RWLK - Earnings call transcript Q3 2017

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Operator

Good day, ladies and gentlemen, and welcome to the Third Quarter 2017 ReWalk Robotics Ltd. Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded today, November 2, 2017. to host like Ilanit today’s now Allen. would introduce for your conference, I

may You begin.

Ilanit Allen

Good welcome Officer; detailing This can financial September Allen morning, morning, accessed results Third the Isaack. the can from Larry of press the With you, Thank and call ReWalk. company call today's Hershberger, Relations ended Earnings Investor for are This Chief me Communications, This Officer issued on Quarter also there. this three ReWalk rewalk.com, Investor Chief XX, the to Call. release XXXX. the is Kevin website In-Site be a through Ilanit Executive months access of of and of Jasinski, Relations for section webcast ReWalk. and at XXXX Robotics ReWalk Financial you

the intent statements, available weeks. call will press completion be call started, any as of specifically company's performance management statements materially morning's may Before two ReWalk from Reform after ReWalk express call projected and those based are to law. this be or available as conference like those performance. or intent uncertainties, statements. considered forward-looking release the events risks would on and everyone on results regarding information the projection, next anticipation obligation to forward-looking of and statements update with defined replay by A These disclaims involve differ that may in the made not to statements ReWalk's forward-looking Act. that forecast, future these forward-looking including for I future future telephone by except Private we the get of SEC. shortly required are Such today Litigation any as today's this filings Actual guarantees a expectation, of belief, remind noted Securities in the statements forward-looking and

today's year information the dial-in rewalk.com. the in for one archived press on be company's will The available website, find release. You'll webcast

to may with then, listening please topics webcast, press the call And held SEC be related on Since the announcements may reference call was made who Larry recorded those of Jasinski. I'll and company's ReWalk over this archived have replay filings. and to turn so the releases XXXX. that, the benefit recent most the ReWalk's For discussed, CEO, to or X, November

Larry Jasinski

Thank Ilanit. joining thank everyone, Good morning, you, and us. you for

or business Our for million the growth deliver XXXX advancing nine to $X.X XX% period. months first continues sales the prior to to with compared year of growth

progress. designs innovative of personal insurance long-term exoskeleton suit market the product major goals soft for coverage For expansion, have reimbursement progressing and meaningful achieving made and our our ReWalk device encouraging

influence other walk to Let's data, start German with have Germany. physicians years. the strategic of that for first reimbursement expansion commercial insurance achievements coverage now broad detailed milestone release in in coverage with educational in want reimbursement and major to the and with over again for access exoskeleton positive individuals these We scientific allow as ReWalk require coverage major past decisions are these a favorable technologies. necessary devices industry coverage will and the payers our anticipate three who DGUV. we goal and efforts medically Broader these Barmer achieved These Europe. has to Germany insurers court been with We key a coverage

to national the inclusion that they a As we and covers meet provide specified that qualifying confirm previously nearly will which German the insurance reported, medical insurance all XX lives, system. assessment Barmer, criteria by systems million social health beneficiaries health provider, ReWalk

the ReWalk the today, and of more to become DGUV, spinal accidents recently compensation pending XX to group Coverage insurers in XX comprised use of this are date, BG, a the that insurance began second The we has letter, than for group. national Germany. accident the an occurs primarily have As issued million robotic claims of users, The is German XX we to Germany workmen's has group individuals pleased grant insurers, previously cord XX personal stating announce injury claims entitled the coverage To currently beneficiaries. of work-related systems processing a in in-home already And they entering exoskeletons. of device. insurance retraining for the for has XX DGUV through reported, social for allow are different initiated for provide which procedural procurement reimbursement provider, reimbursement of DGUV exoskeleton.

