ReWalk Robotics Ltd. announced a decrease in revenue for its third quarter of 2015 compared to 2014, but an increase in commercial reimbursement submissions and a record increase in approvals, which the company says reflects a new focus on reimbursement coverage for personal devices.
“In the year since we received FDA clearance, we have significantly transformed from a limited personal pay and rehabilitation directed business to focus on the substantially larger market opportunity with reimbursement coverage for personal use devices,” Larry Jasinski, MBA, ReWalk chief executive officer, stated in a company press release. “We are confident that our market building will drive demand for ReWalk systems worldwide, and our efforts on the reimbursement front will continue to demonstrate progress.”
The company reported a 68% increase in its commercial reimbursement submissions over the second quarter to 99 pending insurance claims. ReWalk received 10 favorable reimbursement decisions during this quarter.
ReWalk reported a net loss of $6.4 million for the quarter and reported total revenue of $1.2 million in its third quarter compared with a net loss of $6.4 million and total revenue of $1.5 million in the third quarter of 2014. Gross third quarter profit was $87,000 compared with $331,000 in the same period the prior year. According to the press release, the change reflects lower sales volume and additional production costs. Total operating expenses for the quarter were $6.4 million compared with $8.1 million in the third quarter of 2014.
ReWalk placed 23 systems during the quarter and the company placed 27 systems in the same period the prior year.
As of Sept. 30, 2015, ReWalk reported it had $25.1 million in cash and no debt.