ReWalk Robotics Ltd. (Nasdaq: RWLK), a leading provider of innovative mobility and wellness technologies for individuals with neurological conditions, announced its financial results for the third quarter of 2023. The company reported a record quarterly revenue of $4.4 million, representing a significant increase of 397% compared to the same period last year.
One of the highlights of the quarter was the successful completion of ReWalk’s acquisition of AlterG, Inc., which adds scale to the company’s revenue base and brings AlterG’s Anti-Gravity technology into its portfolio of rehabilitation solutions. This acquisition positions ReWalk to capitalize on the growing market for exoskeletons and accelerates its path to profitability.
ReWalk also made significant progress in its efforts to attain Medicare payment coverage for exoskeletons. During Q3’23, the company actively submitted claims to Medicare, better positioning itself for reimbursement eligibility once payments are underway. In addition, the Centers for Medicare & Medicaid Services (CMS) finalized the 2024 Home Health Rule, including the inclusion of exoskeletons in the Medicare brace benefit category.
Larry Jasinski, Chief Executive Officer of ReWalk, expressed optimism about the company’s future, stating, “We believe that the future for ReWalk is very bright, and we look forward to continued progress in our financial results in the coming quarters.”
In terms of financial performance, the company reported total revenue of $4.4 million, with revenue from the legacy ReWalk business contributing $1.5 million. Gross margin for the quarter was 19.6%, with non-GAAP adjusted gross margin at 45.1%, reflecting improved performance compared to the same period last year.
ReWalk ended the quarter with $32.6 million in unrestricted cash and cash equivalents and no debt. The company used $7.4 million in cash for operations during the quarter, with a portion allocated to M&A-related activity.
1. What were ReWalk Robotics’ third quarter financial results?
ReWalk Robotics reported a record quarterly revenue of $4.4 million, representing a significant increase of 397% compared to the same period last year.
2. What highlights were mentioned in the company’s third-quarter announcement?
The highlights included the successful completion of ReWalk’s acquisition of AlterG, Inc., significant progress in efforts to secure Medicare payment coverage for exoskeletons, and the finalized inclusion of exoskeletons in the Medicare brace benefit category.