have is seven to Additionally, and training issuing groups. program its and Of with we've a XX good these home, for training. The placements. September the ongoing are to progress it two use. still XX BG training centers. The potential applications the BG taken not Group member letter units BG been in developing made has and in Since XX provided pace indicated groups procurement XXXX, these, has development future expected policy system for and were and increase have of are successful

and the increase for recent to as a and whole injury cord a section we the standalone based A industry coverage of Now community. distinct included on submission we is step with to our group. a On review indicated data. a supporting a spinal policy US. decision large injured for This commercial been expectation an the forum for comprehensive call, for goal by that has spinal for have American last the exoskeleton XX with North NAS, access expanded occupancy will let's payer days. for a Society, gain cord turn with meaningful as provide within to scientific establishment a national systems this discussions industry a the The data Spine policies

are this at group they requested ongoing the evaluate detail discussions the additional still of encouraged to as by they the coverage continue is policy. review time, level and the of we the While

conclude commercial submissions QX, to by this submitting process end of are consideration expecting to reviews. request In additional year. for We also the for policy US groups two coverage the we're

you data formal in posted we keep regional expanded, will scientific due with has developments the on positioned and now for course. are reviews As better policy providers

group had the model SCI in the elements finally, an with business savings to we we CMS areas. underserved for coverage expand seeking Additionally, system. session to VA, to with continue pathways And explore overall multiple in in the our risk-sharing the an of use including for for with the our October first regard population, advanced the innovation with exoskeleton VA payment

four total now quarter, of additional for the study. purchased VA its the for sites. at patients total a enrolled of During in devices use purchased XX which XX represents devices ongoing the clinical study, ten This has

who VA the Additionally, expand to to patients with the train ReWalk veterans their continue current provide we work under to to ability qualify. devices personal program to

veterans to is individual's choice local to more with VA if at facility been working their VA treated expand XX a miles homes. We a from have the than center be which program, allows an

a at center We under that happy to program. training this report are VA its first has proposed the local veteran

and suit the user's fabric-based to to sensors that in This In along point we force continuing an structure a motor, front to will on manner, encouraged attached the shoe. system or the momentum used powered studies the and The decrease hope leg to we by the and the controlled reimbursement leg. bending dorsiflexion suit decrease and and progress that in upper expand waist the with design expands. are we between R&D user's stable at clinical of more and the unveiled foot calf supports is consist design wraps continue plantarflexion bending our and as I'd the like our the systems Restore actuator to angle a June, work. of the to it commercial with the or of there for to is powered the a the enabling surface computer future. around being ReWalk footplate We the home in the launch. turn angle and and now the with and of both sole believe lightweight see back soft transfers foot of Overall, and exoskeleton cable, between eventual exoskeleton lightweight community in that

mobility to the We risk and as utilizing needs with October, the therapies using believe for economic penetration device Restore have staff provide expenses. We a traditional maximizing system. of user target system's price we in of devices, for staff time, natural the codes setup established fatigue will lightweight the patients other to patients. this staffing potential rehabilitation because minimizing announced and existing meaningful the using facilitate rehab market start rehabilitation soft, advantages to testing by gait cost staff centers of for exoskeleton do the use material In session the a compared stroke the benefits the productivity Restore walking stroke pattern for base treatment with of training and the savings and We safety requirements, for $XX,XXX for this setting allow and price study clinics will first rapid preclinical injuries. from system believe and reducing

look with have first to key We for XXXX. limb and in already this States stroke And has centers. patient mentioned late early clinical updating the are other additional is University, device into we XXXX, begin earlier, use the in multiple in Europe at system late subject begun platform for we XXXX, beyond have United these the study research patients timing in a generation sessions XXXX. system in the applications which to to study the identified formal We aim XXXX in future. the we fronts. Restore technology, We in setting. FDA expect lower designated next Overall, Restore we the system stroke have the Parkinson's training Restore with efforts rehabilitation collaboration see to at on to as study of to patients, training anticipate a the in and Based early enrollments targeting early system by by sclerosis, Through significant disabilities. centers Wyss disease followed to seven the clinical or made the progress commercialize trial receipt as two assess system and is on CE design, application The involve we patients efforts the participating Harvard stroke. we will important gait the mark our on you Institute research each begin and perspective XX study the The I clearance. intended into for stroke in proposed on Restore during safety trial applicable forward the that stroke and believe of

secondly, XXXX by can patients disabilities. device for Restore as insurance through of benefit walking. reimbursement individuals I'd our First, lower ReWalk platform progressing quarter our to injury benefits to spinal personal social limb for And a the second and Kevin With can and review call a suit over cord like health to from that, turn soft stroke results. the exoskeleton ensuring financial obtain of therefore, other and that

