ReWalk Robotics Archives - Medical Design Sourcing

ReWalk Robotics looks to the future following Lifeward rebrand

On Jan. 29, ReWalk Robotics announced a rebrand to “Lifeward.” The rebrand had, in many ways, been in the works for about six months.

Really, though, Lifeward CEO Larry Jasinski started formulating this plan a few years ago. All it needed was a few key ingredients to propel the physical rehabilitation and recovery company forward.

ReWalk’s offerings include the ReWalk Personal Exoskeleton, ReStore Exo-Suit and MyoCycle FES systems. The exoskeleton is the company’s robotic offering to enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions.

Jasinski said the company took an aggressive approach to funding during the early stages of the COVID-19 pandemic. In February 2020, it raised $7 million, followed by $9 million in July 2020. The company then added a sizeable $40 million sum to its coffers in February 2021.

Another ingredient was M&A. Jasinski has more plans for strat…

ReWalk Robotics rebrands to ‘Lifeward’ as portfolio expands

ReWalk Robotics (Nasdaq:RWLK) today unveiled new corporate branding to officially begin operating as “Lifeward.”

Beginning today, the company operates as Lifeward. Starting tomorrow, Jan. 30, 2024, its shares begin trading under the “LFWD” ticker on the Nasdaq market.

Lifeward aims to deliver solutions for rehabilitation, recovery and more in the face of physical limitation or disability. Offerings include the ReWalk Personal Exoskeleton, ReStore Exo-Suit and MyoCycle FES systems.

The branding change follows the August acquisition of AlterG. AlterG provides anti-gravity systems for use in physical and neurological rehabilitation. The transaction adds its current and future product lines to ReWalk’s existing portfolio of neurorehabilitation products. ReWalk also expects it to substantially expand its customer-facing capabilities and advance future growth opportunities.

“With the recent addition of innovative solutions like t…

ReWalk Robotics demonstrates proof-of-concept with next-gen, AI-powered exoskeleton

ReWalk Robotics (Nasdaq:RWLK) announced today that it successfully demonstrated proof-of-concept with its next-generation exoskeleton.

The Israel-based company, which operates out of Marlborough, Massachusetts, in the U.S., incorporated AI into its latest technology. It integrated advanced sensing technologies and AI to enable autonomous decision-making in the new exoskeleton prototype.

ReWalk hit this milestone as part of the Israel Innovation Authority’s MAGNET incentive program, the Human Robot Interaction Consortium.

David Hexner, ReWalk VP of R&D, said in a news release that the exoskeleton can detect and react to changes in terrain. This could lead to a potentially new generation of smart exoskeletons, according to Hexner. He said the company aims to make its technologies easier and safer to use while reducing the cognitive load on the user. ReWalk hopes to broaden the use case to more activities of everyday life.

This marks another posi…

ReWalk Robotics announces solidified Medicare coverage for personal exoskeleton

ReWalk Robotics (Nasdaq:RWLK) announced that the Centers for Medicare & Medicaid Services (CMS) finalized a rule benefitting its exoskeleton technology.

Earlier this year, CMS released a proposal aiming to establish new regulatory definition of “brace.” Adding the definition of brace would expedite coverage and payment for newer technology and powered devices, according to CMS. This potentially enables faster access to the newer technologies, like those made by ReWalk and Myomo as well.

CMS released the proposal on June 30. ReWalk applauded it as it includes personal exoskeletons in the Medicare benefit category for braces. Benefits would extend to the ReWalk Personal Exoskeleton platform, which allows paralyzed patients to stand and walk.

Now, CMS has finalized the Calendar Year 2024 Home Health Prospective Payment System Rule CMS-1780 (“2024 Home Health Rule”) which solidifies the inclusion of exoskeletons in the Medicare brace benefit category. Th…

ReWalk stock dips on Q2 EPS miss

ReWalk Robotics (Nasdaq:RWLK) shares fell today on second-quarter results that came in mixed compared to the consensus forecast.

Shares of RWLK dipped 1.8% at 71¢ apiece in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remained even.

The Yokneam Illit, Israel-based company posted losses of $4.6 million. That equals 8¢ per share on sales of $1.337 million for the three months ended June 30, 2023. Losses per share landed 1¢ behind Wall Street expectations, while sales just edged the analysts’ forecast for $1.33 million.

ReWalk Robotics recorded a 4.4% bottom-line slide further into the red on a sales decline of 14.8%.

Highlights in recent months for ReWalk include new proposed Medicare classifications that would benefit the company reimbursement-wise. Additionally, the company this week announced the planned acquisition of AlterG, an anti-gravit…

ReWalk Robotics to acquire anti-gravity tech provider AlterG for $19M

The AlterG anti-gravity treadmill. ReWalk Robotics acquired AlterG for an upfront price of $19 million. [Image from AlterG]ReWalk Robotics (Nasdaq:RWLK) announced that it executed an agreement to acquire AlterG, an anti-gravity system provider.

The deal includes a purchase price of approximately $19 million at closing. ReWalk expects to close the deal on Aug. 11, with closing contingent upon the satisfaction of customary closing conditions. Additional cash earnouts may be paid based upon a percentage of AlterG’s future revenue growth in the next two.

ReWalk aims to strengthen its long-term financial position and path to profitability through this deal. In fiscal 2022, AlterG generated $20 million in revenue and recorded a positive operating profit.

