ReWalk Robotics Ltd (RWLK)

[midastouch017]

ReWalk Robotics Reports First Quarter 2021 Financial Results

https://finance.yahoo.com/news/rewalk-robotics-reports-first-quarter-112300986.html

— First Quarter 2021 Total Revenue of $1.3 million —

— Strong balance sheet with $ 67.4 million in cash, as of March 31, 2021—

MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, May 11, 2021 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced its financial results for the three months ended March 31, 2021.

Highlights of and subsequent to the first quarter of 2021 include:

The Company’s total revenue in the first quarter of 2021 was $1.3 million, compared to $0.8 million in the prior year’s first quarter;

The Company’s gross margin was 54% in Q1 of 2021, compared to 49% in Q1 of 2020;

The Company’s operating expenses were $3.7 million in Q1 of 2021, compared to $4 million in Q1 2020;

The Company entered into a contract with BKK Mobile Oil health insurance to supply ReWalk’s Personal 6.0 System to eligible persons in Germany; and

The Company has a strong balance sheet with $67.4 million in cash as of March 31, 2021.

“We are encouraged by the results shown in the first quarter of 2021,” said Larry Jasinski, ReWalk’s Chief Executive Officer. “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 access. We believe we remain on track to achieve our 2021 objectives and we have a strong cash position that allows us to explore further opportunities for growth.”

First Quarter 2021 Financial Results

Total revenue was $1.3 million the first quarter of 2021, compared to $0.8 million during first quarter of the prior year. The increase is due to additional ReWalk Personal 6.0 units sold in Germany and the United States.

Gross margin was 54% during the first quarter of 2021, compared to 49% in the first quarter of 2020. The increase is due primarily to the higher number of units sold during the quarter as compared to the same period in the previous year.

Total operating expenses in the first quarter of 2021 were $3.7 million, compared to $4 million in the first quarter of the prior year.

Net loss was $3.1 million for the first quarter of 2021, compared to a net loss of $3.8 million in the first quarter of the prior year.

Non-GAAP net loss was $2.8 million in the first quarter of 2021, compared to $3.6 million during the first quarter of the prior year. Reconciliation of net loss to non-GAAP net loss is included at the end of this press release.

Liquidity

As of March 31, 2021, ReWalk had $67.4 million in cash on its balance sheet.

Conference Call

ReWalk management will host its first quarter 2021 conference call as follows:

Date

Tuesday, May 11, 2021

Time

8:30 AM EDT

Telephone

U.S:

[phone]

International:

[phone]

Israel:

18 09 31 53 62

Germany:

08 00 18 15 287

Access code

5966026

Webcast (live, listen-only and archive)

www.rewalk.com under the “Investors” section.

The archived webcast will be available via the following URL
https://edge.media-server.com/mmc/p/dkwioh4r or through the 'Investors' section' on www.rewalk.com.