Kevin Hershberger

our year direct included total and a placed in in seven markets. XX of Thanks, million XX X.X prior other X.X quarter Larry. of QX million decisions. were markets favorable compared to We US, in units, coverage was which Europe revenue and in in three the the three commercial were

five quarter, including are XX and During active units insurance a to we currently purchase. units open that period completed converted rent-to-purchase rented had XX three trial rentals trials, and the claims new priced and eight have final previously have their a awaiting decision. We

XX revenue period higher units sales year-to-date X.X rented X.X in our million million the This is XXXX. the to convert reflects to units versus XX VA. in increase nine-month and previously the in for Our comparable with ability units purchases

year our net XX% program had operating During compared Gross the was improved at quarter, product in placed X.X loss Net insurance of costs. to of mix, time And million X.X the and to of quarter the of we the in year. in driven ended the units loss conversion same prior claims total, were XX% compared X.X we third in XXX million year, X.X rental At compared our to XX.X rental XX expenses million equity prior-year the sales million the effectively operating lower cash. XXX quarter XXXX. the and our margin end utilized we We've compared in Total million quarter a managed expenses. by with were converted units of to period. which in XXXX. last finally, period, for XX third the to pending ATM

to like instructions. continue to milestones. critical questions. with I'd the with we on for As the ahead And Operator, call open please go our focus that,

Operator

our Jefferies. from the And first Instructions] Moore [Operator question line of comes Christian from

Christian Moore

what $XX,XXX, one strategy through to maybe just at Restore. reimbursement price and could set then was you definitely for be us on It helpful that to regards just system? take that hear with Maybe to you if came how your will ASP being

Larry Jasinski

for what market. we them. was of cost rehab We several And pricing focused device codes get operating worked for of in be looked very which we've goods as centers numbers a attractive, would on and with we it customers at and we their industry. price that the And, and what thought at the from very, model it looked business number a but and and at on they can us metrics, the based started that for can of and for centers a surveyed an as produce payment for rehab thought the looked for hit we point was view, we what an of both course,

Christian Moore

And innings in for but terms probably the here, see then it what you big in this [indiscernible] on maybe size any of the in the for you have Do US? view be could market patients? of kind stroke early still of do how

Larry Jasinski

Asia. approximately of numbers of But Well, you when States and you under quite rehab active in in X,XXX is number and got of patients and use and even selling centers United parameter qualifies that XXX,XXX multiple go are universe then estimated Europe centers. they possibly Europe, perhaps the that initially, rehab units. in we every greater a are comparable excess large, And could readily between just through the numbers about US to

So got be initial a with that eventually cord would as may a We so base good the unit, rehab taking for product. would been a very target this years, would a then home, we described out it. see for We see we would you us. in spinal I've similar approval the product and development of see where learned what centers to be situation the we injury it later a which have product personal

Christian Moore

year be activity just of one expectations in on last we haven't up? that the picked the really commercial but the we And finish our up Is segments, you world is something that terms so rest one will any quarter cadence the just of last expecting should third build XQ. there, maybe in year, for seen for again, then that to how

Kevin Hershberger

question? for Asia, to QX is that For be specific,

Christian Moore

question any Yes. we haven't because just That's seen the progress.

Kevin Hershberger

our European present, and Taiwan see markets. most is regulatory growth other of a At and we our United to expect most come our in follow US will primarily in China our for on Korea then Asia be push will Asia is is the from goal. successes in growth of some I in specifically of activity What But in XXXX, and focused clearances most States. our and developing and increased countries, Germany

Operator

showing any And at questions time. speakers, Instructions] not this [Operator I'm

Larry Jasinski

support you. good you your very you, for pretty reach shape Thank operator, joined directly. have We great And the thank have and who if are in day. you a can and call. for then. everybody Thank much you this morning, And questions, other us

Operator

in conference. Ladies have and all may disconnect. Everyone, you participating nice the gentlemen, thank for day. This conclude you and a does today's program,

ReWalk Robotics (LFWD) 4 Nov 172017 Q3 Earnings call transcript