ReWalk Q1: 40% Revenue Growth, Expanding Margins, Europe Snag & More

ReWalk Robotics Ltd. RWLK reported the first quarter of fiscal 2023 revenues of $1.23 million, missing the consensus estimate of $2 million. Revenues rose 40% year over year.
The medical device company reported an adjusted EPS of ($0.07) loss, beating the analyst estimate of ($0.08) loss.
Revenues rose on the back of higher sales of ReWalk Personal 6.0 units sold in the U.S., partially offset by fewer sold in Europe.
Gross margin was 46.4% in 1Q, compared to 30.3%, mainly due to higher revenue volumes and average selling price.
As of March 31, 2023, ReWalk had $61.9 million in unrestricted cash and cash equivalents on its balance sheet with no debt.
"We achieved a major milestone with FDA clearance of the ReWalk exoskeleton for use on stairs and curbs, expanded the number of VA centers that train ReWalk users, and increased our German case submissions all of which we believe will favorably impact year-over-year growth in 2023 and 2024," said CEO Larry Jasinski.
Price Action: RWLK shares are trading higher by 3.8% to $0.6376 in the market session on the last check Thursday.