ReWalk exoskeleton placements double, gain German favor
Photo courtesy of ReWalk
Placements or ReWalk's exoskeletons grew.
Even though the company again lost money, placements of ReWalk Robotics’ exoskeletons more than doubled in the second quarter while a German court declared the systems to be medically necessary and must be covered by insurance.
ReWalk, with U.S. headquarters in Marlborough, announced Thursday that in the second quarter it had placed 25 ReWalk exoskeleton systems, which allow people with certain spinal injuries to walk upright rather than sit in a wheel chair, compared to 12 in the same quarter of 2015. Of those, 24 were placed with individual customers with 18 of those being covered by insurance. These orders contributed to revenue in the second quarter of $817,000, compared to $610,000 for the second quarter of 2015.
This news of placement growth came as the company announced another ruling requiring its device to be covered by insurance in Germany. The Social Welfare Court of Speyer declared the exoskeleton system was medically necessary and should be covered by insurance for an individual with spinal cord injury, according to a release from ReWalk.
This good news was accompanied by a $9.1 million loss in the second quarter, up from $4.5 million in the previous year’s second quarter. R&D expenses were up for the quarter, to $3.1 million from $1.5 million while administrative expenses grew to $5.6 million for the second quarter of 2016, compared to $4.5 million in the prior year period, as a result of investment in reimbursement activities.
The company’s stock responded well to the news of the increased sales, jumping nearly 10 percent in early trading.
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