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…

Read more
  • 0

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…

Read more
  • 0

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…

Read more
  • 0

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…

Read more
  • 0

ReWalk Robotics slides before hours on missed earnings in Q1

ReWalk Robotics (NSDQ:RWLK) posted first-quarter results today that beat the revenue consensus on Wall Street but missed on earnings estimates.

The Marlborough, Mass.-based company reported losses of -$3.06 million, or -8¢ per share, on sales of $1.3 million for the three months ended March 31, for a sales growth of 73.16% compared with Q1 2020, which had net losses of -$3.8 million and sales of $760,000.

Earnings per share were -8¢, 1¢ behind The Street, where analysts were looking for sales of $1 million.

“We are encouraged by the results shown in the first quarter of 2021” CEO Larry Jasinski said in a news release. “We see areas of our direct markets gradually reopening, which allows us to increase trials of ReWalk’s new Personal 6.0 System with patients and return to in-clinic demonstrations of our rehab products for new potential users. As we look forward into 2021, we remain focused on progressing our CMS coverage and broadening our German market a…

Read more
  • 0

ReWalk Robotics closes $40M private placement

ReWalk Robotics (NSDQ:RWLK) announced today that it closed a private placement worth approximately $40 million.

Marlborough, Mass.-based Rewalk Robotics’ private placement included more than 10.9 million ordinary shares and warrants to purchase up to nearly 5.5 million ordinary shares at a purchase price of $3.6625 per share and associated warrant, according to a news release.

The $40 million in proceeds is an approximation of the total collected before the deduction of placement agent fees for H.C. Wainwright & Co., which acted as the sole placement agent, along with other expenses payable by the company.

Warrants included in the offering have a term of five and one-half years, are exercisable immediately and possess an exercise price of $3.60 per ordinary share.

ReWalk Robotics said it plans to use the proceeds for sales, marketing and reimbursement expenses related to market activities of its ReStore soft suit robotic exoskeleton and …

Read more
  • 0

ReWalk Robotics misses on revenues in Q4

ReWalk Robotics (NSDQ:RWLK) shares dipped pre-market today on fourth-quarter results that couldn’t top the consensus forecast.

The Marlborough, Mass.-based robotic exoskeleton device maker posted losses of -$2.9 million, or -14¢ per share, on sales of $1.2 million for the three months ended Dec. 31, 2020, for a 17.6% bottom-line gain on sales growth of 3.1%.

Adjusted to exclude one-time items, losses per share were also -14¢, coming in equal with projections on Wall Street, where analysts were looking for sales of $1.5 million.

“We are encouraged with our overall results in FY 2020,” ReWalk Robotics CEO Larry Jasinski said in a news release. “Although we have faced and continue to face the effects of Covid-19 in several of our key markets, during this last year we progressed our CMS initiative as we created a new code for exoskeleton and, if our planned coverage application is successful, it will allow a significant number of the U.S. s…

Read more
  • 0

Court denies shareholder lawsuit against ReWalk Robotics

A district court dismissed ReWalk Robotics (NSDQ:RWLK) shareholders’ claims of violations of the Securities Act and Securities Exchange Act.

The Massachusetts District Court dismissed the Securities Act claims made by investors, led by Wang Yan, due to a failure to state a claim, while also finding that Yan did not have standing to bring the Exchange Act claims, according to a court filing. Yan, on behalf of proposed classes of investors, alleged that the company misrepresented and omitted details about its dealings with the FDA in its initial public offering registration statement and subsequent quarterly and annual disclosures.

Yan failed to allege a violation of the Securities Act and his challenge of ReWalk’s alleged failures to make certain disclosures after his purchase of ReWalk securities, according to the court.

The court concluded that the proposed plaintiff would be denied from joining the party, affirming the dismissal of the amen…

Read more
  • 0

ReWalk Robotics raises $9m

ReWalk Robotics (NSDQ:RWLK) announced last week that it entered into definitive agreements to issue its ordinary shares for proceeds totaling about $9 million.

The Yokneam Illit, Israel–based robotic walking assistance company issued more than 4.9 million ordinary shares at a purchase price of $1.8225 per share, while also issuing unregistered warrants to purchase up to nearly 2.5 million ordinary shares. THe warrants will have a term of five and one-half years and will be exercisable immediately following the issuance date at $1.76 per share.

ReWalk expects the offering to close this week and plans to use gross proceeds for sales, marketing and reimbursement expenses related to the development of its ReStore device, as well as broadening third-party payor coverage for the ReWalk Personal device, according to a news release.

Other uses for the proceeds include research and development costs as ReWalk develops a lightweight exo-suit technology for potenti…

Read more
  • 0

Medtech 100 roundup: Stocks peak to end May

Medtech stocks hit their highest point since before the COVID-19 pandemic rocked the markets as May came to a close last week.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 87.17 points at the end of last week (May 29). That total represents a 2.3% gain from the 85.22-point total at the same time a week prior (May 22).

The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 40.3% growth in total, marking the highest rise the index has seen since its previous mid-pandemic high of 85.77 on May 4.

However, the stocks are down 5.6% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19, although that is the smallest margin of decline over the past three months.

Compared to the S&P 500 Index, which experienced a 3% increase from May 22 to May 29, the medtech index took a similarly sizeable leap. The Dow Jones Index f…

Read more
  • 0

ReWalk Robotics posts COVID-19-affected Q1 losses

ReWalk 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…
Read more
  • 0