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Tuesday, May 30, 2023

ReWalk Robotics Ltd. (RWLK) Stock is Rising – Here are the possible reasons behind it!

ReWalk Robotics Ltd. (RWLK) has seen an incline of 11.44% in the premarket. However, the last trading session closed at $2.01 with a decline of 7.37%.

Second Quarter 2021 Financial Results

On 9th August 2021, RWLK announced second-quarter 2021 financial results. Firstly, the total revenue was $1.4 million, compared to $1.7 million in the same quarter the previous year. The drop is mostly due to fewer ReWalk Personal 6.0 devices sold in Germany, which was compensated by greater income from Myolyn and ReStore transactions.

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Secondly, the gross margin was 51 percent, compared to 61 percent in the second quarter of 2020. The drop is mostly attributable to a shift in sales mix as well as increased service expenses. Thirdly, the total operating expenditures were $3.9 million, compared to $3.6 million in the same quarter the previous year. Higher SG&A personnel and employee-related expenditures are to blame for the increase.

RWLK appoints Vice President of Strategy and Market Access

On 2nd August 2021, RWLK announced Jeannine Lynch will join the Company as Vice President of Strategy and Market Access. Ms. Lynch’s primary responsibility will be to complete the development and execution of ReWalk’s market access and reimbursement initiatives. Ms. Lynch will report to Larry Jasinski, the CEO of ReWalk. She will also be a member of the management team in charge of designing and implementing the company’s business strategy and policies.

Ms. Lynch formerly worked at BioMarin Pharmaceuticals as the Senior Director of Patient Access Services. Ms. Lynch has worked for industry heavyweights such as Genentech and Pfizer/Agouron in addition to BioMarin. She has held positions of leadership in commercial management, product launches, and the development of personalized patient care for a variety of rare and ultrarare medical diseases.

First Quarter 2021 Financial Results

RWLK published the first quarter of 2021 financial results on 11th May 2021. In the first quarter of 2021, total revenue was $1.3 million, up from $0.8 million in the previous year’s first quarter. More ReWalk Personal 6.0 units were sold in Germany and the United States, which contributed to the rise.

The gross margin was 54 percent, up from 49 percent in the same period of 2020. The rise is largely attributable to a larger number of units sold during the quarter compared to the prior year. Last but not least, the total operating expenditures were $3.7 million, down from $4 million the year before. The first quarter of 2021 had a $3.1 million net loss, compared to a $3.8 million loss the previous year.

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