ReWalk Robotics announced its total revenue grew by 14.7% for the fourth quarter of 2015, with a total of $3.7 million for the year, in its recently released financial results. The results cover the 3-month and 12-month periods ended Dec. 31, 2015.
Total revenue was $1.3 million for the fourth quarter of 2015 compared to $1.5 million for the fourth quarter of 2014. The company reportedly placed 25 ReWalk systems during the fourth quarter. Gross profit for the quarter was $34,000 compared to a gross loss of $529,000 for the fourth quarter of 2014. According to a company press release, the loss in 2014 was due to a one-time charge of $466,000 for the early settlement of a grant. The company credited the positive margin to its transition to Sanmina for manufacturing.
Total operating expenses for the fourth quarter were $7.5 million compared to $4.8 million for the fourth quarter of 2014. Net loss for the quarter was $7.5 million vs. a net loss of $5.5 million for the prior year quarter. The company reported a non-generally accepted accounting principles (non-GAAP) net loss of $6.8 million for the quarter compared to $4.6 million for the prior year quarter.
Total revenue for 2015 was $3.7 million compared to $4 million for 2014. ReWalk placed 73 systems throughout the year compared to 74 systems the prior year. Gross profit for 2015 was $214,000 compared to a gross loss of $621,000 in 2014. The grant settlement and manufacturing transition noted above also affected full-year results, according to the release.
Total operating expenses for the year were $25.4 million compared to $19.3 million in the prior year. Net loss for the year was $25.4 million compared to $21.7 million in the prior year. Non-GAAP net loss was $23.1 million compared to $14.7 million in 2014.
“[Last year] was an important year for ReWalk, as we worked to establish a solid foundation for long-term sustainable growth,” Larry Jasinski, ReWalk chief executive officer, said in the release. “Our transition from a self-pay-driven model to a more robust reimbursement strategy is beginning to deliver results.”
The company also reported that it entered into a credit facility with Kreos Capital in January 2016, under which Kreos extended a line of credit for up to $20 million. ReWalk has currently drawn down $12 million from the credit line. As of 2015, the company had $17.9 million in cash in its balance sheet.