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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Not applicable
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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(d) Exhibits
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*
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Furnished herewith
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ReWalk Robotics Ltd.
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Dated: November 10, 2021
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By:
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/s/ Ori Gon
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Name:
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Ori Gon
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Title:
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Chief Financial Officer
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• |
Total revenue of $2.0 million reported for the third quarter of 2021
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• |
Gross margin of approximately 58% in the third quarter of 2021
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• |
Received FDA breakthrough device designation for ReBoot, a soft exoskeleton for stroke home and community use
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• |
Strengthened cash position of $91.2 million, including a $32.5 million registered direct offering closed in September
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Date
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Thursday, November 11, 2021
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Time
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8:30 AM EST
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Telephone
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U.S:
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(844) 423-9889
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International:
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(716) 247-5804
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Israel:
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18 09 31 53 62
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Germany:
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08 00 18 15 287
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Access code
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4692387
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ReWalk Robotics Ltd. And subsidiaries
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||||||||||
Condensed Consolidated Statements of Operations
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||||||||||
(unaudited)
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||||||||||
(In thousands, except share and per share data)
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Three Months Ended
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Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenue
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$
|
1,972
|
$
|
747
|
$
|
4,724
|
$
|
3,175
|
||||||||
Cost of revenues
|
832
|
355
|
2,150
|
1,388
|
||||||||||||
Gross profit
|
1,140
|
392
|
2,574
|
1,787
|
||||||||||||
Operating expenses:
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||||||||||||||||
Research and development
|
638
|
756
|
2,243
|
2,695
|
||||||||||||
Sales and marketing
|
1,821
|
1,507
|
5,105
|
4,541
|
||||||||||||
General and administrative
|
1,343
|
1,198
|
4,050
|
3,774
|
||||||||||||
Total operating expenses
|
3,802
|
3,461
|
11,398
|
11,010
|
||||||||||||
Operating loss
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(2,662
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)
|
(3,069
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)
|
(8,824
|
)
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(9,223
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)
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||||||||
Financial expenses, net
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27
|
242
|
14
|
723
|
||||||||||||
Loss before income taxes
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(2,689
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)
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(3,311
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)
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(8,838
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)
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(9,946
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)
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||||||||
Taxes on income (tax benefit)
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(14
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)
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25
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40
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85
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|||||||||||
Net loss
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$
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(2,675
|
)
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$
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(3,336
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)
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$
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(8,878
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)
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$
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(10,031
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)
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||||
Net loss per ordinary share, basic and diluted
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$
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(0.06
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)
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$
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(0.18
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)
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$
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(0.21
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)
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$
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(0.71
|
)
|
||||
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted
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46,570,130
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18,881,694
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43,021,972
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14,132,375
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||||||||||||
Reconciliation of GAAP to Non-GAAP net loss
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||||||||||||||||
Net loss
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$
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(2,675
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)
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$
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(3,336
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)
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$
|
(8,878
|
)
|
$
|
(10,031
|
)
|
||||
Non-cash share based compensation expense
|
599
|
232
|
231
|
544
|
||||||||||||
Depreciation of property and equipment, net
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69
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64
|
210
|
215
|
||||||||||||
Non-GAAP net loss
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$
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(2,007
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)
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$
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(3,040
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)
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$
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(8,437
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)
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$
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(9,272
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)
|
September 30,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
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$
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91,227
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$
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20,350
|
||||
Trade receivable, net
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1,275
|
684
|
||||||
Prepaid expenses and other current assets
|
762
|
672
|
||||||
Inventories
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3,066
|
3,542
|
||||||
Total current assets
|
96,330
|
25,248
|
||||||
Restricted cash and other long term assets
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1,085
|
1,033
|
||||||
Operating lease right-of-use assets
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1,000
|
1,349
|
||||||
Property and equipment, net
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303
|
437
|
||||||
Total assets
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$
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98,718
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$
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28,067
|
||||
Liabilities and equity
|
||||||||
Current liabilities
|
||||||||
Current maturities of operating leases
|
639
|
660
|
||||||
Trade payables
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1,954
|
2,268
|
||||||
Other current liabilities
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1,788
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1,740
|
||||||
Total current liabilities
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4,381
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4,668
|
||||||
Noncurrent operating leases
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535
|
923
|
||||||
Other long-term liabilities
|
809
|
702
|
||||||
Shareholders’ equity
|
92,993
|
21,774
|
||||||
Total liabilities and equity
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$
|
98,718
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$
|
28,067
|
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2021
|
2020
|
|||||||
Net cash used in operating activities
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$
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(8,903
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)
|
$
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(10,131
|
)
|
||
Net cash used in investing activities
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(28
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)
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(73
|
)
|
||||
Net cash provided by financing activities
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79,808
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11,948
|
||||||
Increase in cash, cash equivalents, and restricted cash
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70,877
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1,744
|
||||||
Cash, cash equivalents, and restricted cash at beginning of period
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21,054
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16,992
|
||||||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
91,931
|
$
|
18,736
|
ReWalk Robotics Ltd. And subsidiaries
|
|||||||||||
(unaudited)
|
|||||||||||
(In thousands, except units placed)
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Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenue:
|
||||||||||||||||
United States
|
$
|
821
|
$
|
325
|
$
|
1,951
|
$
|
1,172
|
||||||||
Europe
|
1,148
|
413
|
2,711
|
1,990
|
||||||||||||
Asia Pacific
|
1
|
2
|
58
|
6
|
||||||||||||
Latin America
|
-
|
6
|
-
|
6
|
||||||||||||
Africa
|
2
|
1
|
4
|
1
|
||||||||||||
Total Revenue
|
$
|
1,972
|
$
|
747
|
$
|
4,724
|
$
|
3,175
|
||||||||
Revenue:
|
||||||||||||||||
Personal units revenue
|
$
|
1,357
|
$
|
698
|
$
|
3,818
|
$
|
3,079
|
||||||||
Rehabilitation units revenue
|
615
|
49
|
906
|
96
|
||||||||||||
Total Revenue
|
$
|
1,972
|
$
|
747
|
$
|
4,724
|
$
|
3,175
|
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Document and Entity Information |
Nov. 10, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 10, 2021 |
Entity Registrant Name | ReWalk Robotics Ltd. |
Entity Incorporation, State or Country Code | L3 |
Entity File Number | 001-36612 |
Entity Tax Identification Number | 00-0000000 |
Entity Address, Address Line One | 3 Hatnufa St. |
Entity Address, Address Line Two | Floor 6 |
Entity Address, City or Town | Yokneam Ilit |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | 2069203 |
City Area Code | 972 |
Local Phone Number | 4.959.0123 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001607962 |
Title of 12(b) Security | Ordinary Shares, par value NIS 0.25 |
Trading Symbol | RWLK |
Security Exchange Name | NASDAQ |
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