Revenue Performance - Q1 2024 revenue reached $5.3 million, a 340% increase compared to $1.2 million in Q1 2023[3] - Revenue from the former ReWalk business was $2.5 million, up 90% year-over-year, driven by increased access through Medicare payment[3] - Total revenues for Q1 2024 reached $5,283,000, a significant increase from $1,230,000 in Q1 2023, representing a growth of 329%[25] - Lifeward expects 2024 revenue to be between $28 million and $32 million, with sequential improvement anticipated in Q2 2024[8] Profitability and Loss - Operating loss for Q1 2024 was $6.5 million, compared to a loss of $4.3 million in Q1 2023[5] - Net loss for Q1 2024 was $6.3 million, or $0.73 per share, compared to a net loss of $4.3 million, or $0.51 per share, in Q1 2023[6] - GAAP net loss for Q1 2024 was $6,276,000, compared to a net loss of $4,321,000 in Q1 2023, indicating a worsening of 45.4%[26] - Non-GAAP net loss per share for Q1 2024 was $(0.62), compared to $(0.45) in Q1 2023, reflecting a decline of 37.8%[26] Expenses - Total operating expenses increased to $7.9 million in Q1 2024 from $4.9 million in Q1 2023, largely due to additional headcount from the AlterG acquisition[5] - Research and development expenses for Q1 2024 were $1,291,000, accounting for 24.4% of total revenue, compared to $752,000 or 61.1% in Q1 2023[28] - Sales and marketing expenses surged to $5,014,000 in Q1 2024, representing 94.9% of total revenue, up from $2,484,000 or 202.0% in Q1 2023[29] - GAAP operating loss for Q1 2024 was $6,502,000, which is 123.1% of revenue, compared to $4,321,000 or 351.3% of revenue in Q1 2023[27] Cash and Equity - As of March 31, 2024, the company had $20.7 million in unrestricted cash and cash equivalents with no debt[7] - Cash and cash equivalents decreased to $20,744,000 as of March 31, 2024, down from $28,083,000 at the end of 2023, a reduction of 26.3%[20] - Total current liabilities decreased to $10,092,000 as of March 31, 2024, down from $11,795,000 at the end of 2023, a decline of 14.4%[21] - Shareholders' equity decreased to $40,615,000 as of March 31, 2024, down from $46,510,000 at the end of 2023, a drop of 12.6%[21] Market and Integration - The finalized Medicare payment for personal exoskeletons is expected to significantly expand access for individuals with spinal cord injury[2] - The integration of the former ReWalk and AlterG commercial teams is expected to enhance sales effectiveness in Q2 2024[3]

