MARLBOROUGH, Mass. and YOKNEAM, Israel, Jan. 09, 2017 (GLOBE NEWSWIRE) -- 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
