Home » Rewalk Robotics seeks reimbursement wins
November 7, 2022 By Chris Newmarker
Rewalk Robotics (Nasdaq: RWLK) contiguous reported its third-quarter revenues were fractional what they were a twelvemonth before, with losses widening.
However, the robotic exoskeletons institution is seeking to beforehand its exertion done reimbursement wins successful the U.S. and Germany.
Early this month, Rewalk submitted its archetypal lawsuit to Medicare Administrative Contractors (MACs) for sum and reimbursement of the company’s exoskeleton for Medicare beneficiaries. The institution announced successful September that CMS was giving MACs the discretion to screen the exoskeleton.
In addition, the German Federal Social Court volition clasp a proceeding connected Nov. 10 to reappraisal whether an exoskeleton aesculapian instrumentality should beryllium classified arsenic straight oregon indirectly compensating for the mislaid relation of individuals with spinal cord injuries oregon paraplegia.
On apical of the efforts to unafraid much reimbursements for the Rewalk robotic exoskeleton, the institution had repurchased $900,000 of its banal arsenic of Nov. 4. The company faces a Nasdaq delisting adjacent year if it can’t support the RWLK shares supra $1 apiece successful terms for 10 consecutive concern days.
“With the submission of the archetypal Medicare lawsuit based connected the guidance of the Centers for Medicare and Medicaid Services (CMS), Rewalk has taken an important measurement successful advancing its ngo to grow the entree to its exoskeleton devices for the spinal cord wounded (SCI) community,” Rewalk CEO Larry Jasinski said successful a quality release.
“We look guardant to continuing our enactment with CMS arsenic we instrumentality the adjacent measurement successful the process toward establishing a sum mechanics for Medicare beneficiaries. ReWalk remains committed to our ngo of helping individuals with SCI to execute the benefits of functional ambulation. We judge these important steps volition yet pb to exoskeletal walking arsenic a regular portion of mundane beingness for Medicare beneficiaries.”
More astir Rewalk Robotics’ Q3 results
Rewalk Robotics mislaid astir $5.5 million, oregon 9¢ per share, disconnected $886,000 successful gross for the 4th ended Sept. 30, 2022. it mislaid astir $2.7 million, oregon 6¢ per share, disconnected astir $2 cardinal successful gross during Q3 2021.
The institution cited a little fig of ReWalk idiosyncratic units sold successful Europe and a little fig of idiosyncratic and rehabilitation units sold successful the United States. An summation successful distributed merchandise volumes partially offset the antagonistic results. The timing of sum decisions by insurers and delays successful the grooming timetables for immoderate candidates besides negatively affected sales.
The institution had $74 cardinal successful currency connected manus arsenic of Sept. 30. It spent $5.7 cardinal successful Q3 2022, up from $3.8 cardinal successful Q3 2021.
Investors reacted by sending RWLK shares down somewhat to 98¢ apiece successful greeting trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest aesculapian instrumentality companies, was up slightly.
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