midastouch017
10 months ago
ReWalk Robotics CEO Issues Year-End 2023 Open Letter to Shareholders and Provides 2024 Commercial and Operational Priorities
https://finance.yahoo.com/news/rewalk-robotics-ceo-issues-end-130000615.html
MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILLIT, Israel, Jan. 04, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), today issued an open letter from Larry Jasinski, Chief Executive Officer, to shareholders detailing transformational achievements in 2023 and commercial and operating priorities for 2024. The full letter is published below:
Dear Shareholders,
On behalf of ReWalk and our Board of Directors, I want to wish everyone a happy, healthy, and safe new year. From the outset of ReWalk’s founding, the Company has collectively poured its collaborative efforts into manifesting our founder’s dream:
To deliver on the promise to fundamentally improve the lives of individuals living with physical or neurological injury and disability and specifically allowing large scale access to exoskeleton technologies.
In this spirit, 2023 was a profoundly transformational year in ReWalk’s history. We are proud to have made great progress in navigating the pathway to appropriate Medicare payment for our ReWalk Exoskeleton. We also expanded our operational foundation by acquiring and integrating the AlterG business into our family. Both achievements have positive commercial implications for our growth and path to profitability, and the advances that we have made are tangible and significant. Our most important accomplishments this past year include:
Progress with the Centers for Medicare & Medicaid Services (“CMS”) to finalize a new benefit category which took effect January 1, 2024 and establish a reimbursement rate, which means that we are very close to expanding access to our life-changing technology for all eligible Medicare beneficiaries.
Our acquisition and integration of AlterG which provides us scale and commercial capabilities to provide a broader portfolio of innovative rehabilitation solutions allowing us to capitalize on the expanding market for exoskeletons, both of which we believe will accelerate our path to profitability.
Successful achievement of FDA clearance for use of ReWalk Personal Exoskeletons on stairs and curbs, a breakthrough which improves quality of experience for our users by helping them walk in more settings and increase utilization.
These achievements serve as the foundation for our next stage of growth and goal to drive positive shareholder value. As such, the start of the new year is an opportune time to spotlight the Company’s 2024 commercial and operating plans.
Highlights of Commercial and Operational Priorities for 2024
We expect to build on our pace of Medicare claims submissions for reimbursement with the expected determination of the final payment rates:
The final Healthcare Common Procedure Coding System (“HCPCS”) decision to establish a reimbursement rate for the ReWalk Exoskeleton is expected in February 2024 with an effective date of April 1, 2024.
We enter the new year with momentum and operational processes in place to drive growth in new Medicare claims in 2024 at a substantially increased pace compared to 2023.
We continue to synergistically integrate ReWalk and AlterG:
Our sales team is working to combine product offerings and sales territories for greater penetration of the potential clinical customer base.
Our sales and marketing programs are striving to expand awareness of our technologies to the prescribing physicians, physical therapists, and clinical community to build a broader and higher quality referral network and sales pipeline.
We are working to unify our staff of clinical trainers and network of field service engineers to provide comprehensive training capabilities and responsive technical support.
Our focus on advancing new innovations to market remains unabated:
We plan to submit a 510(k) application to the FDA during the first quarter of 2024 for the next-generation ReWalk 7 Personal Exoskeleton.
The company anticipates the mid-2024 launch of a new model of the AlterG anti-gravity systems with new features that will better address the needs of an underpenetrated market segment of smaller, independent clinics.
Significant progress in growing our business and driving a multi-year path to profitability:
We are implementing a cost structure optimization plan which includes a 15% reduction in force implemented at the end of 2023.
We plan to continue to further institute organizational and policy integrations to gain greater operating efficiency as all management functions consolidate under one team.
Lastly, our determination to maintain ReWalk’s Nasdaq listing remains resolute. We anticipate the final reimbursement rate determination by CMS and our first reimbursement payment may drive an increase in value of our share price during the current extension period with Nasdaq which continues through March 31, 2024.
The moves we have made drive growth in our business and are essential to our multi-year pathway to profitability. We look forward to sharing on our 2023 year-end earnings call our revenue and earnings outlook for 2024 and how the operating efficiencies that we’re executing against contribute to our commitment to reach non-GAAP operating profitability by 2026.
In conclusion, we are excited for what’s to come for ReWalk and all of our team members. Management will be in attendance at various upcoming investor conferences including participating in activities during the J.P. Morgan Healthcare Conference in San Francisco on January 8-10, 2024. We look forward to engaging with our stakeholders and providing future updates in our effort to transform the lives of the thousands of people who can benefit from our innovative technologies.
Warm regards,
Larry Jasinski
ReWalk Robotics CEO
StockLogistics
2 years ago
“7:17a ET 9/28/2022 - Benzinga
ReWalk to Submit First Cases for Medicare Coverage Through Medicare Administrative Contractors
ReWalk Robotics Ltd. (Nasdaq: RWLK) is announcing that the Company will begin submitting Medicare cases following CMS's September 26, 2022, announcement affirming that the MACs have discretion to cover and reimburse for the ReWalk exoskeleton. ReWalk Robotics is actively engaged with CMS in its commitment to evaluate complex advanced technologies like exoskeletons.
This is the latest step in ReWalk's efforts to expand access to the Company's exoskeletons for Medicare beneficiaries with SCI. Studies have shown that the ability to ambulate with an exoskeleton has a profound and beneficial impact on health outcomes for individuals with SCI, including through improved mental health, increased gastrointestinal (GI) function and other improvements on the health consequences of a SCI. ReWalk has prioritized working with payers like Medicare to ensure coverage of and access to exoskeleton technologies for individuals who are paralyzed or disabled due to SCI, so they are able to once again experience the health and well-being benefits of functional ambulation.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.”
