ReWalk Robotics (NASDAQ: RWLK), an Israeli based company with U.S headquarters in Marlborough, MA, had its IPO Friday, September 12, and attracted investors with its original technology. The stock is now one the best moving IPO of the year so far with a climb of more than 280%. The stock started trading at $11.50 on Friday, and hit a high of $43.71. We started our pre-IPO coverage with an article a day before, which can be located <here>.
The ReWalk exoskeleton is an assistance systemthat uses patented technology with motorized legs that power knee and hip movement, enabling paraplegics to stand upright, walk and even climb stairs. There is competition for ReWalk in the exoskeleton market in general, from companies like Ekso Bionics or Lockheed Martin(NYSE: LMT). After the FDA has issued a marketing clearance for ReWalk Robotics, the companysuccessfully positioned itself as a leader in the medical devices market.
The ReWalk system has the potential to benefit an estimated 200,000 people in the United States living with a spinal cord injury and an estimated 1.5 million wheelchair users. The system is not cheap however, and the vast majority of people who need the systemcan’t afford it, yet the company’s CEO, LarryJasinski, assures, “we are already working with insurers to cover the cost of the system.”
In the long run, the exoskeleton technology can expand beyond its current medical use, and be applied in the militaryand as an aid tool for industrial customers, which is where the focus of Lockheed Martin is at the moment.Lockheed Martin is developing the FORTIS exoskeleton system, a lightweight system that will provide the user strength, endurance and flexibilityduring industrial overhead work. The company is also in early stages of innovating a Tactical Light Assault Operations Suit for the military.
As of ReWalk Robotics, the company is looking past restoring the use of legs to paraplegics, and targets multiple sclerosis (MS), palsy and strokes as their next milestone. ReWalk’s partner, Yaskawa Electric Corp, a Japanies company engaged in manufacturing of electrical equipment and includes a successful robotics segment, also brings value toReWalk. The impressive uptrend of ReWalk could be just a bubble, as some investors claim, yet the company has strength in its patents, and international distribution ability. The progress of ReWalk Robotics will be updated on financialbuzz.com.
About ReWalk Robotics (NASDAQ: RWLK)
ReWalk Robotics Ltd. is a medical device company. The Company is engaged in designing, developing and commercializing exoskeletons that allow wheelchair-bound individuals with mobility impairments or other medical conditions the ability to stand and walk once again. ReWalk is a product that can fundamentally change the health and life experiences of users.