Acquisition and Product Development - The company acquired AlterG, Inc. on August 11, 2023, enhancing its product offerings in physical and neurological rehabilitation with Anti-Gravity systems utilized in over 4,000 facilities globally[23] - The ReBoot personal soft exo-suit is in the research stage, aimed at post-stroke rehabilitation, and received Breakthrough Device Designation from the FDA in November 2021[24] - The company is currently offering its 6th generation ReWalk Personal Exoskeleton and is in research and development for the 7th generation device[36] - The company is working on product design improvements for the ReWalk Personal Exoskeleton, with plans to launch following regulatory clearance[94] - A new model of the AlterG system is planned for mid-2024, aimed at reducing manufacturing costs to make it more affordable for rehabilitation clinics[95] - The company has entered into a research collaboration with Harvard to develop lightweight soft suit exoskeleton technologies for lower limb disabilities[98] Regulatory Approvals and Reimbursement - On November 1, 2023, CMS confirmed that personal exoskeletons will be included in the Medicare brace benefit category starting January 1, 2024[29] - CMS proposed a preliminary payment determination of $94,617 for the ReWalk Personal Exoskeleton under HCPCS code K1007, reflecting the unique features of the technology[30] - The ReWalk Personal Exoskeleton received FDA clearance for use on stairs and curbs in March 2023, expanding its usability in real-world environments[34] - The ReWalk Personal Exoskeleton is included in the Medicare brace benefit category, with claims to be billed using HCPCS code K1007 starting January 1, 2024[54] - A preliminary payment determination of $94,617 for the ReWalk Personal Exoskeleton was proposed by CMS, effective from April 1, 2024[55] - The GKV-Spitzenverband confirmed the listing of the ReWalk Personal Exoskeleton in the German MDD, allowing for reimbursement on a case-by-case basis[59] Market and Financial Performance - Record annual revenue for 2023 was $13.9 million, compared to $5.5 million in 2022, an increase of 151%[169] - Revenue based on customer location for 2023: United States $7.636 million, Europe $5.044 million, Asia-Pacific $0.387 million, Rest of the world $0.787 million[164] - Cash position remained strong with $28.1 million as of December 31, 2023, with no debt[169] - The VHA accounted for 12% of total revenue for the year ended December 31, 2023, with 42 units placed under their policy[50] - The geographical breakdown of revenue shows significant growth in the U.S. market, increasing from $2.303 million in 2022 to $7.636 million in 2023[164] Clinical and Community Engagement - The company has established relationships with clinics and rehabilitation centers, professional sports teams, and organizations in the SCI community to enhance product distribution[25] - The company actively engages with the spinal cord injury community to promote the adoption of exoskeleton technology through partnerships and education[91] - The company recognizes the need for further clinical evidence and education to accelerate the adoption of the ReStore soft exosuit in stroke therapy programs[79] - The Stride Smart software provides real-time data analytics for clinicians, focusing on five key performance indicators to enhance rehabilitation[68] Challenges and Compliance - The company must navigate complex compliance efforts due to varying state and federal laws regarding healthcare privacy and security[135] - The commercial success of the company's product candidates will depend on governmental payor programs, including Medicare and Medicaid, providing adequate coverage and reimbursement levels[138] - The company faces potential penalties and enforcement actions if found in violation of healthcare laws, which could adversely affect operations and results[137] - Future healthcare reform measures could limit government payments for healthcare products, impacting coverage and demand for the company's products[150] Research and Development Funding - The company has received $2.6 million in funding from the Israel Innovation Authority for research and development efforts through December 31, 2023[96] - The Human Robot Interaction Consortium has allocated NIS 1.745 million for ReWalk-specific projects over the first 18-month period, with an additional NIS 1.336 million for the second 18-month period[96] Product Features and Market Potential - The ReWalk Personal Exoskeleton is designed for daily use and consists of a battery-powered wearable exoskeleton with integrated motors and sensors for user-controlled movement[34] - The ReStore soft exo-suit device offers competitive advantages such as a design that supports natural walking patterns and is lighter and less expensive than rigid exoskeletons[89] - The ReStore system targets a market of approximately 800,000 stroke incidences annually in the U.S., with 80% of survivors facing lower limb disabilities[79] - The ReBoot product, a soft exoskeleton for home use, has an estimated market of approximately 400,000 annual stroke patients requiring walking assistance[81] Global Operations and Compliance - The company has distribution agreements in several European countries, successfully achieving reimbursement policies, such as the one established in Italy for exoskeleton systems[64] - The company must navigate various foreign regulations for clinical trials and marketing, which can vary significantly by country[128] - Following Brexit, the UK has established its own medical device regulations, requiring compliance with the Medical Devices Regulations 2002[127] - The company has received a Notified Body Certificate of Conformity under the MDD for all ReWalk systems, allowing continued marketing in the EU during the transition period[126]

Revenue Performance - Record annual revenue for 2023 was $13.9 million, an increase of 151% compared to $5.5 million in 2022[2] - Total revenue for Q4 2023 was $6.9 million, up 216% from $2.2 million in Q4 2022[5] - Revenue from the former AlterG business contributed $4.7 million in Q4 2023, while revenue from the former ReWalk business was $2.2 million, flat year-over-year[5] - Lifeward anticipates revenue for Q1 2024 to be between $5.0 million and $5.5 million, with growth expected in subsequent quarters[10] - Revenue for the quarter ended December 31, 2023, was $6,884 million, a significant increase from $2,179 million for the same period in 2022, representing a 215% growth[21] - Revenue from the United States for the three months ended December 2023 was $3,338,000, compared to $1,110,000 in the same period of 2022, representing a growth of 200.5%[30] Gross Margin and Profitability - Gross margin for Q4 2023 was 35.5%, compared to 30.9% in Q4 2022; adjusted gross margin was 47.0% in Q4 2023, down from 52.8% in Q4 2022[6] - Gross profit for the quarter was $2,443 million, compared to $673 million in the prior year, reflecting a gross margin improvement from 30.9% to 35.5%[21] - Non-GAAP net loss for the quarter was $(3,296) million, an improvement from $(4,345) million in the prior year, with a non-GAAP net loss per share of $(0.05) compared to $(0.07)[22] Operating Expenses and Losses - Total operating expenses in Q4 2023 were $8.6 million, with $3.2 million attributed to AlterG; excluding AlterG, operating expenses were $5.4 million, down 4% from the previous year[7] - Operating loss for the quarter was $(6,137) million, which is 89.1% of revenue, compared to $(5,005) million or 229.6% of revenue in the same quarter last year[23] - Total operating expenses for the quarter were $8,580 million, up from $5,678 million in the same quarter last year, driven by increased sales and marketing expenses[21] Net Loss and Cash Flow - Net loss for Q4 2023 was $5.6 million, or $(0.13) per share, compared to a net loss of $5.3 million, or $(0.09) per share, in Q4 2022[8] - Net loss for the quarter was $(5,639) million, slightly higher than $(5,313) million in the previous year, with a basic net loss per share of $(0.13) compared to $(0.09)[22] - Net cash used in operating activities for the twelve months ended December 2023 was $(20,667,000), compared to $(17,891,000) for the same period in 2022[28] Future Expectations and Integration - Lifeward expects 2024 revenue to be between $28 million and $32 million, with non-GAAP gross margin expanding to the high 40%s[10] - The integration of commercial and operational resources is expected to yield $3 million in annual net savings starting in 2024[2] Regulatory Changes - The Centers for Medicare & Medicaid Services finalized the 2024 Home Health Rule, including exoskeletons in the Medicare brace benefit category, effective January 1, 2024[2] Assets and Liabilities - Cash and cash equivalents decreased to $28,083,000 in December 2023 from $67,896,000 in December 2022, reflecting a decline of 58.7%[26] - Total assets decreased to $63,192,000 in December 2023 from $74,236,000 in December 2022, a reduction of 14.9%[26] - Current liabilities increased to $11,795,000 in December 2023 from $4,782,000 in December 2022, indicating a rise of 146.5%[26] - The company reported a total of $12,525,000 in intangible assets as of December 2023, with goodwill amounting to $7,538,000[26] Research and Development - Research and development expenses for the quarter were $1,318 million, accounting for 19.1% of revenue, up from $1,103 million or 50.6% of revenue in the same quarter last year[23] Financial Income and Amortization - The company reported financial income of $420 million for the quarter, compared to $69 million in the same quarter last year[21] - The company incurred $846 million in amortization of intangible assets during the quarter, which represented 12.3% of revenue[23] Sales and Marketing Expenses - GAAP sales and marketing expenses for December 2023 were $4,846,000, representing 70.4% of revenue, compared to $4,088,000 in September 2023[24] - Non-GAAP sales and marketing expenses were $4,023,000 for December 2023, accounting for 58.4% of revenue, up from $3,766,000 in September 2023[24]

