ReWalk Robotics raises $12m, forecasts Q3 sales beat

ReWalk Robotics (NSDQ:RWLK) last week priced a stock-and-warrants offering worth more than $12 million and said it expects its 3rd-quarter earnings to beat expectations on Wall Street.

Yokneam, Israel- and Marlborough, Mass.-based ReWalk, which makes a robotic exoskeleton designed to assist patients with spinal cord injuries, said it floated 3.25 million units at $3.75 apiece in the offering, for gross proceeds of $12.2 million. The offering includes a share of RWLK stock and ¾ of a warrant at an exercise price of $4.75 apiece. Oppenheimer & Co., the lone underwriter, has a 30-day over-allotment option for another 487,500 units that’s worth an additional $1.8 million.

ReWalk said it plans to use the proceeds for general corporate purposes, “including supporting its ongoing sales, marketing and reimbursement efforts to grow its business and funding research and development activities focused on product development.”

In a separate release, the company said it expects to post sales of $1.4 million for the 3 months ended Sept. 30, ahead of the consensus estimate on The Street of $1.3 million. Analysts there are looking for losses per share of -59¢. ReWalk is slated to release its full 3rd-quarter results Nov. 3.

ReWalk said it sold 23 exoskeletons during the quarter, including 13 that were covered by insurance, and had about $12.4 million in cash and equivalents on hand at the end of the period.

RWLK shares closed down -7.8% at $2.95 apiece Oct. 28.

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