ReWalk misses Q2 sales mark by a mile, shares plummet

ReWalk Robotics (NSDQ:RWLK) saw shares plummet as it reported 2nd quarter earnings that widely missed analysts marks and larger losses compared to the same quarter last year.

ReWalk reported losses of $5.8 million, or 48¢ per share, on sales of $610,000 for the 3 months ended June 30. That amounts to a 23.8% bottom-line loss on sales growth of 22% compared with Q2 2014.

Adjusted to exclude 1 time items, losses were at $5.2 million, compared to $3.7 in last year.

Losses per share were 6¢ off Wall Street analysts expectations, and sales missed their $2.2 million revenue expectations by a whopping $1.6 million.

Shares dropped roughly 20% in response, opening at $11.60 and closing at $9.26.

“Although 2nd quarter growth was slower than we expected, demand generation in terms of qualified leads and completed filings for reimbursement grew substantially. We expanded and modified our training programs to more effectively qualify users and to better assist individuals in advancing their reimbursement applications. In July, we launched a significant new product, the ReWalk personal 6.0, which offers many superior features over any product in the market or in clinical trials today. With its streamlined design, including elimination of the backpack, we expect it will increase the number of users and offer them a better walking experience.” CEO Larry Jasinski said in an SEC filing.

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