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|
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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
|
Securities registered pursuant to
Section 12(b) of the Exchange Act |
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Trading symbol
|
|
Name of exchange on which
registered |
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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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|
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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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(d) Exhibits
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*
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Furnished herewith
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ReWalk Robotics Ltd.
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|
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Dated: November 7, 2022
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By:
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/s/ Mike Lawless
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|
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Name:
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Mike Lawless
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|
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Title:
|
Chief Financial Officer
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|
• |
ReWalk submitted its first Medicare case to a MAC in early November and will continue to prepare further cases for submission for Medicare coverage and reimbursement;
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• |
Total revenue for the third quarter of 2022 was $0.9 million, compared to $2.0 million in the third quarter of 2021;
|
• |
The Company’s operating expenses were $5.7 million in the third quarter of 2022, compared to $3.8 million in the third quarter of 2021; and
|
• |
Strong cash position with $74.0 million as of September 30, 2022.
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Date
|
Monday, November 7, 2022
|
|
Time
|
8:30 A.M EST
|
|
Telephone
|
U.S:
|
1-833-630-1956
|
|
International:
|
1-412-317-1837
|
|
Israel:
|
1-80-9212373
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Germany:
|
0800-6647650
|
|
Access code
|
Please request to be connected to ReWalk Robotics Ltd. Call
|
|
Webcast (live, listen-only and archive)
|
https://edge.media-server.com/mmc/p/guz9jm9p
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenue
|
$
|
886
|
$
|
1,972
|
$
|
3,332
|
$
|
4,724
|
||||||||
Cost of revenues
|
665
|
832
|
2,100
|
2,150
|
||||||||||||
Gross profit
|
221
|
1,140
|
1,232
|
2,574
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
1,065
|
638
|
2,928
|
2,243
|
||||||||||||
Sales and marketing
|
2,588
|
1,821
|
7,119
|
5,105
|
||||||||||||
General and administrative
|
2,001
|
1,343
|
5,282
|
4,050
|
||||||||||||
Total operating expenses
|
5,654
|
3,802
|
15,329
|
11,398
|
||||||||||||
Operating loss
|
(5,433
|
)
|
(2,662
|
)
|
(14,097
|
)
|
(8,824
|
)
|
||||||||
Financial expenses
|
1
|
27
|
69
|
14
|
||||||||||||
Loss before income taxes
|
(5,434
|
)
|
(2,689
|
)
|
(14,166
|
)
|
(8,838
|
)
|
||||||||
Taxes on income (tax benefit)
|
26
|
(14
|
)
|
90
|
40
|
|||||||||||
Net loss
|
$
|
(5,460
|
)
|
$
|
(2,675
|
)
|
$
|
(14,256
|
)
|
$
|
(8,878
|
)
|
||||
Basic net loss per ordinary share
|
$
|
(0.09
|
)
|
$
|
(0.06
|
)
|
$
|
(0.23
|
)
|
$
|
(0.21
|
)
|
||||
Weighted average number of shares used in computing net loss per ordinary share basic and diluted
|
62,793,847
|
46,570,130
|
62,611,580
|
43,021,972
|
||||||||||||
Reconciliation of GAAP to Non-GAAP net loss
|
||||||||||||||||
Net loss
|
$
|
(5,460
|
)
|
$
|
(2,675
|
)
|
(14,256
|
)
|
(8,878
|
)
|
||||||
Non-cash share based compensation expense
|
320
|
231
|
646
|
599
|
||||||||||||
Depreciation of property and equipment, net
|
51
|
69
|
161
|
210
|
||||||||||||
Non-GAAP net loss
|
$
|
(5,089
|
)
|
$
|
(2,375
|
)
|
$
|
(13,449
|
)
|
$
|
(8,069
|
)
|
September 30,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
74,027
|
$
|
88,337
|
||||
Trade receivable, net
|
447
|
585
|
||||||
Prepaid expenses and other current assets
|
1,091
|
610
|
||||||
Inventories
|
3,330
|
2,989
|
||||||
Total current assets
|
78,895
|
92,521
|
||||||
Restricted cash and other long term assets
|
1,001
|
1,064
|
||||||
Operating lease right-of-use assets
|
638
|
881
|
||||||
Property and equipment, net
|
237
|
284
|
||||||
Total assets
|
$
|
80,771
|
$
|
94,750
|
||||
Liabilities and equity
|
||||||||
Current liabilities
|
||||||||
Current maturities of operating leases
|
606
|
641
|
||||||
Trade payables
|
1,908
|
1,384
|
||||||
Other current liabilities
|
1,706
|
2,013
|
||||||
Total current liabilities
|
4,220
|
4,038
|
||||||
Non-current operating leases
|
85
|
418
|
||||||
Other long-term liabilities
|
876
|
911
|
||||||
Shareholders’ equity
|
75,590
|
89,383
|
||||||
Total liabilities and equity
|
$
|
80,771
|
$
|
94,750
|
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2022 | 2021 | |||||||
Net cash used in operating activities
|
$
|
(13,978
|
)
|
$
|
(8,903
|
)
|
||
Net cash used in investing activities
|
(25
|
)
|
(28
|
)
|
||||
Net cash provided by (used in) financing activities
|
(183
|
)
|
79,808
|
|||||
Increase (decrease) in cash, cash equivalents, and restricted cash
|
(14,186
|
)
|
70,877
|
|||||
Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash
|
(182
|
)
|
-
|
|||||
Cash, cash equivalents, and restricted cash at beginning of period
|
89,050
|
21,054
|
||||||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
74,682
|
$
|
91,931
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
|
2022 | 2021 |
2022
|
2021
|
||||||||||||
Revenue:
|
||||||||||||||||
United States
|
$
|
395
|
$
|
821
|
$ |
1,193
|
$ |
1,951
|
||||||||
Europe
|
488
|
1,148
|
2,023
|
2,711
|
||||||||||||
Asia Pacific
|
2
|
1
|
113
|
58
|
||||||||||||
Africa
|
1
|
2
|
3
|
4
|
||||||||||||
Total Revenue
|
$
|
886
|
$
|
1,972
|
$
|
3,332
|
$
|
4,724
|
||||||||
Revenue:
|
||||||||||||||||
Personal units revenue
|
$
|
822
|
$
|
1,357
|
$ |
2,837
|
$ |
3,818
|
||||||||
Rehabilitation units revenue
|
64
|
615
|
495
|
906
|
||||||||||||
Total Revenue
|
$
|
886
|
$
|
1,972
|
$
|
3,332
|
$
|
4,724
|