ReWalk Robotics Reports Third Quarter 2021 Financial Results

ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced its financial results for the three and nine months ended September 30, 2021.

Highlights of and subsequent to the third quarter of 2021 include:

• 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

“During the third quarter we have continued to demonstrate quarter over quarter growth and the results in Q3 2021 marks our highest quarterly revenue for the last 4 years. Growth came from personal ReWalk placements in Germany and with the placement of multiple systems at a U.S physical therapy university where Exoskeleton training is becoming a core part of the curriculum as this field moves towards being a standard of care,” said Larry Jasinski, ReWalk’s Chief Executive Officer. “We continue to see the opening of our main markets and looking forward to continue our positive momentum as we close 2021.”

Third Quarter 2021 Financial Results

Total revenue was $2.0 million in the third quarter of 2021, compared to $0.7 million during the third quarter of the prior year. The increase is mainly due to the higher number of ReWalk Personal 6.0 units sold in Germany as well as a multiple unit order to a U.S physical therapy university.

Gross margin was 58% during the third quarter of 2021, compared to 52% in the third quarter of 2020. The increase is mainly due to the higher number of units sold and increased average selling price.

Total operating expenses in the third quarter of 2021 were $3.8 million, compared to $3.5 million in the third quarter of the prior year. The increase is due to higher SG&A employee and employee related expenses as well as increased professional services offset with reduced R&D employee and employee related expenses.

Net loss was $2.7 million for the third quarter of 2021, compared to a net loss of $3.3 million in the third quarter of the prior year.

Non-GAAP net loss was $2.0 million in the third quarter of 2021, compared to $3.0 million during the third quarter of the prior year. Reconciliation of net loss to non-GAAP net loss is included at the end of this press release.

Liquidity

As of September 30, 2021, ReWalk had $91.2 million in cash on its balance sheet.