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ReWalk Robotics Reports Fourth Quarter and Year End 2020 Financial Results
— Annual revenue of $4.4 million in 2020 and $1.2 million for the fourth quarter of 2020 —
— Continued CMS progress made with issuance of HCPCS Level II Code for ReWalk Exoskeleton enabling an upcoming application for coverage —
— Debt repayment and strengthened cash position allowed going concern qualification removal —
— Expended German reimbursement contracts with additional insurers —
Highlights of and subsequent to the fourth quarter and FY 2020 include:
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Q4 2020 revenue was $1.2 million and FY 2020 revenue was $4.4 million, compared to $1.2 million in Q4 2019 and $4.9 million in FY 2019.
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Going concern qualification removed as our cash at the end of the year was $20.3 million and an additional $13.2 million received through warrants exercise to date in 2021.
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Continued CMS progress made with issuance of HCPCS Level II Code for ReWalk Exoskeleton enabling an upcoming application for coverage
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Expended German reimbursement contracts with additional insurers
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FY 2020 operating expenses were $14.2 million compared to $16.8 million in FY 2019
“We are encouraged with our overall results in FY 2020. 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. spinal cord injury population access to our device. Our German insurance contracts continued to expand as more payors are joining them and with our strengthened cash position we can maximize our company's potential,” stated Larry Jasinski, Chief Executive Officer of ReWalk.
