Business
ReWalk Robotics Reports Third Quarter 2022 Financial Results
ReWalk Has Submitted the First Case to Medicare Administrative Contractors (MACs) for Coverage and Reimbursement of the ReWalk Exoskeleton for Medicare
About this update from Lifeward Ltd.
[{"type":"text","content":"ReWalk Has Submitted the First Case to Medicare Administrative Contractors (MACs) for Coverage and Reimbursement of the ReWalk Exoskeleton for Medicare Beneficiaries As of November 4th, ReWalk Has Repurchased $0.9 Million of Common Stock Since Initiation of Its Program German Federal Social Court Hearing on November 10th with Ruling Expected Shortly After MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Nov. 07, 2022 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), a leading manufacturer of robotic medical technology for people with lower extremity disabilities, today announced its financial results for the three and nine months ended September 30, 2022. Highlights of and subsequent to the third quarter of 2022 include: ReWalk submitted its first Medicare case to a MAC in early November and will continue to prepare further cases for submission for Medicare coverage and reimbursement;Total revenue for the third quarter of 2022 was $0.9 million, compared to $2.0 million in the third quarter of 2021;The Company’s operating expenses were $5.7 million in the third quarter of 2022, compared to $3.8 million in the third quarter of 2021; andStrong cash position with $74.0 million as of September 30, 2022. “With the submission of the first Medicare case based on the guidance of the Centers for Medicare and Medicaid Services (CMS), ReWalk has taken an important step in advancing its mission to expand the access to its exoskeleton devices for the spinal cord injury (SCI) community,” stated Larry Jasinski, Chief Executive Officer of ReWalk. “We look forward to continuing our work with CMS as we take the next step in the process toward establishing a coverage mechanism for Medicare beneficiaries. ReWalk remains committed to our mission of helping individuals with SCI to achieve the benefits of functional ambulation. We believe these important steps will ultimately lead to exoskeletal walking as a routine part of everyday life for Medicare beneficiaries.” Third Quarter 2022 Financial Results Total revenue was $0.9 million in the third quarter of 2022, compared to $2.0 million during the third quarter of 2021. The decrease is mainly due to a lower number of ReWalk personal units sold in Europe and a lower number of personal and rehabilitation units sold in the United States, partially offset by an inc...