Business
ReWalk Robotics Reports Fourth Quarter and Full Year 2022 Financial Results
Strong Conclusion to 2022 – Q4’22 Revenue Highest Since Start of COVID-19 Pandemic Record Quarterly MyoCycle Sales Supplement Improved Exoskeleton Revenue
About this update from Lifeward Ltd.
[{"type":"text","content":"Strong Conclusion to 2022 – Q4’22 Revenue Highest Since Start of COVID-19 Pandemic Record Quarterly MyoCycle Sales Supplement Improved Exoskeleton Revenue MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Feb. 23, 2023 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), a medical device company that designs, develops, and commercializes 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 and full year ended December 31, 2022. Financial highlights and business accomplishments: Revenue for the fourth quarter of 2022 was $2.2 million, compared to $1.2 million in the fourth quarter of 2021, an increase of 75%;ReWalk submitted first case for Medicare coverage through the Medicare Administrative Contractors (“MACs”) in Q4’22;ReWalk advanced its commercial readiness and finalized plans for expanded Medicare patient access following the satisfactory resolution of the first submitted claim;Since the initiation of share repurchase program in Q3’22, ReWalk has repurchased $3.3 million of ordinary shares; andThe cash position remained strong with $67.9 million as of December 31, 2022, with no debt. “The full ReWalk team executed well in the fourth quarter, driving quarterly revenue to the highest level in over five years,” remarked Larry Jasinski, Chief Executive Officer of ReWalk. “We demonstrated very balanced performance, with the highest quarterly revenue for exoskeletons in over a year, in both the United States and the European Union, and with record quarterly sales of the MyoCycle functional electronic stimulation (“FES”) bikes.” “Following our submission of the first case for Medicare coverage and reimbursement of an exoskeleton, we have worked closely with the MAC that is processing the claim to address any questions or supplemental information requests they may have,” continued Mr. Jasinski. “At the same time, we have made great progress preparing our sales, clinical, and claims processing resources for the increase in patient volumes that we anticipate following prospective successful completion of the first claim. We look forward to continuing our work with the Centers for Medicare and Medicaid Services (\"CMS”) as we take the next step toward estab...