ReWalk Robotics (Nasdaq:RWLK) shares fell today on second-quarter results that came in mixed compared to the consensus forecast.
Shares of RWLK dipped 1.8% at 71¢ apiece in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remained even.
The Yokneam Illit, Israel-based company posted losses of $4.6 million. That equals 8¢ per share on sales of $1.337 million for the three months ended June 30, 2023. Losses per share landed 1¢ behind Wall Street expectations, while sales just edged the analysts’ forecast for $1.33 million.
ReWalk Robotics recorded a 4.4% bottom-line slide further into the red on a sales decline of 14.8%.
Highlights in recent months for ReWalk include new proposed Medicare classifications that would benefit the company reimbursement-wise. Additionally, the company this week announced the planned acquisition of AlterG, an anti-gravity technology maker.
“In the three months since our conference call to announce first quarter results, we have achieved substantial progress against both of our key objectives of expanding access to reimbursement coverage for personal exoskeletons and increasing the scale and growth trajectory for our company through synergistic acquisition,” said Larry Jasinski, ReWalk CEO. “With regard to reimbursement, we have seen Medicare propose a rule which would explicitly include personal exoskeletons within an established benefit category, and thus facilitate coverage and payment for qualified Medicare beneficiaries.”
ReWalk didn’t provide financial guidance for 2023.