ReWalk Announces Preliminary Fiscal Year 2018 Revenue
January 14 2019 - 7:00AM
ReWalk Robotics Ltd. (Nasdaq: RWLK) (“
ReWalk” or
the “
Company”) today announced preliminary,
unaudited revenue for the fiscal year ended December 31, 2018.
On a preliminary basis, based on the information
currently available, for the fiscal year ended December 31, 2018,
the Company expects that total revenue for the year will be
approximately $6.5 million.
As the Company has not completed its year-end
fiscal close and the audit of its 2018 financial statements is not
complete, the revenue presented in this press release is estimated
and preliminary, and therefore, subject to year-end closing
adjustments and may change.
“Although we have seen progress in Germany, we
did not achieve our anticipated results in the U.S. in the fourth
quarter of 2018. We continue to believe there is a solid market for
our ReWalk exoskeleton for SCI patients and look forward to
continuing to advance our ReStore system for stroke patients. With
our clinical study accrual now completed, we plan to finalize our
ReStore submission to the U.S Food and Drug Administration
shortly,” said Larry Jasinski, Chief Executive Officer of ReWalk.
“We remain confident that we are on the right path to meet our
long-term goals.”
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and
markets wearable robotic exoskeletons for individuals with lower
limb disabilities as a result of spinal cord injury or stroke.
ReWalk’s mission is to fundamentally change the quality of life for
individuals with lower limb disability through the creation and
development of market leading robotic technologies. Founded in
2001, ReWalk has headquarters in the U.S., Israel and Germany. For
more information on the ReWalk systems, please visit
www.rewalk.com.
ReWalk® is a registered trademark of ReWalk
Robotics Ltd. in Israel and the United States.
Forward-Looking Statements
In addition to historical information, this
press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, Section 27A of the U.S. Securities Act of 1933, and Section
21E of the U.S. Securities Exchange Act of 1934. Such
forward-looking statements may include projections regarding
ReWalk’s future performance and, in some cases, may be identified
by words like “anticipate,” “assume,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “future,” “will,” “should,”
“would,” “seek” and similar terms or phrases. The forward-looking
statements contained in this press release are based on
management’s current expectations, which are subject to
uncertainty, risks and changes in circumstances that are difficult
to predict and many of which are outside of ReWalk’s control.
Important factors that could cause ReWalk’s actual results to
differ materially from those indicated in the forward-looking
statements include, among others: ReWalk’s expectations regarding
future growth, including its ability to increase sales in its
existing geographic markets, and to expand to new markets and
achieve its planned expense reductions; the conclusion of ReWalk’s
management and the previous opinion of ReWalk’s auditors in that
there are substantial doubts as to ReWalk’s ability to continue as
a going concern; ReWalk’s ability to regain compliance with the
continued listing requirements of the Nasdaq Capital Market and the
risk that its ordinary shares will be delisted if it cannot do so;
ReWalk’s ability to maintain and grow its reputation and the market
acceptance of its products; ReWalk’s ability to achieve
reimbursement from third-party payors for its products; ReWalk’s
expectations as to its clinical research program and clinical
results; ReWalk’s expectations as to the results of, and the Food
and Drug Administration’s potential regulatory developments with
respect to, ReWalk’s mandatory post-market 522 surveillance study;
the outcome of ongoing shareholder class action litigation relating
to ReWalk’s initial public offering; ReWalk’s ability to repay its
secured indebtedness; ReWalk’s ability to improve its products and
develop new products; the risk that the remaining Timwell
Corporation Limited (“Timwell”) issuances will fail to close and
the China joint venture will not form, and the resulting effect on
ReWalk’s liquidity and financial condition; the risk of substantial
dilution resulting from additional issuances, if any, to Timwell;
the significant voting power and de facto voting control Timwell
may acquire upon additional issuances, if any; ReWalk’s ability to
maintain adequate protection of its intellectual property and to
avoid violation of the intellectual property rights of others;
ReWalk’s ability to gain and maintain regulatory approvals;
ReWalk’s ability to secure capital from its equity and debt
financings in light of limitations under its Form S-3, the price
range of its ordinary shares and conditions in the financial
markets, and the risk that such financings may dilute ReWalk’s
shareholders or restrict its business; ReWalk’s ability to use
effectively the proceeds of offerings of securities; the impact of
the market price of ReWalk’s ordinary shares on the determination
of whether ReWalk is a passive foreign investment company; ReWalk’s
ability to maintain relationships with existing customers and
develop relationships with new customers; ReWalk’s compliance with
medical device reporting regulations to report adverse events
involving its products and the potential impact of such adverse
events on ReWalk’s ability to market and sell its products; and
other factors discussed under the heading “Risk Factors” in
ReWalk’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 filed with the U.S. Securities and Exchange
Commission (the “SEC”) and other documents subsequently filed with
or furnished to the SEC. Any forward-looking statement made in this
press release speaks only as of the date hereof. Factors or events
that could cause ReWalk’s actual results to differ from the
statements contained herein may emerge from time to time, and it is
not possible for ReWalk to predict all of them. Except as required
by law, ReWalk undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
Investor Contact:
Lisa M. WilsonPresidentIn-Site Communications,
Inc.T: 212-452-2793E: lwilson@insitecony.com
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