YOKNEAM ILIT, Israel and MARLBOROUGH, Mass., May 7, 2015 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq:RWLK) (“ReWalk” or “the Company”) today announced its financial results for the three months ended March 31, 2015.
Highlights of and subsequent to the first quarter include:
- Total revenue was $635,000 compared to $445,000 during the first quarter of 2014, an increase of 43% year-over-year but a sequential decline from $1.5 million in the fourth quarter of 2014;
- 13 ReWalk systems were placed during the first quarter of 2015 compared to six systems during the first quarter of 2014 and 31 systems during the fourth quarter of 2014;
- Received new coverage decisions with a commercial private insurer and Workers’ Compensation groups in the U.S., and Germany;
- Broadened our presence in the leading rehabilitation centers in the United States – to include eight of the top 10 rehabilitation centers in the U.S. (US News & World Report Rehabilitation & Hospital rankings), and added 10 new training centers in the first quarter of 2015; and
- Established new partnerships to distribute the ReWalk exoskeleton systems in Northern India and Denmark.
“Sales this quarter were less than expected as the number of units placed were impacted by longer cycle times to complete patient evaluation, training, and processing of reimbursement claims,” said Larry Jasinski, Chief Executive Officer.
“During the quarter we made excellent progress in building our overall training infrastructure, expanding market awareness and creating a high level of qualified customer demand. Due to stronger customer interest, we are now directing more qualified leads to our training centers, which we believe will result in higher sales. April commitments are already equal to first quarter sales, and we have two months remaining in Q2. Our outlook remains positive for growth over the course of the year,” he added.
“Our strategic plan for initial case-by-case reimbursement along with parallel long-term activities is the key to achieving our overall growth targets. The experienced reimbursement team we have recruited has begun to build the infrastructure we need to enable more individuals to obtain coverage for their systems in the short term and will be able to support market growth over the next few years.” Jasinski concluded.
First Quarter 2015 Financial Results
Total revenue was $635,000 for the first quarter of 2015, up 43% compared with $445,000 in the first quarter of 2014, due to higher placements of ReWalk systems during the first quarter of 2015. In the first quarter of 2015, 13 ReWalk systems were placed compared with six ReWalk systems placed in the prior year period.
Gross profit for the first quarter of 2015 was $33,000 as compared to a gross loss of $0.2 million in the first quarter of 2014. This was largely due to the positive impact of moving manufacturing operations to Sanmina in the second half of 2014.
Total operating expenses in the first quarter of 2015 were $5.6 million, compared with $2.8 million in the first quarter of 2014, and reflects the Company’s increased investment in sales, marketing, and research and development resources and the increased cost of being a publicly-traded company.
Net loss was $5.7 million for the first quarter of 2015 compared with $5.1 million in the prior year quarter. Non-GAAP net loss for the first quarter of 2015 was $5.1 million compared with non-GAAP net loss of $2.9 million in the prior year quarter.
A reconciliation of net loss to non-GAAP net loss is included at the end of this press release.
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