The Yokneam Illit, Israel–based robotic walking assistance company posted losses of -$3.4 million, or -46¢ per share, on sales of $1.2 million for the three months ended Sept. 30, for a 25.2% bottom-line gain on sales decline of -23.7%.
Adjusted to exclude one-time items, earnings per share were -88¢, 39¢ behind Wall Street, where analysts were looking for sales of 1.36 million.
“Our progress with key German ReWalk contracts and with very positive customer feedback after the first few weeks of ReStore’s clinical use supports our plans to grow this market and our top-line results especially as we look forward into FY 2020,” ReWalk CEO Larry Jasinski said in prepared remarks yesterday. “We are confident about our strategic approach in creating these new markets and see the path to our longer-term goals of building a breakeven sustainable entity.”
ReWalk Robotics did not offer an update on its expected EPS or sales guidance for fiscal 2019, but did say that, as of September 30, 2019, the company had $20.4 million in cash on its balance sheet and $7.9 million in short-term and long-term debt.