Shares in ReWalk Robotics (NSDQ:RWLK) fell today after the rehabilitation exoskeleton maker posted fourth quarter and full year 2018 earnings that beat loss-per-share expectations but missed wide on sales consensus from Wall Street analysts.
The Yokneam, Israel-based company posted losses of approximately $5 million, or 10¢ per share, on sales of approximately $1.6 million for the three months ended December 31, seeing losses shrink 18.6% while sales grew 4.2% when compared with its fourth quarter during the previous year.
Losses per share were just ahead of the 14¢ consensus on Wall Street, where analysts expected too see sales of approximately $3 million, which the company missed.
For the full year, ReWalk Robotics reported losses of approximately $21.7 million, or 59¢ per share, on sales of approximately $6.5 million, seeing losses shrink 11.9% while sales shrunk a larger 15.6% when compared with the previous fiscal year.
Losses per share were ahead of the 67¢ consensus on Wall Street, where analysts expected to see sales of $8.5 million, which the company missed.
“We believe that 2019 is poised to be a significant year for ReWalk. I am excited by the momentum we are seeing in Europe for our SCI devices and the opportunity before us as we prepare to launch our second product, the ReStore for stroke patients. We plan to enter the stroke market with a unique lightweight product that fits into the existing reimbursement landscape, offering multiple treatment benefits for patients and a meaningful value proposition for clinics. We are excited to bring this ground-breaking technology to market and believe its unique value will support rapid adoption. In November 2018, we submitted an application for CE clearance and anticipate being able to launch ReStore mid-year. In the U.S., we are working to finalize our 510(k) submission to the FDA and, if cleared, could have a product on the market before the end of the third quarter of 2019. To support our efforts, we secured additional funding and will continue to manage our cash position. Our goal is to achieve a significant reduction in operating expenses in 2019 compared to 2018 as we complete the regulatory and key development milestones related to the ReStore launch, which we believe will reduce our burn rate in order to establish a path to break even,” CEO Larry Jasinski said in a press release.
The company has not yet released guidance for the coming year.
Shares in ReWalk Robotics have fallen 8.1% so far today, at 25¢ per share as of 11:32 a.m. EST.
Last October, ReWalk Robotics saw shares drop after it posted preliminary third-quarter sales that missed the mark on Wall Street, even as the company revealed plans for a $15 million public offering.