October 16, 2018

ReWalk Robotics eyes $15M offering as Q3 results miss the mark

Courtesy
ReWalk's prototype for a system to help stroke patients walk.

ReWalk Robotics is expecting its third-quarter earnings to miss the mark and come in almost 6 percent lower than last year's third quarter.

For the year, the Marlborough-based medical device company said it is expecting revenue of $5 million through the first nine months, compared to $6.2 million for the same period last year. That's a dip of almost 20 percent.

The news sent shares down as much as 7 percent Tuesday morning from Monday's close of 81 cents, but shares have since rebounded to about 80 cents.

ReWalk, which builds robotic suits for patients with lower limb disabilities, said it had only $5.2 million at the end of September, down significantly from the $14.6 million it had to start the new year.

Long-term debt as of Sept. 30 was $12.3 million.

In a separate filing, ReWalk said it is hoping to raise almost $15 million by offering 13.8 million shares to fund sales, marketing and reimbursement expenses, research and development costs and acquisitions and investments.

The company noted that it currently has no such investment or acquisition agreement in place.

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