ReWalk Robotics Ltd.

Thank you for standing by and welcome to the Q4 2020 Rewalk Robotics earnings conference call. Please note that today's call is being recorded. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference to our CFO, Ori is gone. Ori, the floor is yours.

Thank you, Jay. Good morning, and welcome to Rework Robotics' fourth quarter 2020 earnings call. This is Ori Ghosn, Rework's CFO, and with me on today's call is Larry Jasinski, our CEO. This morning, the company issued a press release detailing financial results for the three and 12 months ended December 31, 2020. This press release and a webcast of this call can be accessed through the investor relations section of the Rework website at www.rework.com. Before we get started, I would like to remind everyone that any statement made on today's conference call that expresses a belief, expectation, projection, forecast, anticipation, or intent regarding future events and the company's future performance may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to Rework Management as of today and involve risks and uncertainties, including those noted in this morning's press release and Rework's filings with the SEC. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. Rework specifically disclaims any intent or obligation to update these forward-looking statements except as required by law. A telephone replay of the call will be available shortly after completion of this call. You will find the dial-in information in today's press release, and the archived webcast will be available on the company's website at www.rewalk.com. For the benefit of those who may be listening to the replay or our archived webcast, this call was held and recorded on February 18, 2021. Since then, Rework may have made announcements related to the topics discussed, so please reference the company's most recent press releases and SEC filings. And with that, I'll turn the call over to Rework's CEO, Larry Jasinski. Larry?

Thank you, Ori. Good morning, everyone, and I am glad to start 2021 as we foresee a healthier and very active year ahead of us. Q4 and 2020 results were greatly impacted as we lost access to clinics and patients for much of the year due to the COVID virus. Nonetheless, we maintained sales and importantly achieved key milestones for building the business. We also improved our financial status through careful management through this pandemic. The fourth quarter was impacted by the second lockdown cycle of 2020 as we achieved 1.22 million in sales compared to 1.18 million in the prior year quarter. For the full year, sales were 4.4 million, compared to 4.9 million in the prior year. In 2020, COVID left us with over four months of almost no direct access to our patient and rehab population, contrasted to full year access for the entire prior year. Nonetheless, in Q4, we were able to make meaningful progress with coverage of the rewalk exoskeleton and in financial management of the company. First, the Medicare HCPCS code took effect on October 1st, and we added two new contracts in Germany. The issued HCPCS code defines the acceptance of the new category of exoskeletons, which facilitates submission of claims to Medicare and other health insurers in a consistent and orderly manner and is a key step in the company's efforts with pursuing coverage determinations. The two new German contracts include a private insurer and BKK Mobile Oil as a public group that initiated coverage for their constituents. On the financial side, we controlled expenses carefully and recalibrated our investing to invest on commercialization, which continued to reduce our burn rate. At the end of 2020, we completed repayment of our outstanding debt with Creos Capital, which we'd been paying down at about a rate of about $1.6 million per quarter. Our 2020 commercial focus was to expand remote customer outreach and qualify customers for when the market reopens. This initiative resulted in establishing 171 active rewound cases between Germany, UK, and the US at year end. These efforts supported our business where we could gain access in 2020 and have established the pool that will impact our sales and results in 2021 and 2022. The Restore, Myelin, and MediTouch lines were not able to be marketed effectively remotely as a hands-on demo is needed with the new technologies of this type. The most important initiatives for these three product lines are national accounts and VA penetration. For Restore, early trial activities with the NHS in the U.K. and with three chains in the U.S. were planned in 2020 and will be starting as clinic conditions allow access in 2021. These chains will be a model and a baseline for expansion of these products. Entering 2021, we have 22 restore targets, 74 active my own targets, and eight MediTouch targets. We maintained our field team throughout 2020 to source targets and make contacts remotely with potential users. We also greatly expanded our online clinical, technical, and scientific information programs for remote interactions. Participation from clinicians was extensive and a leading source of interest for our product lines in 2021. There are several key milestones to watch in 2021 that are based on activities from 2020 and the preceding years. Each will have an impact on our efforts to develop this new and emerging market. First, in the German Federal Social Court, which is the highest court for social jurisdiction in Germany, A ruling is expected regarding whether supply of an exoskeleton is a direct or indirect compensation for disability. A ruling as a direct compensation will advance the case for every qualified rewalt candidate and increase the provision of systems to all public and private payers. This would be a precedent for all German courts regarding exoskeletons. In Germany, two additional supply contracts are in progress, which when combined with the six contracts already achieved, will have almost all major German groups under contract. Third, in the U.S., the successful HCPCS code issuance will be followed with applications in the pursuit of coverage contracts. Fourth, in the U.K., the utilization of the restore system in NHS evaluation centers will expand experience and is intended to build a base for widespread adoption of the technology. I'd now like to turn the call back over to Ori for review of the financial details.