“This transaction is truly transformative for ReWalk and is a milestone in our long-term strategy for growth from both our existing portfolio of products and from synergistic acquisitions,” said Larry Jasin…

ReWalk Robotics, Myomo to benefit from new proposed Medicare classifications

The MyoPro (left) and Personal Exoskeleton (right) could benefit from a proposed Medicare ruling. [Images from ReWalk Robotics and Myomo]A new proposed rule from the Centers for Medicare and Medicaid Services (CMS) could benefit companies like ReWalk Robotics (Nasdaq:RWLK) and Myomo (NYSE:MYO).

The proposed rule would establish a new regulatory definition of “brace.” In Myomo’s case, it aims to classify the L8701 and L8702 HCPCS codes as “brace.”

Adding the definition of brace would expedite coverage and payment for newer technology and powered devices, according to CMS. This potentially enables faster access to the newer technologies, like those made by ReWalk and Myomo.

CMS released the proposal on June 30.

How ReWalk Robotics benefits from the proposed Medicare ruling

ReWalk said in a news release that it “applauds” the CMS proposal, which includes personal exoskeletons in the Medicare benefit category for…

Rewalk Robotics extends share repurchase program

ReWalk Robotics (Nasdaq:RWLK) announced today that its board of directors approved an extension to its current share repurchase program.

Yokneam Ilit, Israel-based ReWalk values its ordinary shares at NIS 0.25 ($0.072) apiece. This brings the program extension to an a aggregate amount of up to $5.8 million.

ReWalk’s ongoing $8 million repurchase program received approval from the board and an Israeli court. It ranges across a six-month period ending Jan. 20, 2023, according to a news release. Approval for the $5.8 million extension aims to facilitate purchases of up to $8 million over the life of the repurchase program. The extension remains subject to Israeli court approval. ReWalk filed a motion requesting permission to make purchases for six months following authorization.

“We believe our stock is significantly undervalued and this filing to extend our repurchase program reflects our confidence in the long-term potential of ReWalk,” said Jeff Dy…

Rewalk Robotics seeks reimbursement wins

Rewalk Robotics (Nasdaq: RWLK) today reported its third-quarter revenues were half what they were a year before, with losses widening.

However, the robotic exoskeletons company is seeking to advance its technology through reimbursement wins in the U.S. and Germany.

Early this month, Rewalk submitted its first case to Medicare Administrative Contractors (MACs) for coverage and reimbursement of the company’s exoskeleton for Medicare beneficiaries. The company announced in September that CMS was giving MACs the discretion to cover the exoskeleton.

In addition, the German Federal Social Court will hold a hearing on Nov. 10 to review whether an exoskeleton medical device should be classified as directly or indirectly compensating for the lost function of individuals with spinal cord injuries or paraplegia.

On top of the efforts to secure more reimbursements for the Rewalk robotic exoskeleton, the company had repurchased $900,000 of its stock as o…

Rewalk Robotics faces Nasdaq delisting

ReWalk Robotics (Nasdaq:RWLK) announced that it received a letter from the Nasdaq stock market indicating unsatisfied listing requirements.

Last week, the market notified the company that it failed to maintain a minimum bid price of $1 per share. This fails to satisfy the requirement for continued listing on Nasdaq.

The company became deficient with the rule as of Oct. 10, 2022, as its closing bid price failed to reach $1 for 30 consecutive business days. RWLK shares rose 1.9% to 85¢ apiece as the market opened this morning.

Rewalk has 180 days (until April 10, 2023) to comply with the rule. To do so, it must maintain a closing bid price of at least $1 for 10 consecutive business days. It also may be eligible for a second 180-day period to satisfy the requirement.

If, as of April 10, 2023, ReWalk maintains a market value of publicly held shares of at least $1 million, meets all other Nasdaq listing standards and provides written notice of its inte…

ReWalk Robotics appoints Fresenius, Boston Scientific veteran to its board

ReWalk Robotics (Nasdaq:RWLK) announced that it appointed Joseph Turk, Jr. to its board of directors.

The appointment was made effective on April 20.

Turk joins the Marlborough, Massachusetts-based robotic medical technology developer having begun his career at McKinsey and Company before joining Boston Scientific as its director of new business development.

He also held leadership roles — including that of president — at NxStage Medical. He currently serves as EVP and president of the renal therapies group at Fresenius Medical Care North America.

“Being able to improve people’s lives through commercializing novel technologies has been a driving force in my career,” Turk said in a news release. “Working with a mission-driven company with life-changing technologies such as ReWalk is a natural fit. I look forward to contributing my insight to help ReWalk develop successful broad commercialization strategies that enable better health for the disabled…

ReWalk Robotics misses Wall Street estimates in Q4 results

ReWalk Robotics (NSDQ:RWLK) this week posted fourth-quarter results that missed the consensus on Wall Street.

The Marlborough, Massachusetts-based robotic exoskeleton device maker reported losses of -$3.9 million, or -6¢ per share, on sales of $1.2 million for the three months ended Dec. 31, 2020, for a sales growth of 1.97% compared with Q4 2020.

Earnings per share were 2¢ behind The Street, where analysts were looking for sales of $1.78 million.

“2021 was a foundational year for the company as we made meaningful progress with our efforts to expand access through broad coverage in the United States and Germany. These payment activities combined with new technical developments and the easing of the pandemic restrictions are pivotal elements for our company and this industry in achieving sustainable growth after many years of investment,” CEO Larry Jasinkski said in a news release.

ReWalk Robotics did not provide a financial outlook for fiscal year…