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ReWalk(LFWD) - 2022 Q3 - Quarterly Report
2022-11-07 14:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-36612 ReWalk Robotics Ltd. (Exact name of registrant as specified in charter) | Israel | Not applicable | | --- | --- | | ...
ReWalk(LFWD) - 2022 Q2 - Earnings Call Transcript
2022-08-09 14:40
ReWalk Robotics Ltd. (RWLK) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET Company Participants Almog Adar - Director of Finance Larry Jasinski - CEO Conference Call Participants Swayampakula Ramakanth - H.C. Wainwright & Co Martin Pollack - KMTR Holdings Operator Welcome to the Second Quarter 2022 ReWalk Robotics Ltd. Earnings Conference Call. My name is Richard and I will be your operator for today’s call. At this time all participants are in a listen-only mode. Later, we will conduct a questi ...
ReWalk(LFWD) - 2022 Q2 - Quarterly Report
2022-08-09 13:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-36612 ReWalk Robotics Ltd. (Exact name of registrant as specified in charter) | Israel | Not applicable | | --- | --- | | (Sta ...
ReWalk(LFWD) - 2022 Q1 - Earnings Call Transcript
2022-05-17 13:45
ReWalk Robotics Ltd. (RWLK) Q1 2022 Earnings Conference Call May 13, 2022 4:30 PM ET Company Participants Almog Adar - Director of Finance Larry Jasinski - CEO Conference Call Participants Martin Pollack - KMTR Holdings Operator Good day, and thank you for standing by. Welcome to the Q1 2022 ReWalk Robotics Ltd. Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation there will be a question-and-answer session. [Operator Instructions] Please be ad ...
ReWalk(LFWD) - 2022 Q1 - Quarterly Report
2022-05-13 21:03
PART I FINANCIAL INFORMATION [Financial Statements (unaudited)](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2022, covering balance sheets, operations, equity, and cash flows Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $82,632 | $88,337 | | Total current assets | $87,806 | $92,521 | | Total assets | $89,998 | $94,750 | | Total current liabilities | $3,620 | $4,038 | | Total liabilities | $4,812 | $5,367 | | Total shareholders' equity | $85,186 | $89,383 | Condensed Consolidated Statement of Operations Highlights (in thousands) | Account | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | | :--- | :--- | :--- | | Revenues | $876 | $1,316 | | Gross profit | $265 | $707 | | Total operating expenses | $4,553 | $3,728 | | Operating loss | $(4,288) | $(3,021) | | Net loss | $(4,350) | $(3,062) | | Net loss per share | $(0.07) | $(0.08) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(5,708) | $(3,173) | | Net cash used in investing activities | $(3) | $(9) | | Net cash provided by financing activities | $0 | $50,236 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2022 financial performance, noting revenue decline, lower gross margin, increased expenses, and net loss, despite strong cash position - The company's primary business is designing, developing, and commercializing robotic exoskeletons like **ReWalk** and **ReStore** for individuals with mobility impairments, focusing on securing reimbursement from payors in the U.S. and Europe[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - The COVID-19 pandemic has negatively impacted sales and operations by affecting customer engagement, trials, and deliveries, and by causing staffing shortages and supply chain disruptions, with these adverse impacts expected to continue[107](index=107&type=chunk)[108](index=108&type=chunk) Q1 2022 vs Q1 2021 Performance (in thousands) | Metric | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Revenues | $876 | $1,316 | -33% | | Gross Profit | $265 | $707 | -62% | | Operating Expenses | $4,553 | $3,728 | +22% | | Net Loss | $(4,350) | $(3,062) | +42% | - As of March 31, 2022, the company had a strong cash position of **$82.6 million**, with a negative operating cash flow of **$5.7 million** for the quarter, and management believes these funds are sufficient to support operations for more than 12 months[132](index=132&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q1 2022 revenues decreased by 33% due to lower unit sales, impacting gross profit margin and increasing operating expenses across all categories Revenue Breakdown (in thousands) | Revenue Type | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Personal unit revenues | $770 | $1,308 | | Rehabilitation unit revenues | $106 | $8 | | **Total Revenues** | **$876** | **$1,316** | - Gross profit decreased to **30%** of revenue in Q1 2022 from **54%** in Q1 2021, mainly due to lower sales volume and a decrease in average selling price from a change in sales mix[116](index=116&type=chunk) Operating Expenses (in thousands) | Expense Category | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Research and development | $907 | $795 | +14% | | Sales and marketing | $2,184 | $1,671 | +31% | | General and administrative | $1,462 | $1,262 | +16% | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, the company held **$82.6 million** in cash, with **$5.7 million** net cash used in operations, sufficient for over a year - The company has sufficient funds for more than 12 months of operations, with **$82.6 million** in cash and cash equivalents as of March 31, 2022[132](index=132&type=chunk) - Net cash used in operating activities increased by **80%** to **$5.7 million** in Q1 2022 from **$3.2 million** in Q1 2021, primarily due to increased insurance prepaid expenses, inventory purchases, and higher business development costs[143](index=143&type=chunk)[144](index=144&type=chunk) - In 2021, the company raised significant capital through equity offerings and warrant exercises, including a February 2021 offering and a September 