ReWalk Robotics Ltd.

Good morning, ladies and gentlemen, and welcome to the Q3 2021 Rewalk Robotics earnings conference call. At this time, all participants are on a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press star, then zero on your touchtone telephone. As a reminder, this conference is being recorded. I would now like to turn the conference call over to your host, Mr. Oregon. Please go ahead.

Thank you, Christy. Good morning, and welcome to Rework Robotics' third quarter 2021 earnings call. This is Oregon Rework Chief Financial Officer, and with me on today's call is Larry Jasinski, our Chief Executive Officer. Yesterday, the company issued a press release detailing financial results for the three and nine months ended September 30, 2021. This press release and a webcast of this call can be accessed through the investor relations section of the Rework website, at www.rewalk.com. Before we get started, I would like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, focus, 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 Rewalk Management as of today and involve risks and uncertainties including those noted in our press release and Rework's filing 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 statement. 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'll find the dialing information in today's press release. The archive 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 the archive webcast, this call was held and recorded on November 11, 2021. Since then, Rewalk 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 Rewalk's CEO, Larry Jason. Larry.

Thank you, Ori. Good morning, everyone. Rewalk had an excellent Q3 with sales growth and progress on key strategic initiatives to build our business long-term. We remain on track to meet our 2021 goals and are optimistic about the future with fundamental signals coming from our submissions and efforts. Even though a headwind existed with COVID, we still found a path to reach our targets. Our revenue reached its highest level in four years with sales of 1.972 million, an increase of 37% compared to 1.436 million in Q2, and increased by 164% compared to the prior year quarter of 747,000. The growth came from increased placements in both the U.S. and Germany. The gross margin also increased from 51% in the previous quarter to 58% as almost all placements were in our direct markets, which carry a higher ASP. The highlights for this quarter include, first, increasing VA activity for the first time since the pandemic as we've been able to restart training in some centers and have initiated training for a veteran under the VA Choice Program, where the VA allows training in a private center near their home. We are thrilled to see this progress with the VA, but also found that the Delta variant of COVID once again reduced the access and delayed starts in training for many veterans. Second, we are starting to experience resupply of new systems from some of our original customers. As the system has an expected life of about five years or one million steps, we had insurers in both the U.S. and in Germany replace systems for their high-level users who had benefited from their system over many years. As an example, the cycle time for a resupply with the German payer took only four days as the value and need for the system was well understood by all. Third, We have the initiation of a full exoskeletal system training curriculum with a renowned physical therapist training university. This will support the future needs for fully trained students entering the clinics with a solid academic understanding and experience in the training of exoskeleton users. They will know how to properly and effectively incorporate these systems as a meaningful element of their everyday life. Fourth, We completed an additional capital raise of $32.5 million on September 27th. This increase in capital positions us with $91.2 million of cash on hand as of September 30th, 2021. This cash will allow us to have the infrastructure and products we need in place as we expand our coverage over 2022 and 2023. We will also consider strategic acquisitions that can shorten our pathway to profitability. We identified our key milestones for 2021 at the start of the year and have updated our progress in each quarter. Here is a summary after three quarters. Number one, German court decision regarding direct compensation for disability supply. The federal social court ruling has not yet been concluded. However, we have moved up the docket of published cases. We do not have any control over the timing and anticipate having a ruling this year or in the coming months. A positive ruling will have a significant impact on access to exoskeletons. Number two, German insurance coverage expansion. We have expanded discussions with private health insurers that are among the largest in Germany. We encourage to see this additional interest and expect the court case will enable us to add multiple groups to the formal contract process in the period after the case is concluded. Number three, progress with CMS. We had announced via press release the addition of significant and experienced leadership added to REWOC to lead this effort for our company and the industry. Over the last 10 weeks, our planning, infrastructure, and strategic contacts have been expanded. We are focused on determining coverage, coding, and reimbursement pathways for key payers and to reduce the acquisition cycle time for our rewalk system so appropriate individuals will have timely access to the benefits of walking. And number four, national accounts. Our active trials in the UK and US have moved slowly as the Delta variant of COVID slowed utilization and action. Practically, we have modified our efforts to include more of our product offering by including additional product lines to broaden our reach. We do not anticipate these national accounts will reach decisions and conclusions in 2021 at this stage. I'd now like to turn the call over to Ori for a review of financial details.