Rewalk Robotics Ltd (NASDAQ:RWLK) issued its financial report for the quarter closed September 30, 2017. Revenue came at $1.7 million for Q3 2017 compared to $1.4 million in the same quarter of 2016. ReWalk units placed stood at 16 during the third quarter, versus 23 in the prior year period, of which ten were placed in the United States, three with distributors and three in Europe. An additional 8 rental units from initial periods converted to purchases. For the initial three quarters of 2017, 19 rental units were converted to sales.
Rewalk Robotics business continues to record YoY growth as the company focus on advancing their major initiatives counting insurance settlement coverage for the ReWalk Personal device and advancing their unique soft suit exoskeleton know-how, the Restore, designed for folks who witnessed a stroke. They consider the Restore system as a platform know-how which they consider has notable applications beyond stroke in potentially curing Parkinson’s disease, multiple sclerosis and other lower limb disabilities.
Rewalk Robotics have commenced pre-clinical testing of the Restore system to assess its use and safety in the rehabilitation scenario for the mobility requirements of stroke patients. They are targeting a clinical study with the Restore system to start in early 2018 and intend to commercialize the system for application by stroke patients in Europe in 2018, followed by the U.S. in late 2018 or early 2019, depending on the timing and receipt of CE mark and FDA approval.
Gross margin enhanced to 41% during Q3 2017 versus 21% in the previous year period, mainly attributable to sales mix, a jump in the conversion of rental units to purchases, as well as reduced product costs. Rewalk Robotics reported that total operating expenses in Q3 2017 came at $6.1 million versus $7.7 million in Q3 2016. Operating expenses in Q3 2017 reflect initiatives to lower spending reported earlier in 2017.
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