Wed, May 15, 1:05 PM (73 days ago)
ReWalk Robotics Ltd. reported a significant increase in revenue for Q1 2024, reaching $5.3 million, up 340% compared to Q1 2023, driven by contributions from the acquisition of AlterG and increased sales of ReWalk Personal devices. Despite the revenue growth, the company reported a net loss of $6.3 million, up from a $4.3 million loss in Q1 2023, due to higher operating expenses including research and development, and sales and marketing costs. Gross profit margin decreased to 26.4% from 46.4% in Q1 2023, impacted by amortization of intangible assets and low volume sales of AlterG products. Operating expenses rose significantly, particularly in sales and marketing, due to increased headcount and marketing activities. The company holds $20.7 million in cash and expects to incur future net losses, planning to fund operations through cash on hand and potential future equity or debt offerings. The company aims to expand reimbursement coverage for its products and integrate AlterG operations to drive future growth.