Core Insights - ReWalk Robotics Ltd. has officially rebranded as Lifeward, reflecting its commitment to innovative technology aimed at empowering individuals with physical limitations or disabilities [1][2] - The rebranding includes a new name, stock ticker (LFWD), logo, and website launch, showcasing a full portfolio of life-changing solutions [1][2] Company Overview - Lifeward designs, develops, and commercializes solutions that span the continuum of care in physical rehabilitation and recovery, delivering functional and health benefits in clinical and community settings [4] - The company's mission is to drive innovation to change the lives of individuals with physical limitations or disabilities, offering products like the ReWalk Exoskeleton, AlterG Anti-Gravity systems, ReStore Exo-Suit, and MyoCycle FES systems [4] Strategic Goals - The transformation into Lifeward aims to elevate the standard of care for individuals overcoming physical limitations, with a unified commercial team to better support customers across the rehabilitation spectrum [2] - The company believes that the rebranding will drive growth through improved customer support and a comprehensive portfolio of innovative solutions [2]

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 follow ...

MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Jan. 11, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (NASDAQ:RWLK) ("ReWalk" or the "Company") announced that Larry Jasinski, Chief Executive Officer, and Mike Lawless, Chief Financial Officer, will provide an overview presentation and host one-on-one meetings with investors at the Sidoti January Virtual Investor Conference, taking place on January 17-18, 2024. The presentation will begin at 2:30 PM EST on January 17, 2024 and can be accessed live he ...

MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Jan. 11, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) announced that Larry Jasinski, Chief Executive Officer, and Mike Lawless, Chief Financial Officer, will provide an overview presentation and host one-on-one meetings with investors at the Sidoti January Virtual Investor Conference, taking place on January 17-18, 2024. The presentation will begin at 2:30 PM EST on January 17, 2024 and can be accessed live h ...

ReWalk Robotics Ltd. (NASDAQ:RWLK) Q3 2023 Earnings Conference Call November 14, 2023 8:30 AM ET Company Participants Mike Lawless - Chief Financial Officer Larry Jasinski - Chief Executive Officer Conference Call Participants Swayampakula Ramakanth - H.C. Wainwright Operator Hello, and welcome to the Q3 2023 ReWalk Robotics Ltd. Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-36612 ReWalk Robotics Ltd. (Exact name of registrant as specified in charter) Israel Not applicable (State or other juris ...

ReWalk Robotics Ltd. (NASDAQ:RWLK) Q2 2023 Earnings Conference Call August 11, 2023 8:30 AM ET Company Participants Mike Lawless - CFO Larry Jasinski - CEO Conference Call Participants Swayampakula Ramakanth - H.C. Wainwright Operator Hello, and welcome to the Q2 2023 ReWalk Robotics Ltd. Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded. I'd now like to turn the conference over to Mike Lawless, Chief Financial Officer. Please go ahead, sir. Mike Lawless Thank you ...