ReWalk Robotics (NSDQ:RWLK) shares took a hit today after the rehabilitation exoskeleton maker posted preliminary third-quarter sales that missed the mark on Wall Street, even as the company revealed plans for a $15 million public offering.
The Yokneam, Israel-based company also registered a $14.8 million offering of stock and other securities.
ReWalk said it expects to report sales of roughly $1.6 million for the three months ended Sept. 30, well shy of the $2.2 million expectation on The Street and off -5.9% compared with Q3 2017. That sent RWLK shares down -1.1% to 80.73¢ apiece today in mid-day trading.
In a separate regulatory filing, ReWalk said it plans to use any eventual proceeds from the public offering to expand its commercial footprint and on R&D for the lightweight exoskeleton it’s developing for lower-limb rehabilitation.
“We may also use net proceeds from this offering to make acquisitions or investments in complementary companies or technologies, although we do not have any agreement or understanding with respect to any such acquisition or investment at this time,” the company said.