Business
ReWalk Robotics Reports Second Quarter 2023 Financial Results
Revenue in Line with Prior Financial Guidance Continued Progress with CMS in Establishment of Medicare Benefit Category for Exoskeletons Pending Acquisition
About this update from Lifeward Ltd.
[{"type":"text","content":"Revenue in Line with Prior Financial Guidance Continued Progress with CMS in Establishment of Medicare Benefit Category for Exoskeletons Pending Acquisition of AlterG Expected to Contribute to ReWalk Financial Results Starting in Q3’23 MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILLIT, Israel, Aug. 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 and six months ended June 30, 2023. Highlights of the Second Quarter of 2023 include: Total revenue for the second quarter of 2023 was $1.3 million, compared to $1.6 million for the second quarter of 2022.Total revenue for the six months ended June 30, 2023 was $2.6 million, compared to $2.4 million for the six months ended June 30, 2022.Gross margin was 43.1% in Q2’23, compared to 47.5% in Q2’22, a 4.4 percentage point decrease.Operating expenses were $5.7 million in the second quarter of 2023, compared to $5.1 million in the second quarter of 2022; excluding the expenses related to acquisition activity, operating expenses were $4.8 million, a decline of $0.3 million compared to those in Q2’22. “In the three months since our conference call to announce first quarter results, we have achieved substantial progress against both of our key objectives of expanding access to reimbursement coverage for personal exoskeletons and increasing the scale and growth trajectory for our company through synergistic acquisition,” stated Larry Jasinski, Chief Executive Officer of ReWalk. “With regard to reimbursement, we have seen Medicare propose a rule which would explicitly include personal exoskeletons within an established benefit category, and thus facilitate coverage and payment for qualified Medicare beneficiaries.” “In terms of strategic acquisitions, we announced our plans to purchase AlterG, a globally recognized leader in rehabilitation technology with a strong market presence in over 4,000 clinics around the world,” continued Mr. Jasinski. “We believe that this transaction will enable us to create a comprehensive commercial infrastructure to provide a portfolio of innovative rehabilitation products across the continuum of care from the clinic...