ReWalk stock hits all-time low after Q3 report
Photo | Courtesy of ReWalk
A demonstration of ReWalk's exoskeleton systems
ReWalk Robotics stock hit an historic low on Wednesday morning of $2.19 per share after the company’s reported declining revenues and sales in its third quarter.
The Marlborough manufacturer of exoskeleton suit systems to help stroke patients and people with spinal cord injuries walk reported placing 12 units in the third quarter compared to 21 units in the same quarter of 2018. Total revenue was down to $1.2 million compared to $1.6 million for the year prior.
The Nasdaq stock market responded to this news with the company’s stock falling more than 20% to $2.19 a share just before 11:30 a.m., an all-time low for the stock.
With the falling stock price, ReWalk's market cap fell to $16 million.
In the third quarter earnings report, the company was able to increase its gross margin to 53% during the third quarter of 2019, compared to 47% in the third quarter of 2018. And total operating expenses in the third quarter of 2019 decreased to $3.7 million, compared to $4.9 million in the prior year period mainly due to decreased costs associated with the development and clinical study costs of the company’s ReStore Exo-suit, and by lower personnel and personnel-related costs and consulting expenses.
Net loss was $3.4 million for the third quarter of 2019, compared to a net loss of $4.5 million in the third quarter of 2018.
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