ReWalk Robotics today saw shares dip slightly after releasing preliminary financial results for its 3rd quarter despite posting revenues ahead of consensus on Wall Street.
The Israel-based company said it expects to post sales of $1.7 million for the 3 months ended Sept. 30, up 21.4% from the $1.4 million the company posted for the same period during the previous fiscal year.
Preliminary sales numbers beat the $1.6 million that analysts on Wall Street expected the company to post. Despite this, shares in ReWalk have fallen 3.6% in early morning trading as of 9:46 a.m. EDT.
ReWalk said that 68% of its revenues came from the US for the 9 months ended Sept. 30, with 32% originating in Europe, according to an SEC filing.
The increase in revenue was due to a mixture of higher sales to the US Veterans’ Administration for use in an ongoing clinical study and an increase in rental units converting into purchases. ReWalk said it sold 16 units during the 3rd quarter and 84 units since the beginning of the fiscal year up from 23 and 80 units total during the 1st 9 months of the previous fiscal year.
A total of 7 unit placements during the 3rd quarter were covered by insurance, with 34 units covered by insurance during the fiscal year so far.
ReWalk said that as of Sept. 30, there were 218 pending insurance claims relating to coverage for ReWalk’s devices, up from 149 pending at the same period during the previous year.
Earlier this week, ReWalk said it completed all internal processes related to its Restore robotic rehabilitation softsuit exoskeleton and is ready to initiate clinical trials of the device in 2018, with hopes for a commercial launch in the same year.