ReWalk's revenue more than doubles
Courtesy/ReWalk
A demonstration of ReWalk's exoskeleton systems.
Revenue for Marlborough's ReWalk Robotics more than doubled in the second quarter on new orders for the company's walking-aid systems.
ReWalk remained in the red, narrowing its $9.1-million loss in the same quarter a year prior to $6.3 million.
Despite those losses, ReWalk said in an earnings report Thursday that it secured 11 favorable commercial insurance claims decisions, had 217 pending insurance claims in the United States and Germany, and had 31 systems ordered in the quarter, about half of which were in the U.S. and an increase from 25 in the prior-year period.
Insurance claims are important for the company, whose systems help those with spinal cord injuries walk. It is also working on a prototype for a system for stroke patients.
ReWalk also recently signed an exclusive distribution agreement with a French medical provider to provide its systems to patients in France.
Revenue for ReWalk hit $2 million in the quarter, up from $817,000 a year prior. The company said it has been working to reduce spending, and costs were reduced to $6.1 million in the quarter, compared to $8.7 million in the prior year.
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