Blog Coverage ReWalk Announced 2017 Outlook; to Reduce Operating Expenses by up to 30%

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LONDON, UK / ACCESSWIRE / January 10, 2017 / Active Wall St. blog coverage looks at the headline from ReWalk Robotics Ltd (NASDAQ: RWLK) as the Company announced on January 09, 2017, its 2017 outlook, identifying new goals in research and development as well as a focus on insurance reimbursement policies in the public and private sectors. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

One of ReWalk Robotics’ competitors within the Medical Appliances & Equipment space, Abbott Laboratories (NYSE: ABT), is expected to report its fiscal Quarter ending December 2016 earnings on January 25, 2017 before market open. AWS will be initiating a research report on Abbott Laboratories following the release of its earnings results.

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Insurance Update

ReWalk announced that it will redouble its efforts in the New Year on reimbursement policies with insurance providers. The Company’s decision stems from the December 2015 announcement by the Department of Veterans Affairs (VA) to procure exoskeleton systems for all eligible SCI end-users, service or non-service related. The issuance of this national SOP marked the first-ever US insurance reimbursement policy by an insurance provider.

ReWalk CEO Larry Jasinski stated:

“Taking an industry-wide assessment, and accounting for our current R&D endeavors, we have decided to reset our goals and adjust our time and investments on two core categories: pursuit of national insurance reimbursement policies for all eligible spinal cord injury (SCI) exoskeleton users and device development for stroke victims.”

FY17 Outlook

In 2016, ReWalk announced a partnership with the Wyss Institute at Harvard University to develop next generation soft-suit exoskeletons for additional patient populations, which included stroke patients. In its 2017 outlook, the Company announced a commercialization plan for these soft-suit systems, with an expedited date in the year 2018. This plan is targeted for those individuals who have suffered a stroke and subsequently face mobility challenges.

For FY17, ReWalk has set a goal to reduce total operating expenses in 2017 by up to 30%, compared to 2016. The Company plans to achieve these reductions through the following three actions, each of which contribute approximately 1/3 of the targeted savings: 1) the completion of specific projects focused on quality improvement initiatives and efforts to reduce overall product cost; 2) a realignment of and reduction in staffing to match the Company’s 2017 business goals; and 3) a reduction in other corporate spending.

ReWalk stated that it will fund reimbursement efforts, clinical studies to expand data on the effectiveness of the Spinal Cord Injury products, field sales, service and training efforts for the ReWalk system and the commercialization pathway for the Stroke Softsuit program.

Extension of Line of Credit Agreement

As per a SEC filing dated December 30, 2016, ReWalk drew down $8.0 million under its loan agreement with Kreos Capital V (Expert Fund) Limited on December 28, 2016, by which Kreos extended a $20.0 million line of credit to the Company. The Company had previously drawn down $12.0 million, and it was entitled under the terms of the Loan Agreement to draw down an additional $8.0 million until December 31, 2016 if it raised $10.0 million or more in the issuance of shares of the Company’s capital stock (including debt convertible into shares of the Company’s capital stock) by December 31, 2016.

As per the filing, interest on the $8.0 million drawdown is payable monthly in arrears at a rate of 10.75% per year from December 28, 2016, through the date on which all such principal is repaid. The $8.0 million principal amount is repayable monthly over a period of 24 months commencing 12 months after December 28, 2016, which period will be extended to 36 months if the Company raises $20.0 million or more in connection with the issuance of shares of the Company’s capital stock (including debt convertible into shares of the Company’s capital stock) before the 24-month period expires.

Stock Performance

At the close of trading session on January 09, 2017, ReWalk Robotics’ stock price tumbled 8.20% to end the day at $2.80. A total volume of 522.18 thousand shares were exchanged during the session, which was above the 3-month average volume of 240.25 thousand shares. The stock currently has a market cap of $45.72 million.

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