ReWalk(US:LFWD)2022-11-07 17:37Financial Data and Key Metrics Changes - ReWalk reported revenues for Q3 2022 of $886,000, a decrease from $2 million in Q3 2021, and for the nine months ended September 30, 2022, revenues were $3.3 million compared to $4.7 million in the same period of the previous year [18][19] - The gross margin for Q3 2022 was 25%, down from 58% in the prior year's quarter, primarily due to fixed production costs and rising production costs [23] - The net loss for Q3 2022 was $5.5 million or $0.09 per share, compared to a net loss of $2.7 million or $0.06 per share in Q3 2021 [27] Business Line Data and Key Metrics Changes - Sales of ReWalk exoskeleton units were adversely affected by the timing of coverage decisions by insurers and delays in training schedules [19] - In Q3 2022, ReWalk generated approximately $250,000 from the sale of MYOLYN MyoCycles, marking the highest quarterly performance for this product line [20] - The current pipeline of active rentals consists of 26 cases, with a total of 74 cases in process, including 56 in Germany and 18 in the U.S. [22] Market Data and Key Metrics Changes - The U.S. and German markets were almost fully open, allowing for training and placement for home systems, which is expected to improve sales cycles [29] - The capital budgets for clinic-based products are constrained, leading to delays in some planned purchases [30] Company Strategy and Development Direction - The company is focused on establishing coverage for exoskeletons through public and private insurance, with submissions to Medicare administrative contractors (MACs) underway [9][11] - ReWalk is pursuing additional commercial product lines to leverage its organizational structure and achieve profitability [32] - The company aims to submit two FDA device applications for improved ReWalk designs, with the first submission made in June 2022 and the second expected in Q1 2023 [36] Management's Comments on Operating Environment and Future Outlook - Management indicated that the timing of reimbursement decisions has delayed revenue growth expectations for 2022, but many deferred cases are anticipated to conclude in Q4 [31] - The company remains focused on execution to enhance shareholder value and improve patient outcomes [38] Other Important Information - ReWalk's operating expenses for Q3 2022 were $5.7 million, up from $3.8 million in the prior year's quarter, driven by increased R&D and sales and marketing expenses [24][25] - The company ended the quarter with $74 million in cash and cash equivalents and no debt, indicating a strong balance sheet [27][28] Q&A Session Summary - There were no questions during the Q&A session, and the operator concluded the conference call [40][41]