Business
ReWalk Robotics Reports Fourth Quarter and Year End 2019 Financial Results
— 2019 Total Revenue of $4.9 million and $1.2 million During the Fourth Quarter of 2019 — — Completed and Pending German Insurance Contracts Establish the
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[{"type":"text","content":"— 2019 Total Revenue of $4.9 million and $1.2 million During the Fourth Quarter of 2019 —\n — Completed and Pending German Insurance Contracts Establish the Implementation Procedures for Coverage of the German Spinal Cord Population — — CMS HCPCS Code Application Submitted; Hearing Expected in Q2 2020 — MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Feb. 20, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced its financial results for the three and twelve-months ended December 31, 2019. Highlights of and subsequent to the fourth quarter of 2019 include: Total revenue for the fourth quarter of 2019 was $1.2 million, compared to $1.6 million in the prior year quarter and $1.2 million in the third quarter of 2019.Completed and pending German insurance contracts establish the implementation procedures for coverage of German spinal cord population.16 ReStore units placed since launch in June 2019; 12 in the U.S., 3 in Europe and 1 in Asia.Gross margin for 2019 improved to a yearly record high of 56% compared to 43% in 2018.2019 Operating expenses reduced by 24% compared to 2018.Closed a $7 million offering in February 2020. “In 2019, the company made substantial progress in entering the stroke market segment by completing successful clinical studies, gaining FDA and CE clearances and in early commercialization with a unique game changing technology. The spinal cord injury line moved forward on key contracts for broad coverage in Germany. In Q4, we completed the submission of a Medicare/Medicaid application for exoskeletal walking; observed the VA trial nearing completion and expanded the size of our field organization by over 33%. We feel that we have put in place the required building blocks to allow us to grow and improve our financial standing in 2020,” stated Larry Jasinski, Chief Executive Officer of ReWalk. Fourth Quarter and Full Year 2019 Financial Results Total revenue was $1.2 million for the fourth quarter of 2019, compared to $1.6 million during the prior year quarter. 15 ReWalk and 10 ReStore systems were placed during the fourth quarter of 2019, compared to 19 ReWalk systems in the prior year period. Gross margin was 61% during the fourth quarter of 2019, compared to 39% in the fourth quarter of 2018 and our full year 2019 gross margin was 56%, compared to 43...