Medicare reimbursements are the key
StockLogistics
2 years ago
“8:00a ET 6/2/2022 - Globe Newswire
ReWalk Robotics Announces Share Repurchase Program
EQNX::TICKER_START (NASDAQ:RWLK), EQNX::TICKER_END ReWalk Robotics Ltd. (Nasdaq: RWLK) ("ReWalk" or the "Company"), a leading manufacturer of robotic medical technology for people with lower extremity disabilities, today announced that its Board of Directors (the "Board") has approved a program to repurchase up to $8 million of its Ordinary Shares, par value NIS 0.25 per share. The program is subject to receipt of court approval, and ReWalk has filed a motion requesting permission to make purchases for a period of six months following the date of the court's authorization.
"We are pleased to announce this repurchase program to benefit all shareholders at a time when we believe our stock is undervalued," stated Jeff Dykan, Chairman of the Board. "The Board approved the program as part of its ongoing consideration of alternative methods to take advantage of the Company's strong cash position and based on the input of our shareholders. We believe the program represents a prudent use of the Company's capital and signals the Board's confidence in our long-term prospects - with pivotal decisions expected in 2022 regarding coverage in the U.S. and in Germany. We remain committed to utilizing our cash to support growth and maximize shareholder value."
The share repurchase program was unanimously approved by the Board. The Board believes that a share repurchase program at this time is in the best interests of the Company and its shareholders, and will not impact ReWalk's ability to execute its growth plans.
Under the program, share repurchases may be made from time to time using a variety of methods, including open market transactions or in privately negotiated transactions. Such repurchases will be made in accordance with all applicable securities laws and regulations, including restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended (the "1934 Act"). The timing and amount of shares repurchased will be determined by the Company's management, within guidelines to be established by the Board or a committee thereof, based on its ongoing evaluation of ReWalk's capital needs, market conditions, the trading price of the Company's shares, trading volume and other factors, subject to applicable law. For all or a portion of the authorized repurchase amount, ReWalk may enter into a plan compliant with Rule 10b5-1 of the 1934 Act that is designed to facilitate these repurchases.
The repurchase program does not require ReWalk to acquire a specific number of shares, and may be suspended or discontinued at any time. The share repurchases will be funded from available working capital.”
Perfect timing for the buyback announcement in regards to the chart, next Monday was the opportunity so getting this in before that shows they have expert financial management and shareholder interests are a priority to the company. Impressive.
I-Man
2 years ago
More Bullshit! I was an original investor, lost all my investment here.
Look at last night's "Shareholder Letter".
These people are like George Economou of former DRYS stock- personal ATM for "Insiders" to get very wealthy:
May 26, 2022
Dear Shareholders,
Thank you for your investment in ReWalk Robotics and your confidence in our life-changing technologies. We are writing to you because this year's Annual Meeting of Shareholders (the "Annual Meeting") will be especially important, as we are closing in on achieving critical milestones to pave the way for broader patient access to our solutions, which we believe will enhance value creation.
Your Board and management team are working hard to continue to create value by pursuing increased access to wearable robotic exoskeletons through expanded reimbursement coverage in the U.S. and Germany. These efforts are catalysts for achieving sustainable growth stemming from our years of thoughtful investment in research, development and innovation. In our view, ReWalk is at an exciting inflection point on the road to broad commercialization.
Our core strategy involves the following:
Adding systemic coverage and reimbursement with the Centers for Medicare and Medicaid ("CMS") and other payers to improve lives and create pathways for individuals to benefit from our technologies
Making meaningful progress on key long-term initiatives, including developing the infrastructure for claims processing post payer approvals and to improve Veterans Affairs ("VA") support post-COVID
Advancing technical developments that expand our addressable markets and allow more effective penetration under existing coverage programs
Expanding the Company product portfolio to achieve faster growth on the path to profitability
Below we outline in further detail the exciting progress to date and our plans for the future.
boston127
3 years ago
Very good volume, maintained movement UP.
Looks like an UP day tomorrow. Seems like someone knows something good is happening here. Will hold and continue buying on dips. This was $20 just 3 years ago, and $5 just 1 year ago, and they had far less going on.
Would like to see sub $2 , maybe even sub $1.50, and would then pile on.
traderzzfun
3 years ago
"Important milestones" ahead! New CEO Interview out with Larry Jasinski:
https://www.twst.com/news/rewalk-robotics-nasdaqrwlk-ceo-interview/
Keys:
"Those soft exosuits will eventually be a formula for us to provide these wearable robotics for multiple sclerosis, and we hope, for Parkinson’s. We still have to build their data for more applications. For stroke, we’ve already brought it to market for use in the clinic.
Our next version of the product is a product you’d use at home. You could use it for a period of therapy, and perhaps longer term for patients who need it for a long cycle of use.”
“The largest demand is currently in Germany, because their coverage is the most complete. So in 2020 sales, that will probably be our biggest country. The U.S. is not that far behind, because we already have the national coverage policy with the VA. So veterans in the United States have access to these products.
Larry Jasinski states that the current high expectations for ReWalk Robotics (NASDAQ:RWLK) are fueled by the anticipation of further government support:
“Our second half of this year is looking at how much COVID allows us back into the market, which we expect, at the current rate of vaccination that our employees and our customers and our clinics are having, is going to be pretty good.
We’ve done a few things. In the early part of this year and late last year, we did a lot of work to solidify our balance sheet. We’ve done some additional capital raises. We’ve reduced our burn. We’ve eliminated all of our long-term debt. So we believe we have enough of a runway now to take us to breakeven operations.
We have important milestones that will affect us, including a German Federal Court decision, which may even broaden coverage in Germany if it’s positive. That will occur probably sometime this year.”
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