Today the 2nd of November 2017, Rewalk Robotics, the innovative medical device company that is designing, developing and commercialising exoskeletons allowing wheelchair-bound individuals to stand and walk once again reported it’s 3rd quarter results, which saw positive growth.
Total revenue was $1.7 million for the third quarter of 2017, an increase of 24% compared with $1.4 million in the third quarter of 2016 and $600,000 lower than it’s second quarter revenues. 16 ReWalk units were placed during the third quarter, compared with 23 ReWalk systems placed in the prior year period, of which 10 were placed in the U.S., three in Europe, and three with distributors. An additional 8 rental units from previous periods converted to purchases. For the first three quarters of 2017, a total of 19 rental units converted to sales.
Gross margin improved to 41% during the third quarter of 2017 compared to 21% in the prior year period, primarily attributable to sales mix, an increase in the conversion of rental units to purchases, and lower product costs.
Total operating expenses in the third quarter of 2017 were $6.1 million compared with $7.7 million in the third quarter of 2016. Operating expenses in the third quarter of 2017 reflect initiatives to reduce spending announced earlier in 2017.
Net loss was $5.8 million for the third quarter of 2017 compared with a net loss of $7.9 million in the prior year quarter. Non-GAAP net loss for the third quarter was $4.8 million compared with a non-GAAP net loss of $6.7 million in the third quarter of 2016.*
Rewalk Robotics’ share price changed little after the news and remains at a plateau, hovering around $1.35 which is a considerable difference between it’s highest price of $16.9, in December of 2015.