ReWalk Robotics, one of the leaders in medical powered exoskeletons and exosuits, has released its three-month and six-month updates for 2021. The company continues to do well, with a significant cash position of $64.2 million with a total operating expense in Q2 2021 of just $3.9 million.
The total revenue for the second quarter of 2021 was $1.4 million. This is compared to $1.6 million for the same three months period ending in 2020. Even with this result, it should be noted that revenue was up 13% compared to the six-month period from the previous year.
The decrease in Q2 2021 revenue appears to have been precipitated by a decrease in sales in Europe. Revenue in the United States slightly increased. More positively, ReWalk is showing significant gains in the Asia Pacific region, though that remains a fraction of the business compared to North America and Europe. “The [revenue] decrease is mainly due to the lower number of ReWalk Personal 6.0 units sold in Germany offset with higher revenues from Myolyn and ReStore transactions.” states the SEC filing. Revenue from personal units continues to outpace that of physical rehabilitation systems.
The ReWalk Robotics second quarter 2021 financial results also show that the company continues to spend on R&D, although at a slightly lower rate compared to the same time period in 2020. Marketing and administrative expenses have slightly increased in comparison.
Overall, ReWalk Robotics Ltd. (Nasdaq: RWLK) is weathering the COVID-19 crisis well. Reduced access to medical facilities, face-to-face conferences, and medical technology expositions make it more difficult to demonstrate wearable robotic devices. This hampers the ability of the marketing team to generate excitement. Data from Google Trends (below) shows that ReWalk was able to compensate for this with an expanded online presence.
ReWalk continues to be a popular Google search term, especially around February of 2021. This is important for the company and the exoskeleton industry, which continues to fight for attention and recognition.
Investors responded positively to the report, with the stock price closing slightly higher on Monday at $1.56 vs. opening at $1.42 (Yahoo Finance).
You can find this and other financial reports on the ReWalk website: https://ir.rewalk.com/sec-filings
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