November 2, 2017

ReWalk lost $6M in third quarter

Courtesy
ReWalk's prototype for a system to help stroke patients walk.

ReWalk Robotics Ltd., a manufacturer of robotic exoskeletons for those with spinal cord injuries, saw a 24-percent growth in revenue in the third quarter while posting a net loss of $5.8 million.

The company, which is based in Israel and has offices in Marlborough, reported a 46-percent rise in the number of pending insurance claims for its systems in the United States and Germany, a signal of expected growth.

ReWalk had 16 of its units ordered during the quarter, it said in an earnings report Thursday, compared to 23 in the same period a year ago.

The company first received U.S. Food and Drug Administration approval for its walking systems in 2014. In July, it announced a deal with Harmonie Medical Service, one of the largest French medical device providers, giving ReWalk access to a network of 64 agencies and 45 departments throughout France.

Despite recent growth and signs of potential expansion, ReWalk continues to lose money in the meantime. The company lost $5.8 million in the quarter, an improvement over a $7.9 million loss a year ago.

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