January 14, 2019

ReWalk revenue dropped 16% in 2018

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

Marlborough medical device manufacturer ReWalk Robotics is expecting 2018 revenues to come in down about 16 percent from last year.

The robotic exoskeleton company for stroke and spinal cord injury patients said in a news release Monday its full year 2018 revenue would be about $6.5 million. By comparison, the company's 2017 revenue was nearly $7.8 million.

It has been a long road to the market for the company, which has its international headquarters in Israel.

As of the end of the third quarter, the company had lost $16.6 million in 2018. Through the first three quarters of 2017, the company lost $18.5 million.

A national coverage policy exists in Germany, and that has boosted the company, but the U.S. market has been slow to come.

"Although we have seen progress in Germany, we did not achieve our anticipated results in the U.S. in the fourth quarter of 2018," CEO Larry Jasinski said in a press release. "We continue to believe there is a solid market for our ReWalk exoskeleton for SCI patients and look forward to continuing to advance our ReStore system for stroke patients."

The company is planning a U.S. Food and Drug Administration submission shortly, Jasinski added.

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