ReWalk Robotics Announces 2017 Focus and Operating Initiatives
09 January 2017 - 9:00PM
ReWalk Robotics Ltd. (Nasdaq:RWLK) (“ReWalk” or the “Company”),
leading exoskeleton manufacturer, today announced the Company’s
2017 outlook, identifying new goals in research and development, as
well as a focus on insurance reimbursement policies in the public
and private sectors.
“In the years since ReWalk received its FDA clearances for
spinal cord injured individuals, we have seen the market evolve,
albeit slowly,” said ReWalk CEO Larry Jasinski. “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.”
ReWalk will redouble its efforts in the New Year on
reimbursement policies with insurance providers. This
initiative 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 U.S. insurance reimbursement policy by an insurance
provider.
“We are hopeful the incoming administration will adhere to its
promises of addressing systemic challenges in the VA, and set an
example for the private sector to facilitate better health care
benefit policies to provide access to all individuals who need a
critical medical device,” Jasinski added.
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.
Included in the Company outlook, ReWalk has set a goal to reduce
total operating expenses in 2017 by up to 30%, compared to
2016. These reductions will be achieved through the
following three actions, each of which contribute approximately 1/3
of the targeted savings: the completion of specific projects
focused on quality improvement initiatives and efforts to reduce
overall product cost; a realignment of and reduction in staffing to
match the Company’s 2017 business goals; and a reduction in other
corporate spending. The Company 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.
About ReWalk Robotics Ltd. ReWalk Robotics
Ltd. develops, manufactures and markets wearable robotic
exoskeletons for individuals with spinal cord injury. Our mission
is to fundamentally change the quality of life for individuals with
lower limb disability through the creation and development of
market leading robotic technologies. Founded in 2001, ReWalk has
headquarters in the U.S., Israel and Germany. For more
information on the ReWalk systems, please
visit http://www.rewalk.com.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in
Israel.
Contact:
Lisa Wilson
In-Site Communications, Inc.
Investor Relations
T: (212) 452-2793
E: lwilson@insitecony.com
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