The Marlborough, Mass.- and Israel-based company said it aims to meet its goal partially via a “reduction in staffing.” ReWalk had 87 employees as of December 2015, according to a regulator filing.
“In the years since ReWalk received its FDA clearances for spinal cord-injured individuals, we have seen the market evolve, albeit slowly,” CEO Larry Jasinski said in prepared remarks. “Taking an industry-wide assessment, and accounting for our current R&D endeavors, we have decided to reset our goals and adjust our time and investments on two core categories: pursuit of national insurance reimbursement policies for all eligible spinal cord injury exoskeleton users and device development for stroke victims.”
ReWalk will also finish quality improvement projects and try to reduce overall product cost in order to lessen its total operating expenses.
In the new year, ReWalk said it hopes to focus its efforts on reimbursement policies with insurance providers. The U.S. Veterans Affairs Dept. said in December 2015 that it would procure exoskeleton systems for all eligible users.
“We are hopeful the incoming administration will adhere to its promises of addressing systemic challenges in the VA, and set an example for the private sector to facilitate better health care benefit policies to provide access to all individuals who need a critical medical device,” Jasinski added.
Last year, the company partnered with the Wyss Institute at Harvard University to develop a soft-suit exoskeleton for patients who have suffered a stroke. ReWalk said it expects to launch the system in 2018, a year earlier than the company anticipated.
RWLK shares were trading at $2.75 apiece in early afternoon trading, down -1.8%.
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