2021 offering, which bolstered its cash position[136](index=136&type=chunk)[137](index=137&type=chunk) Contractual Obligations as of March 31, 2022 (in thousands) | Obligation Type | Total | Less than 1 year | 1-3 years | | :--- | :--- | :--- | :--- | | Purchase obligations | $1,549 | $1,549 | $0 | | Collaboration & License Agreement | $59 | $59 | $0 | | Operating lease obligations | $1,079 | $686 | $393 | | **Total** | **$2,687** | **$2,294** | **$393** | [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company reports no material changes to its market risk exposure during Q1 2022, referring to its 2021 Form 10-K for full details - There have been no material changes to the company's market risk during the first quarter of 2022[150](index=150&type=chunk) [Controls and Procedures](index=38&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were effective as of March 31, 2022, with no material changes in internal control over financial reporting - Management, including the CEO and Principal Financial Officer, concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[152](index=152&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2022, that materially affected, or are reasonably likely to materially affect, internal controls[153](index=153&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reports no material changes to its legal proceedings since the 2021 Form 10-K filing - There have been no material changes to the company's legal proceedings since the 2021 Form 10-K filing[155](index=155&type=chunk) [Risk Factors](index=39&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors from 2021 Form 10-K, but extensive governmental regulations like FDA and EU MDR pose significant compliance risks - The company's medical products are subject to extensive regulation by the FDA in the U.S. and other authorities; the **ReWalk** device is classified as Class II, and the **ReStore** has 510(k) clearance, both requiring compliance with general and special controls[157](index=157&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk) - In the E.U., the company is subject to the Medical Devices Regulation (**MDR**), which has more stringent requirements than the previous directive, and non-compliance could result in penalties, including the revocation of the **CE mark** needed for distribution in the European Economic Area[162](index=162&type=chunk) - Failure to comply with ongoing regulatory requirements, such as good manufacturing practices and adverse event reporting, could result in fines, recalls, manufacturing site closures, and damage to the company's reputation[163](index=163&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECU RITIES%20AND%20USE%20OF%20PROCEEDS) The company reports no unregistered sales of equity securities during the period that were not previously disclosed in a Form 8-K - No transactions occurred that were not previously reported on a Form 8-K[165](index=165&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) Not applicable [Mine Safety Disclosures](index=41&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) Not applicable [Other Information](index=41&type=section&id=ITEM%205.%20OTHER%20INFORMATION) Not applicable [Exhibits](index=42&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the quarterly report, including a separation agreement, Sarbanes-Oxley certifications, and XBRL data files - Exhibits filed include a Separation Agreement with Ori Gon, Sarbanes-Oxley Section 302 and 906 certifications, and XBRL instance documents[170](index=170&type=chunk)
ReWalk(LFWD) - 2021 Q4 - Earnings Call Transcript
2022-02-26 15:16
ReWalk Robotics Ltd. (RWLK) Q4 2021 Results Conference Call February 24, 2022 8:30 AM ET Company Participants Larry Jasinski - Chief Executive Officer Ori Gon - Chief Financial Officer Conference Call Participants Arthur He - H.C. Wainwright Operator Welcome to the Q4 2021 ReWalk Robotics Earnings Conference Call. My name is Vanessa, and I will be your operator for today's call. [Operator Instructions] I will now turn the call over to your host, Ori Gon. Ori Gon Thank you, Vanessa. Good morning, and welcome ...
ReWalk(LFWD) - 2021 Q4 - Annual Report
2022-02-24 14:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-36612 ReWalk Robotics Ltd. (Exact name of registrant as specified in charter) Israel Not applicable (State or other jurisdiction ...
ReWalk(LFWD) - 2021 Q3 - Earnings Call Transcript
2021-11-11 16:37
ReWalk Robotics Ltd. (RWLK) Q3 Earnings Conference Call November 11, 2021 8:30 AM ET Company Participants Larry Jasinski – Chief Executive Officer Ori Gon – Chief Financial Officer Conference Call Participants Swayampakula Ramakanth – Analyst Operator Excuse me, ladies and gentlemen, this is the Operator. Today's conference is scheduled to begin momentarily until that time your lines will again be placed on music hold. Thank you for your patient. Good morning, ladies and gentlemen, and welcome to the Q3 202 ...
ReWalk(LFWD) - 2021 Q3 - Quarterly Report
2021-11-10 21:49
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______to______ Commission File Number: 001-36612 ReWalk Robotics Ltd. Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading symb ...
ReWalk(LFWD) - 2021 Q2 - Earnings Call Transcript
2021-08-09 14:44
ReWalk Robotics Ltd. (RWLK) Q2 2021 Earnings Conference Call August 9, 2021 8:30 AM ET Company Participants Ori Gon - CFO Larry Jasinski - CEO Conference Call Participants Swayampakula Ramakanth - H.C. Wainwright Operator Good day, and thank you for standing by. Welcome to the Q2 2021 ReWalk Robotics Limited Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to your host to Mr. Ori Gon. Please go ahead, sir. Ori Gon Thank you, Patricia. Good morning, and welcome t ...