ReWalk Letter to Shareholders on COVID-19 and the Potential Impact on Operations

MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, March 24, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) a global leader in Exoskeleton technology for community use and rehabilitation centers, today issued the following letter to shareholders:

To All Shareholders:

The emerging coronavirus (COVID-19) outbreak represents a challenge to our community and all of our stakeholders.  This letter is an update on this situation as it pertains to ReWalk Robotics and our global operations.

We fully support the efforts of all clinics and customers to manage this pandemic.  Our clinics are focused on managing the emergency and therefore have limited in-person contact and elective activities.  We encourage our home, community and clinic-based users of our products to follow the relevant local and national public health protocols and recommendations as provided.

We have taken extensive steps to safeguard our employees with the majority working remotely, curtailing business travel, while maintaining supply chain activity as needed and seek to cover all service needs remotely or by shipping temporary replacement systems until we can repair their existing system.  The health and well-being of our employees, customers and health care workers we serve remains a top priority.  We will follow the guidance of public health officials as the situation develops and will reschedule training programs that had been planned for 2020 as needed. 

We expect this situation to delay direct sales activities, training and service contacts which will impact our sales in late Q1 and in coming quarters, lasting until the limits on activities for training and trial use are lifted.  The insurers and other purchasers of our products are processing sales that are in our pipeline; however, training and delivery will be limited until all conditions are deemed safe for our employees, rehabilitation personnel and the users of our products.  Our pipeline with insurers in Germany and with the U.S. Department of Veterans Affairs remains active now that the clinical study recruitment is complete and we will seek to supply those systems and further grow it as conditions allow in 2020 and 2021.  Our current supply chain has adequate inventory in the form of finished goods and raw materials to meet our expected needs for 2020.