November 9, 2018

ReWalk places 500th spinal cord system amid $4.5M loss

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

The 500th medical device for patients with spinal cord injuries has been placed by Marlborough manufacturer ReWalk Robotics.

According to the company, the first device was placed in 2011 to the Vatican Hospital in Rome, and the device became the first exoskeleton system to be cleared by U.S. Food and Drug Administration for U.S. sales.

"Most of all, we see this moment as a chance to reflect on the myriad lives that have been impacted by the technology," CEO Larry Jasinski said in a press release. "Every single patient was told he or she would never walk again. Innovation and their determination has helped spinal cord injured patients stand up and regain many of the daily life functions they thought were lost forever."

The company is now looking to increase insurance coverage for spinal cord injury patients. So far, national coverage policies are in place in Germany, Italy and with the U.S. Department of Veterans Affairs.

ReWalk said it continues to work with payers on individual system procurements and private coverage policies. That has resulted in 38 different payers in the U.S. and 39 in Germany providing positive coverage decisions for the systems.

The news comes as the company released its third-quarter financial results, in which it lost $4.5 million.

As of the end of September, the company had $5.2 million in cash compared to $14.5 million at the end of 2017.

Despite positive news on the insurance coverage front and an application for European sales clearance, the company is exploring all financing options to execute its strategy and stay afloat, Jasinksi said.

An upcoming FDA application for a device tailored to stroke patients is expected in early 2019, and a product could be on the market by next year's third quarter.

The company took in $1.6 million in revenue for the quarter, compared to $1.7 million in the same period last year.

For the year, the company has lost $16.6 million.

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