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.
ReWalk did not offer financial guidance for 2020, but noted that it currently has $16.6 million in cash on its balance sheet and $5.7 million in short- term debt.
RWLK shares were up 1.6% at $1.26 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.9%.