• |
Total revenue of $2.0 million reported for the third quarter of 2021
|
• |
Gross margin of approximately 58% in the third quarter of 2021
|
• |
Received FDA breakthrough device designation for ReBoot, a soft exoskeleton for stroke home and community use
|
• |
Strengthened cash position of $91.2 million, including a $32.5 million registered direct offering closed in September
|
Date
|
Thursday, November 11, 2021
| |
Time
|
8:30 AM EST
| |
Telephone
|
U.S:
|
(844) 423-9889
|
International:
|
(716) 247-5804
| |
Israel:
|
18 09 31 53 62
| |
Germany:
|
08 00 18 15 287
| |
Access code
|
4692387
|
ReWalk Robotics Ltd. And subsidiaries
|
Condensed Consolidated Statements of Operations
|
(unaudited)
|
(In thousands, except share and per share data)
|
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenue
|
$
|
1,972
|
$
|
747
|
$
|
4,724
|
$
|
3,175
| ||||||||
Cost of revenues
|
832
|
355
|
2,150
|
1,388
| ||||||||||||
Gross profit
|
1,140
|
392
|
2,574
|
1,787
| ||||||||||||
Operating expenses:
| ||||||||||||||||
Research and development
|
638
|
756
|
2,243
|
2,695
| ||||||||||||
Sales and marketing
|
1,821
|
1,507
|
5,105
|
4,541
| ||||||||||||
General and administrative
|
1,343
|
1,198
|
4,050
|
3,774
| ||||||||||||
Total operating expenses
|
3,802
|
3,461
|
11,398
|
11,010
| ||||||||||||
Operating loss
|
(2,662
|
)
|
(3,069
|
)
|
(8,824
|
)
|
(9,223
|
)
| ||||||||
Financial expenses, net
|
27
|
242
|
14
|
723
| ||||||||||||
Loss before income taxes
|
(2,689
|
)
|
(3,311
|
)
|
(8,838
|
)
|
(9,946
|
)
| ||||||||
Taxes on income (tax benefit)
|
(14
|
)
|
25
|
40
|
85
| |||||||||||
Net loss
|
$
|
(2,675
|
)
|
$
|
(3,336
|
)
|
$
|
(8,878
|
)
|
$
|
(10,031
|
)
| ||||
Net loss per ordinary share, basic and diluted
|
$
|
(0.06
|
)
|
$
|
(0.18
|
)
|
$
|
(0.21
|
)
|
$
|
(0.71
|
)
| ||||
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted
|
46,570,130
|
18,881,694
|
43,021,972
|
14,132,375
| ||||||||||||
Reconciliation of GAAP to Non-GAAP net loss
| ||||||||||||||||
Net loss
|
$
|
(2,675
|
)
|
$
|
(3,336
|
)
|
$
|
(8,878
|
)
|
$
|
(10,031
|
)
| ||||
Non-cash share based compensation expense
|
599
|
232
|
231
|
544
| ||||||||||||
Depreciation of property and equipment, net
|
69
|
64
|
210
|
215
| ||||||||||||
Non-GAAP net loss
|
$
|
(2,007
|
)
|
$
|
(3,040
|
)
|
$
|
(8,437
|
)
|
$
|
(9,272
|
)
|
September 30,
|
December 31,
| |||||||
2021
|
2020
| |||||||
(unaudited)
| ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents
|
$
|
91,227
|
$
|
20,350
| ||||
Trade receivable, net
|
1,275
|
684
| ||||||
Prepaid expenses and other current assets
|
762
|
672
| ||||||
Inventories
|
3,066
|
3,542
| ||||||
Total current assets
|
96,330
|
25,248
| ||||||
Restricted cash and other long term assets
|
1,085
|
1,033
| ||||||
Operating lease right-of-use assets
|
1,000
|
1,349
| ||||||
Property and equipment, net
|
303
|
437
| ||||||
Total assets
|
$
|
98,718
|
$
|
28,067
| ||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Current maturities of operating leases
|
639
|
660
| ||||||
Trade payables
|
1,954
|
2,268
| ||||||
Other current liabilities
|
1,788
|
1,740
| ||||||
Total current liabilities
|
4,381
|
4,668
| ||||||
Noncurrent operating leases
|
535
|
923
| ||||||
Other long-term liabilities
|
809
|
702
| ||||||
Shareholders' equity
|
92,993
|
21,774
| ||||||
Total liabilities and equity
|
$
|
98,718
|
$
|
28,067
|
Nine Months Ended
| ||||||||
September 30,
| ||||||||
2021
|
2020
| |||||||
Net cash used in operating activities
|
$
|
(8,903
|
)
|
$
|
(10,131
|
)
| ||
Net cash used in investing activities
|
(28
|
)
|
(73
|
)
| ||||
Net cash provided by financing activities
|
79,808
|
11,948
| ||||||
Increase in cash, cash equivalents, and restricted cash
|
70,877
|
1,744
| ||||||
Cash, cash equivalents, and restricted cash at beginning of period
|
21,054
|
16,992
| ||||||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
91,931
|
$
|
18,736
|
ReWalk Robotics Ltd. And subsidiaries
|
(unaudited)
|
(In thousands, except units placed)
|
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenue:
| ||||||||||||||||
United States
|
$
|
821
|
$
|
325
|
$
|
1,951
|
$
|
1,172
| ||||||||
Europe
|
1,148
|
413
|
2,711
|
1,990
| ||||||||||||
Asia Pacific
|
1
|
2
|
58
|
6
| ||||||||||||
Latin America
|
-
|
6
|
-
|
6
| ||||||||||||
Africa
|
2
|
1
|
4
|
1
| ||||||||||||
Total Revenue
|
$
|
1,972
|
$
|
747
|
$
|
4,724
|
$
|
3,175
| ||||||||
Revenue:
| ||||||||||||||||
Personal units revenue
|
$
|
1,357
|
$
|
698
|
$
|
3,818
|
$
|
3,079
| ||||||||
Rehabilitation units revenue
|
615
|
49
|
906
|
96
| ||||||||||||
Total Revenue
|
$
|
1,972
|
$
|
747
|
$
|
4,724
|
$
|
3,175
|
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Disclaimer
ReWalk Robotics Ltd. published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 22:21:10 UTC.