million in the first quarter of 2022, up 40%;Gross margin was 46.4% in Q1’23, as compared to 30.3% in Q1’22, a 16 percentage point increase;Operating expenses were $4.9 million in the first quarter of 2023, as compared to $4.6 million in the first quarter of 2022;In March 2023, the ReWalk Personal Exoskeleton technology received 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) for use on stairs and curbs, making it the only personal exoskeleton to receive FDA clearance for this indication. “Our execution and positive progress in Q1 advanced us towards achieving the goals we set for 2023,” stated Larry Jasinski, Chief Executive Officer. “Specifically, our first Medicare claim submission was made to test and develop the correct pathway for processing for our innovative, breakthrough product. We believe the interaction with Centers for Medicare and Medicaid Services (“CMS”) and the Medicare Administrative Contractor (“MAC”) has helped to define a path for this first submission and set the parameters for ten additional planned submissions in Q2. In parallel, we achieved a major milestone with FDA clearance of the ReWalk exoskeleton for use on stairs and curbs, expanded the number of VA centers that train ReWalk users, and increased our German case submissions all of which we believe will favorably impact year-over-year growth in 2023 and 2024.” First Quarter 2023 Financial Results Total revenue was $1.2 million in the first quarter of 2023, compared to $0.9 million during the first quarter of 2022. The increase is mainly due to higher number of ReWalk Personal 6.0 units sold in the United States, partially offset by fewer sold in Europe. Gross margin was 46.4% during the first quarter of 2023, com...