ReWalk Robotics Expands Direct Sales Coverage to Canada
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The strategic expansion of ReWalk Robotics into the Canadian market signifies a pivotal move for the company. By leveraging the combined sales forces from the ReWalk and AlterG merger, they are poised to capitalize on an underserved Anti-Gravity systems market in Canada. This targeted approach could potentially increase market share and revenue streams, which are key indicators for investors evaluating company growth and market penetration strategies.
Furthermore, the focus on major population centers aligns with the concept of geographic segmentation, a common marketing strategy that tailors sales efforts to areas with higher demand potential. This can lead to more efficient allocation of resources and improved sales performance. However, investors should monitor the integration process for potential challenges such as cultural fit and system compatibility that could impact the anticipated synergies and cost savings.
The announcement by ReWalk Robotics to expand its direct sales coverage to Canada following the acquisition of AlterG can be seen as a strategic initiative to drive growth and improve profitability. The company's intention to achieve profitability through existing cash resources indicates a commitment to financial discipline and could be reassuring to stakeholders concerned about dilutive fundraising or increased debt.
Analysts will likely scrutinize the company's forthcoming financial statements for evidence of the leaner cost structure and revenue growth that the CEO alludes to. It will be important to assess the operational efficiencies gained from the integration and whether these translate into improved margins and a stronger balance sheet.
The mention of Anti-Gravity systems by ReWalk Robotics points to a niche but growing segment within the rehabilitation technology market. These systems are designed to assist individuals with neurological conditions by reducing weight-bearing stress during physical therapy, which can enhance mobility and recovery outcomes.
The expansion into the Canadian healthcare market could be met with enthusiasm by medical professionals seeking innovative treatment options. However, the success of this venture will depend on factors such as reimbursement policies, regulatory approvals and the ability of ReWalk to demonstrate the clinical and economic value of their products to healthcare providers and payers.
MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILLIT, Israel, Jan. 12, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), a leading provider of innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions, announced today that the Company is expanding its direct sales coverage to Canada. This expansion occurs as the result of the integration between the former ReWalk and AlterG commercial teams following the recent acquisition, which has resulted in a more extensive sales force with increased capacity.
“With the formation of our larger, newly combined commercial team, we have expanded three sales territories to include the major population centers in Canada,” said Larry Jasinski, Chief Executive Officer of ReWalk. “We believe that the Canadian market for Anti-Gravity systems has been underserved in the past, and we anticipate that our expanded direct sales presence will allow the Company to penetrate these markets more effectively.”
“The integration of AlterG and ReWalk continues to make great progress,” continued Mr. Jasinski. “In addition to the restructuring of our commercial teams, each of our functional areas has been realigned into our new operating structure. We believe that this integration will result in faster growth and a leaner cost structure, in line with our objectives to achieve profitability funded solely through our existing cash resources.”
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. is a medical device company that designs, develops, and commercializes innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions. ReWalk’s mission is to fundamentally change the quality of life for these individuals through the creation and development of market leading technologies. Through its recent acquisition of AlterG, Inc., ReWalk has added anti-gravity systems to its growing portfolio of products. Founded in 2001, ReWalk has operations in the United States, Israel, and Germany. For more information on the ReWalk systems, please visit rewalk.com. For more information on the AlterG systems, please visit alterg.com.
ReWalk® and ReStore® are registered trademarks of ReWalk Robotics Ltd. in the United States and other jurisdictions. Alter G® is a registered trademark of AlterG, Inc. in the United States and other jurisdictions.
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 ability to realize the anticipated benefits of the acquisition of AlterG, including the possibility that the expected benefits of the acquisition will not be realized within the expected time period or at all; uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; 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 regain and 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 maintain and grow its reputation and the market acceptance of its products; ReWalk's ability to achieve adequate reimbursement from third-party payors, including CMS, 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 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 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; ReWalk's ability to use effectively the proceeds of its offerings of securities; ReWalk’s ability to reduce operating expenses; and other factors discussed under the heading "Risk Factors" in ReWalk's annual report on Forms 10-K and 10-K/A for the year ended December 31, 2022 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.
ReWalk Investor Contact:
Mike Lawless
Chief Financial Officer
ReWalk Robotics
E: investorrelations@rewalk.com
ReWalk Media Relations:
LifeSci Communications
E: media@rewalk.com
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