Leading German Private Health Insurer Enters Contract to Provide ReWalk Exoskeletons to Individuals with Spinal Cord Injuries
ReWalk Robotics has secured its first supply contract with a private German health insurer, enabling eligible spinal cord injury (SCI) beneficiaries to procure the ReWalk 6.0 exoskeleton system. This agreement follows earlier contracts with several statutory insurers in Germany, marking significant progress in the adoption of robotic technology for rehabilitation. CEO Larry Jasinski emphasized the impact of this contract on enhancing care standards for individuals with SCIs. The ReWalk 6.0 was added to Germany's Medical Device Directory in 2018, facilitating further contracts with insurers.
- First contract with a private health insurer in Germany for the ReWalk 6.0 exoskeleton.
- Supports ReWalk's mission to enhance quality of life for individuals with spinal cord injuries.
- Follows previous contracts with statutory health insurance companies, indicating increasing market adoption.
- Ongoing risks associated with COVID-19 affecting business operations.
- Management indicates substantial doubt about the company's ability to continue as a going concern.
- Potential risks of delisting from Nasdaq if compliance with listing requirements is not maintained.
Supply contract is the Company’s first with a private health insurer in Germany
MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Dec. 10, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics, Ltd. (Nasdaq: RWLK) ("ReWalk" or the "Company"), a leading manufacturer of robotic medical devices for people with lower extremity disabilities, today announced it has entered into a contract with a German private health insurance company to allow all eligible beneficiaries with spinal cord injury (SCIs) to apply for the procurement of a ReWalk 6.0 exoskeleton system.
The contractual agreement is the first such agreement with a private health insurer and follows a series of contracts with several statutory health insurance companies in Germany, which ReWalk signed earlier this year. Under the terms of this contract, eligible individuals can receive a ReWalk Personal 6.0 exoskeleton for everyday use after successful training, which can enable individuals with SCIs to stand and walk again.
“The ready adoption of supply contracts by public and private insurers across Germany supports exoskeleton devices for spinal cord injury becoming a standard of care for qualified beneficiaries,” said ReWalk CEO Larry Jasinski. “This new insurer is leading by example, and creating meaningful change in the lives of all those who will be able to procure a device and begin ReWalking in their communities.”
In 2018, the ReWalk 6.0 personal exoskeleton system was listed in the Medical Device Directory (MDD) of the National Association of Statutory Health Insurance Funds in Germany, which includes all approved devices for insurance procurement. That addition was a critical turning point that enabled any of Germany’s 105 statutory health insurance companies to pursue standards of care for ReWalk. After being listed in the MDD, ReWalk began to enter into supply contracts with a number of German insurers.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk’s 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 United States, Israel and Germany. For more information on the ReWalk systems, please visit www.rewalk.com.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in Israel and the United States.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding ReWalk's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk's control. Important factors that could cause ReWalk's actual results to differ materially from those indicated in the forward-looking statements include, among others ReWalk's management's conclusion, and its independent registered public accounting firm's statement in its opinion relating to its consolidated financial statements for the fiscal year ended December 31, 2019, that there is a substantial doubt as to the Company's ability to continue as a going concern; the current COVID-19 pandemic has adversely affected and may continue to affect adversely business and results of operations; ReWalk's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; ReWalk's ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market and the risk that its ordinary shares will be delisted if it cannot do so; ReWalk's ability to establish a pathway to commercialize its products in China; ReWalk's ability to maintain and grow its reputation and the market acceptance of its products; ReWalk's ability to achieve reimbursement from third-party payors for its products; ReWalk's limited operating history and its ability to leverage its sales, marketing and training infrastructure; ReWalk's expectations as to its clinical research program and clinical results; ReWalk's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; ReWalk's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; ReWalk's ability to repay its secured indebtedness; ReWalk's ability to improve its products and develop new products; ReWalk's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on ReWalk's ability to market and sell its products; ReWalk's ability to gain and maintain regulatory approvals; ReWalk's expectations as to the results of, and the Food and Drug Administration's potential regulatory developments with respect to its mandatory 522 postmarket surveillance study; ReWalk's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the impact of substantial sales of the Company's shares by certain shareholders on the market price of the Company's ordinary shares; ReWalk's ability to use effectively the proceeds of its offerings of securities; the risk of substantial dilution resulting from the periodic issuances of ReWalk's ordinary shares; the impact of the market price of the Company's ordinary shares on the determination of whether it is a passive foreign investment company; and other factors discussed under the heading "Risk Factors" in ReWalk's annual report on Form 10-K for the year ended December 31, 2019 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause ReWalk's actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Investor Contact:
Ori Gon
Chief Financial Officer
ReWalk Robotics Ltd.
T: +972-4-9590123
E: investorrelations@rewalk.com
FAQ
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