ReWalk Robotics (NSDQ:RWLK) posted first-quarter results today that beat the revenue consensus on Wall Street but missed on earnings estimates.
The Marlborough, Mass.-based company reported losses of -$3.06 million, or -8¢ per share, on sales of $1.3 million for the three months ended March 31, for a sales growth of 73.16% compared with Q1 2020, which had net losses of -$3.8 million and sales of $760,000.
Earnings per share were -8¢, 1¢ behind The Street, where analysts were looking for sales of $1 million.
“We are encouraged by the results shown in the first quarter of 2021” CEO Larry Jasinski said in a news release. “We see areas of our direct markets gradually reopening, which allows us to increase trials of ReWalk’s new Personal 6.0 System with patients and return to in-clinic demonstrations of our rehab products for new potential users. As we look forward into 2021, we remain focused on progressing our CMS coverage and broadening our German market access. We believe we remain on track to achieve our 2021 objectives and we have a strong cash position that allows us to explore further opportunities for growth.”
ReWalk Robotics did not provide a financial outlook for the remainder of the 2021 fiscal year.
Shares in RWLK were down -2.42% to $1.61 apiece in pre-market trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1%.