ReWalk Robotics Reports Second Quarter 2022 Financial Results

Highlights June 8^th Milestone Participation at Biannual CMS HCPCS Public Assembly as A part of Efforts to Acquire “Synthetic Legs” Profit Class Classification as Prosthetic for ReWalk Machine        

Has Submitted 510k Application for ReWalk Stairs and Curbs Performance

MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Aug. 09, 2022 (GLOBE NEWSWIRE) — ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Firm”) as we speak introduced its monetary outcomes for the three and 6 months ended June 30, 2022.

Highlights of and subsequent to the second quarter of 2022 embrace:

• Whole income for the second quarter of 2022 was $1.6 million, in comparison with $1.4 million within the second quarter of 2021;
• Sturdy money place with $78.8 million as of June 30, 2022;
• The Firm’s working bills had been $5.1 million within the second quarter of 2022, in comparison with $3.9 million within the second quarter of 2021;
• In June 2022, the Firm introduced that its Board of Administrators (the “Board”) had authorised a program to repurchase as much as $8.0 million of the Firm’s extraordinary shares, par worth NIS 0.25 per share, topic to receipt of Israeli courtroom approval. In July 2022, the Firm introduced that it had acquired approval from an Israeli courtroom for the share repurchase program, legitimate by means of January 20, 2023. The method to start repurchasing shares is underway.
• On June eighth, the Firm introduced earlier than CMS at its Healthcare Widespread Process Coding System (HCPCS) assembly, detailing why CMS ought to promptly assign the ReWalk Private Prosthetic Exoskeleton to the “synthetic leg” prosthetic profit class. No preliminary dedication was made in the course of the assembly, and ReWalk is at present awaiting additional suggestions from CMS, which it expects to obtain in the course of the second half of 2022.

“Establishing broad entry to ambulation expertise for the paralyzed group – in addition to including new applied sciences to enhance utilization – is our major goal,” acknowledged Larry Jasinski, Chief Govt Officer of ReWalk. “Our collaborative efforts with CMS and different our bodies on reimbursement, mixed with ongoing enhancements of the expertise, are driving vital progress in opposition to this objective. Additional, current public classes and subsequent interplay with CMS are encouraging steps on this pathway to ship for sufferers and create worth for our shareholders. We look ahead to near-term milestones which have the potential to considerably catalyze our progress by way of expanded reimbursement.”

Second Quarter 2022 Monetary Outcomes

Whole income was $1.6 million within the second quarter of 2022, in comparison with $1.4 million in the course of the second quarter of 2021. The rise is especially as a consequence of larger variety of ReWalk Private 6.0 models offered in Europe and the next variety of distributed merchandise offered in america.

Gross margin was 48% in the course of the second quarter of 2022, in comparison with 51% within the second quarter of 2021. The lower is especially pushed by larger freight and service-related bills.

Whole working bills within the second quarter of 2022 had been $5.1 million, in comparison with $3.9 million within the second quarter of 2021. The rise is because of larger SG&A worker and worker associated bills in addition to larger consulting bills associated to CMS progress, product growth {and professional} companies associated to the 2022 proxy course of.

Internet loss was $4.4 million for the second quarter of 2022, in comparison with a web lack of $3.1 million within the second quarter of 2021.

Non-GAAP web loss was $4.2 million within the second quarter of 2022, in comparison with $2.9 million in the course of the second quarter of 2021. Reconciliation of web loss to non-GAAP web loss is included on the finish of this press launch.

Liquidity

As of June 30, 2022, ReWalk had $78.8 million in money on its steadiness sheet.

Convention Name

ReWalk administration will host its second quarter 2022 convention name as follows:

The archived webcast will probably be obtainable by way of the next URL https://edge.media-server.com/mmc/p/fz7je7rr or by means of the ‘Buyers’ part’ on our web site at www.rewalk.com.

About ReWalk Robotics Ltd.

ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for people with decrease limb disabilities because of spinal twine harm or stroke.  ReWalk’s mission is to essentially change the standard of life for people with decrease limb incapacity by means of the creation and growth of market main robotic applied sciences. Based in 2001, ReWalk has headquarters within the U.S., Israel and Germany. For extra info on the ReWalk programs, please go to www.rewalk.com.

ReWalk® is a registered trademark of ReWalk Robotics Ltd. in Israel and america.

ReStore® is a registered trademark of ReWalk Robotics Ltd. in america, Europe and the UK.

