ReWalk Robotics Ltd. (RWLK) shares soared 52.71% in after-hours on Thursday, November 04, 2021, and closed the daily trading at $1.97. However early in the regular trading session, RWLK’s stock lost 1.53%. RWLK shares have risen 16.22% over the last 12 months, and they have moved down 2.27% in the past week. Over the past three months, the stock has lost 9.15%, while over the past six months, it has declined 23.67%.
Let’s see is there any reason behind its massive surge?
FDA Device Designation to the RWLK ReBoot Soft Exo-Suit
On November 04, 2021, ReWalk Robotics, Ltd. (RWLK) ReBoot device was granted designation as a Breakthrough Device by the Food and Drug Administration (FDA). The ReBoot is a lightweight, battery-powered orthotic exo-suit intended to assist ambulatory functions in individuals with reduced ankle function related to neurological injuries, such as stroke.
RWLK Closed registered direct offering
On September 29, 2021, ReWalk Robotics Ltd. (RWLK) closed its previously announced registered direct offering, for the sale of 16,013,518 of the Company’s ordinary shares, at the purchase price of $2.035 per share. ReWalk also issued to the investors unregistered warrants to purchase up to an aggregate amount of 8,006,759 ordinary shares in a concurrent private placement. The company will get gross proceeds of approximately $32.5 million.
RWLK recent financial results announcement
On August. 09, 2021, ReWalk Robotics Ltd. (RWLK) announced its financial results for the three and six months ended June 30, 2021.
Q2 2021 financial highlights
- RWLK reported total revenue of $1.4 million in Q2 2021 compared to $1.7 million during the second quarter of the prior year.
- In Q2 2021, the gross margin was 51% compared to 61% in the second quarter of 2020.
- Total operating expenses were $3.9 million in Q2 2021 compared to $3.6 million in the second quarter of 2020.
- It suffered a net loss of $3.1 million for the second quarter of 2021, compared to a net loss of $2.9 million in the second quarter of 2020.
- ReWalk had $64.2 million in cash on its balance sheet at the end of the second quarter of 2021.
RWLK new appointment
On August 02, 2021, ReWalk Robotics Ltd. (RWLK) appointed Jeannine Lynch as Vice President of Strategy and Market Access. Ms. Lynch will focus on completing the building and implementation of ReWalk’s market access and reimbursement programs. Ms. Lynch will report to ReWalk CEO, Larry Jasinski.
The recent FDA approval for the ReBoot device was the reason behind its exceptional surge in the after-hours on Thursday. we can expect it to continue its momentum on Friday as well.