|
|
|
||
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Not applicable
|
Securities registered pursuant to Section 12(b) of the Act
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
|
|
|
|
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d) Exhibits
|
|
*
|
Furnished herewith
|
|
ReWalk Robotics Ltd.
|
|
|
Dated: August 9, 2022
|
By:
|
/s/ Almog Adar
|
|
|
Name:
|
Almog Adar
|
|
|
Title:
|
Director of Finance
|
|
|
•
|
Total revenue for the second quarter of 2022 was $1.6 million, compared to $1.4 million in the second quarter of 2021;
|
|
•
|
Strong cash position with $78.8 million as of June 30, 2022;
|
|
•
|
The Company’s operating expenses were $5.1 million in the second quarter of 2022, compared to $3.9 million in the
second quarter of 2021;
|
|
•
|
In June 2022, the Company announced that its Board of Directors (the “Board”) had approved a program to repurchase
up to $8.0 million of the Company’s ordinary shares, par value NIS 0.25 per share, subject to receipt of Israeli court approval. In July 2022, the Company announced that it had received approval from an Israeli court for the share
repurchase program, valid through January 20, 2023. The process to begin repurchasing shares is underway.
|
|
•
|
On June 8th, the Company presented before CMS at its Healthcare Common Procedure Coding System (HCPCS) meeting,
detailing why CMS should promptly assign the ReWalk Personal Prosthetic Exoskeleton to the “artificial leg” prosthetic benefit category. No preliminary determination was made during the meeting, and ReWalk is currently awaiting
further feedback from CMS, which it expects to receive during the second half of 2022.
|
Date
|
Tuesday, August 9, 2022
|
|
Time
|
8:30 A.M EST
|
|
Telephone
|
U.S:
|
(866)374-5140
|
|
International:
|
(404) 400-0571
|
|
Israel:
|
4044000571
|
Germany:
|
8001897777
|
|
Access code
|
43100176#
|
|
Webcast (live, listen-only and archive)
|
https://edge.media-server.com/mmc/p/fz7je7rr
|
ReWalk Robotics Ltd. And subsidiaries
|
Condensed Consolidated Statements of Operations
|
(unaudited)
|
(In thousands, except share and per share data)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenue
|
$
|
1,570
|
$
|
1,436
|
$
|
2,446
|
$
|
2,752
|
||||||||
Cost of revenues
|
824
|
709
|
1,435
|
1,318
|
||||||||||||
Gross profit
|
746
|
727
|
1,011
|
1,434
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
956
|
810
|
1,863
|
1,605
|
||||||||||||
Sales and marketing
|
2,347
|
1,613
|
4,531
|
3,284
|
||||||||||||
General and administrative
|
1,819
|
1,445
|
3,281
|
2,707
|
||||||||||||
Total operating expenses
|
5,122
|
3,868
|
9,675
|
7,596
|
||||||||||||
Operating loss
|
(4,376
|
)
|
(3,141
|
)
|
(8,664
|
)
|
(6,162
|
)
|
||||||||
Financial expenses (income), net
|
44
|
(9
|
)
|
68
|
(13
|
)
|
||||||||||
Loss before income taxes
|
(4,420
|
)
|
(3,132
|
)
|
(8,732
|
)
|
(6,149
|
)
|
||||||||
Taxes on income
|
26
|
9
|
64
|
54
|
||||||||||||
Net loss
|
$
|
(4,446
|
)
|
$
|
(3,141
|
)
|
$
|
(8,796
|
)
|
$
|
(6,203
|
)
|
||||
Basic net loss per ordinary share
|
$
|
(0.07
|
)
|
$
|
(0.07
|
)
|
$
|
(0.14
|
)
|
$
|
(0.15
|
)
|
||||
Weighted average number of shares used in computing net loss per ordinary share basic and diluted
|
62,544,467
|
46,123,222
|
62,519,063
|
41,210,527
|
||||||||||||
Reconciliation of GAAP to Non-GAAP net loss
|
||||||||||||||||
Net loss
|
$
|
(4,446
|
)
|
$
|
(3,141
|
)
|
(8,796
|
)
|
(6,203
|
)
|
||||||
Non-cash share based compensation expense
|
173
|
200
|
326
|
368
|
||||||||||||
Depreciation of property and equipment, net
|
57
|
71
|
110
|
141
|
||||||||||||
Non-GAAP net loss
|
$
|
(4,216
|
)
|
$
|
(2,870
|
)
|
$
|
(8,360
|
)
|
$
|
(5,694
|
)
|
ReWalk Robotics Ltd. And subsidiaries
|
Condensed Consolidated Balance Sheets
|
(In thousands, except share and per share data)
|
June 30,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
78,832
|
$
|
88,337
|
||||
Trade receivable, net
|
866
|
585
|
||||||
Prepaid expenses and other current assets
|
957
|
610
|
||||||
Inventories
|
3,098
|
2,989
|
||||||
Total current assets
|
83,753
|
92,521
|
||||||
Restricted cash and other long term assets
|
1,020
|
1,064
|
||||||
Operating lease right-of-use assets
|
744
|
881
|
||||||
Property and equipment, net
|
281
|
284
|
||||||
Total assets
|
$
|
85,798
|
$
|
94,750
|
||||
Liabilities and equity
|
||||||||
Current liabilities
|
||||||||
Current maturities of operating leases
|
610
|
641
|
||||||
Trade payables
|
1,552
|
1,384
|
||||||
Other current liabilities
|
1,637
|
2,013
|
||||||
Total current liabilities
|
3,799
|
4,038
|
||||||
Non-current operating leases
|
207
|
418
|
||||||
Other long-term liabilities
|
879
|
911
|
||||||
Shareholders’ equity
|
80,913
|
89,383
|
||||||
Total liabilities and equity
|
$
|
85,798
|
$
|
94,750
|
ReWalk Robotics Ltd. And subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(unaudited)
|
(In thousands)
|
Six Months Ended
|
|||||||||
June 30,
|
|||||||||
2022
|
2021
|
||||||||
Net cash used in operating activities
|
$
|
(9,377
|
)
|
$
|
(6,340
|
)
|
|||
Net cash used in investing activities
|
(18
|
)
|
(11
|
)
|
|||||
Net cash provided by financing activities
|
-
|
50,236
|
|||||||
Increase (decrease) in cash, cash equivalents, and restricted cash
|
(9,395
|
)
|
43,885
|
||||||
Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash
|
(164
|
)
|
-
|
||||||
Cash, cash equivalents, and restricted cash at beginning of period
|
89,050
|
21,054
|
|||||||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
79,491
|
$
|
64,939
|
ReWalk Robotics Ltd. And subsidiaries
|
(unaudited)
|
(In thousands, except units placed)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenue:
|
||||||||||||||||
United States
|
$
|
578
|
$
|
654
|
798
|
1,130
|
||||||||||
Europe
|
888
|
726
|
1,535
|
1,563
|
||||||||||||
Asia Pacific
|
103
|
55
|
111
|
57
|
||||||||||||
Africa
|
1
|
1
|
2
|
2
|
||||||||||||
Total Revenue
|
$
|
1,570
|
$
|
1,436
|
$
|
2,446
|
$
|
2,752
|
||||||||
Revenue:
|
||||||||||||||||
Personal units revenue
|
$
|
1,245
|
$
|
1,153
|
2,015
|
2,461
|
||||||||||
Rehabilitation units revenue
|
325
|
283
|
431
|
291
|
||||||||||||
Total Revenue
|
$
|
1,570
|
$
|
1,436
|
$
|
2,446
|
$
|
2,752
|