Ahead-Wanting Statements

Along with historic info, this press launch accommodates forward-looking statements throughout the that means of the U.S. Non-public Securities Litigation Reform Act of 1995, Part 27A of the U.S. Securities Act of 1933, and Part 21E of the U.S. Securities Change Act of 1934. Such forward-looking statements might embrace projections concerning ReWalk’s future efficiency and different statements that aren’t statements of historic truth and, in some instances, could also be recognized by phrases like “anticipate,” “assume,” “imagine,” “proceed,” “might,” “estimate,” “anticipate,” “intend,” “might,” “plan,” “potential,” “predict,” “undertaking,” “future,” “will,” “ought to,” “would,” “search” and comparable phrases or phrases. The forward-looking statements contained on this press launch are primarily based on administration’s present expectations, that are topic to uncertainty, dangers and adjustments in circumstances which are troublesome to foretell and lots of of that are outdoors of ReWalk’s management. Essential elements that would trigger ReWalk’s precise outcomes to vary materially from these indicated within the forward-looking statements embrace, amongst others: uncertainties related to future medical trials and the medical growth course of, the product growth course of and FDA regulatory submission evaluate and approval course of; the opposed impact that the COVID-19 pandemic has had and should proceed to have on the Firm’s enterprise and outcomes of operations; ReWalk’s skill to have enough funds to fulfill sure future capital necessities, which might impair the Firm’s efforts to develop and commercialize current and new merchandise; ReWalk’s skill to take care of compliance with the continued itemizing necessities of the Nasdaq Capital Market and the chance that its extraordinary shares will probably be delisted if it can not accomplish that; ReWalk’s skill to take care of and develop its status and the market acceptance of its merchandise; ReWalk’s skill to attain reimbursement from third-party payors, together with CMS, for its merchandise; ReWalk’s restricted working historical past and its skill to leverage its gross sales, advertising and coaching infrastructure; ReWalk’s expectations as to its medical analysis program and medical outcomes; ReWalk’s expectations concerning future progress, together with its skill to extend gross sales in its current geographic markets and broaden to new markets; ReWalk’s skill to acquire sure parts of its merchandise from third-party suppliers and its continued entry to its product producers; ReWalk’s skill to enhance its merchandise and develop new merchandise; ReWalk’s compliance with medical gadget reporting rules to report opposed occasions involving the Firm’s merchandise, which might lead to voluntary corrective actions or enforcement actions resembling necessary recollects, and the potential affect of such opposed occasions on ReWalk’s skill to market and promote its merchandise; ReWalk’s skill to achieve and keep regulatory approvals; ReWalk’s skill to take care of enough safety of its mental property and to keep away from violation of the mental property rights of others; the chance of a cybersecurity assault or breach of the Firm’s IT programs considerably disrupting its enterprise operations; ReWalk’s skill to make use of successfully the proceeds of its choices of securities; and different elements mentioned beneath the heading “Danger Elements” in ReWalk’s annual report on Varieties 10-Ok and 10-Ok/A for the 12 months ended December 31, 2021 filed with the SEC and different paperwork subsequently filed with or furnished to the SEC. Any forward-looking assertion made on this press launch speaks solely as of the date hereof. Elements or occasions that would trigger ReWalk’s precise outcomes to vary from the statements contained herein might emerge on occasion, and it isn’t potential for ReWalk to foretell all of them. Besides as required by regulation, ReWalk undertakes no obligation to publicly replace any forward-looking statements, whether or not because of new info, future developments or in any other case.

Non-GAAP Monetary Measures

To complement its consolidated monetary statements, that are ready and introduced in accordance with U.S. Typically Accepted Accounting Ideas (GAAP), ReWalk believes that the usage of non-GAAP accounting measures, together with non-GAAP web loss, is useful to its traders. These measures, which the Firm refers to as non-GAAP monetary measures, will not be ready in accordance with GAAP.

For the three and 6 months ended June 30, 2022 and 2021, non-GAAP web loss is calculated as GAAP web loss excluding (i) non-cash share-based compensation expense, (ii) depreciation.

Due to various obtainable valuation methodologies, subjective assumptions, and the number of fairness devices that may affect an organization’s non-cash bills, ReWalk believes that offering non-GAAP monetary measures that exclude non-cash share-based compensation expense, depreciation and non-cash monetary (revenue) bills permits for extra significant comparisons between working outcomes from interval to interval. Every of the Firm’s non-GAAP monetary measures is a crucial instrument for monetary and operational decision-making and for the Firm’s analysis of its working outcomes over totally different intervals of time. The non-GAAP monetary knowledge will not be measures of the Firm’s monetary efficiency beneath U.S. GAAP, and shouldn’t be thought of as alternate options to working loss or web loss or every other efficiency measures derived in accordance with GAAP. Non-GAAP monetary measures might not present info that’s instantly corresponding to that offered by different firms in ReWalk’s business, as different firms within the business might calculate non-GAAP monetary outcomes otherwise, notably associated to non-recurring, uncommon gadgets. As well as, there are limitations in utilizing non-GAAP monetary measures as a result of the non-GAAP monetary measures will not be ready in accordance with GAAP, could also be totally different from non-GAAP monetary measures utilized by different firms and exclude bills which will have a fabric affect on the Firm’s reported monetary outcomes. Additional, share-based compensation expense has been, and can proceed to be for the foreseeable future, a big recurring expense within the Firm’s enterprise and an vital a part of the compensation offered to its staff.

The presentation of non-GAAP monetary info is just not meant to be thought of in isolation or as an alternative to the instantly comparable monetary measures ready in accordance with GAAP. ReWalk urges traders to evaluate the reconciliation of the Firm’s non-GAAP monetary measures to the comparable GAAP monetary measures included under, and to not depend on any single monetary measure to guage the Firm’s enterprise.

Investor Contact:
Almog Adar
Director of Finance
ReWalk Robotics Ltd.
T: +972-4-9590130 
E: investorrelations@rewalk.com