ReWalk posts $6M quarterly loss
Courtesy/ReWalk
A demonstration of ReWalk's exoskeleton systems.
ReWalk Robotics Ltd., a manufacturer of robotic exoskeletons for those with spinal cord injuries, lost more than $6 million in its most recent quarter, despite a 21-percent increase in revenue.
The company, which has its United States headquarters in Marlborough, reported its first-quarter earnings Thursday.
ReWalk had nearly $2.5 million in revenue, yet spent far more over the period on sales and marketing ($3.1 million), general and administrative costs ($2.1 million) and research and development ($1.4 million).
The first-quarter results continue a challenging time for the company, which has its international headquarters in Israel. ReWalk had a net loss of $8.5 million in the previous quarter, and a loss of nearly $33 million for the most recent fiscal year.
Sales and marketing costs in particular have outpaced revenue, even as revenue has continued to climb.
ReWalk's revenue is due in part to an order of 28 of its systems by the U.S. Department of Veterans Affairs for a trial studying the impact of exoskeleton use in personal settings. The V.A. previously ordered 20 units for the first leg of the study.
ReWalk also recently announced it has a new chief commercial officer. Jodi Gricci, who was ReWalk's vice president of global marketing, training and service, was promoted to the post.
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