-- Record revenue of $2.5 million, up 21% over prior year quarter --
-- 14 favorable commercial case by case insurance coverage decisions in the US & Germany --
-- 28 units ordered for the U.S. Department of Veterans’ Affairs Randomized Exoskeleton Study --
YOKNEAM ILIT, Israel and MARLBOROUGH, Mass., May 04, 2017 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq:RWLK) (“ReWalk” or the “Company”) today announced its financial results for the three months ended March 31, 2017.
Highlights of and subsequent to the first quarter include:
Total revenue for the first quarter was $2.5 million compared to $2.1 million in the prior year quarter;
37 units were placed during the first quarter, of which 26 were in the U.S. and 11 in Germany;
14 favorable commercial insurance coverage decisions resulted in reimbursement for ReWalk devices: five favorable decisions from payors in the U.S. and nine in Germany;
194 pending insurance claims in the U.S. and Germany as of the end of the quarter;
Gross margin improved to 42% compared to 24% during the first quarter of 2016; and
- The U.S. Department of Veterans’ Affairs (VA) ordered 28 units to support a national multi-center trial at 10 VA facilities, of which 20 were shipped during the quarter, for a total of 56 since the study was initiated.
“We are making excellent progress with each of our key initiatives. Record case by case coverage decisions and active coverage contract discussions with commercial payors in the U.S. and Germany reflect the growing acceptance of exoskeletons as mainstream technology. In parallel, the VA has added sufficient inventory and resources to expand its randomized exoskeleton study to all 10 planned centers, which will help accelerate enrollment. Through the study, those enrolled will have a direct path to securing their own system via the VA’s coverage protocol (SOP). In addition, our innovative soft suit exoskeleton for stroke and other lower limb disabilities is approaching a design freeze, with commercial launch expected at the end of 2018. We believe we are on the right path as we continue to build the foundation of this new industry,” stated Larry Jasinski, Chief Executive Officer.
First Quarter 2017 Financial Results
Total revenue was $2.5 million for the first quarter of 2017, compared with $2.1 million in the first quarter of 2016, and up sequentially from $1.6 million in the fourth quarter of 2016. 37 ReWalk systems were placed during the first quarter, compared with 32 ReWalk systems placed in the prior year period.
Gross margin improved to 42% compared to 24% in the prior year period.
