Rewalk Robotics (Nasdaq: RWLK) at this time reported its third-quarter revenues had been half what they had been a 12 months earlier than, with losses widening.
Nevertheless, the robotic exoskeletons firm is looking for to advance its expertise by reimbursement wins within the U.S. and Germany.
Early this month, Rewalk submitted its first case to Medicare Administrative Contractors (MACs) for protection and reimbursement of the corporate’s exoskeleton for Medicare beneficiaries. The corporate introduced in September that CMS was giving MACs the discretion to cowl the exoskeleton.
On high of the efforts to safe extra reimbursements for the Rewalk robotic exoskeleton, the corporate had repurchased $900,000 of its inventory as of Nov. 4. The firm faces a Nasdaq delisting subsequent 12 months if it might’t hold the RWLK shares above $1 apiece in worth for 10 consecutive enterprise days.
“With the submission of the primary Medicare case primarily based on the steering of the Facilities for Medicare and Medicaid Providers (CMS), Rewalk has taken an vital step in advancing its mission to broaden the entry to its exoskeleton gadgets for the spinal cord injury (SCI) group,” Rewalk CEO Larry Jasinski stated in a information launch.
“We look ahead to persevering with our work with CMS as we take the following step within the course of towards establishing a protection mechanism for Medicare beneficiaries. ReWalk stays dedicated to our mission of serving to people with SCI to realize the advantages of purposeful ambulation. We consider these vital steps will in the end result in exoskeletal strolling as a routine a part of on a regular basis life for Medicare beneficiaries.”
Extra about Rewalk Robotics’ Q3 outcomes
Rewalk Robotics misplaced almost $5.5 million, or 9¢ per share, off $886,000 in income for the quarter ended Sept. 30, 2022. it misplaced almost $2.7 million, or 6¢ per share, off almost $2 million in income throughout Q3 2021.
The corporate cited a decrease variety of ReWalk private items offered in Europe and a decrease variety of private and rehabilitation items offered in america. A rise in distributed product volumes partially offset the damaging outcomes. The timing of protection choices by insurers and delays within the coaching timetables for some candidates additionally negatively affected gross sales.
The corporate had $74 million in money readily available as of Sept. 30. It spent $5.7 million in Q3 2022, up from $3.8 million in Q3 2021.
Traders reacted by sending RWLK shares down barely to 98¢ apiece in morning buying and selling. MassDevice‘s MedTech 100 Index, which incorporates shares of the world’s largest medical system corporations, was up barely.