rewalk-new-logoReWalk Robotics (NSDQ:RWLK) shares ticked up slightly today despite first-quarter results that came up short of the consensus forecast.

The Yokneam Illit, Israel–based robotic walking assistance company posted losses of $3.8 million, or -37¢ per share, on sales of $760,000 for the three months ended March 31, 2020, for a 4% bottom-line gain on a sales decline of 51.9%.

Adjusted to exclude one-time items, earnings per share were 34¢, 8¢ behind Wall Street, where analysts were looking for sales of $2.2 million.

The company noted in a news release that its quarter was heavily impacted by the COVID-19 pandemic, with some of its products unable to be delivered due to restrictions brought on by the virus.

“The first quarter of 2020 was challenging as we had the COVID-19 pandemic affecting our ability to meet, train and deliver our products to customers,” ReWalk CEO Larry Jasinski said in the news release. “We have reacted to the new environment and have modified our spending and cash usage to make sure we have sufficient cash to execute our plan for the remaining part of the year and beyond.
“We are excited with the insurance contracts achieved in Germany, our new product lines added in the United States where we see clear synergy with our current products and our CMS application progress.”

ReWalk did not offer financial guidance for 2020, but noted that it currently has $16.6 million in cash on its balance sheet and $5.7 million in short- term debt.

RWLK shares were up 1.6% at $1.26 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.9%.