Financial Performance - Total revenues for the three months ended June 30, 2024, were $6.707 million, a significant increase from $1.337 million for the same period in 2023, representing a growth of approximately 401%[22] - Gross profit for the three months ended June 30, 2024, was $2.757 million, compared to $576 thousand for the same period in 2023, indicating a gross margin improvement[22] - Operating loss for the three months ended June 30, 2024, was $(4.443) million, slightly improved from $(5.158) million in the same period of 2023[22] - Net loss for the six months ended June 30, 2024, was $(10.580) million, compared to $(8.963) million for the same period in 2023, reflecting ongoing challenges in profitability[22] - For the six months ended June 30, 2024, total revenues were $11,990,000, up from $2,567,000 in the same period of 2023, indicating a 367% increase[62] - The Company reported product revenue of $5,128,000 for the three months ended June 30, 2024, compared to $989,000 for the same period in 2023, a 418% increase[62] - Total revenues for the six months ended June 30, 2024, were $11.99 million, a significant increase from $2.57 million for the same period in 2023, representing a growth of approximately 366%[137] - Revenue from the United States for the three months ended June 30, 2024, was $3.85 million, compared to $0.92 million for the same period in 2023, indicating a growth of approximately 318%[137] - As of June 30, 2024, total revenues from Europe were $2.31 million, compared to $0.41 million for the same period in 2023, reflecting a growth of approximately 463%[137] Cash and Assets - The company reported cash and cash equivalents of $15.131 million as of June 30, 2024, down from $28.083 million as of December 31, 2023[14] - The company has cash and cash equivalents totaling $5,233,000 as of June 30, 2024, compared to $5,075,000 as of December 31, 2023[56] - Total current assets decreased to $29.639 million as of June 30, 2024, down from $39.222 million as of December 31, 2023, primarily due to a reduction in cash and cash equivalents[14] - The company reported total inventories of $7,193 thousand as of June 30, 2024, up from $5,653 thousand on December 31, 2023, a 27.2% increase[83] - Trade receivables increased to $5,269 thousand as of June 30, 2024, from $3,120 thousand on December 31, 2023, representing a 68.9% increase[72] Liabilities and Financial Stability - Total liabilities decreased to $14.296 million as of June 30, 2024, from $16.682 million as of December 31, 2023, indicating improved financial stability[18] - The earnout liability decreased from $3,292,000 as of December 31, 2023, to $2,800,000 as of June 30, 2024, reflecting a reduction of 15%[60] - The company has established relationships with clinics and rehabilitation centers, professional sports teams, and organizations in the spinal cord injury community for product distribution[40] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $1.205 million, up from $816 thousand in the same period of 2023, reflecting increased investment in product development[22] - The company continues to focus on expanding its market presence and enhancing product offerings, with ongoing efforts in clinical research and development[10] - The Company expects to incur future net losses and its transition to profitability depends on successful product development and commercialization, establishing distribution contracts, or acquiring additional product lines[42] Shareholder Information - The weighted average number of shares used in computing net loss per ordinary share for the three months ended June 30, 2024, was 8,608,937, reflecting a reverse share split effective March 15, 2024[22] - The balance of ordinary shares as of June 30, 2024, was 8,630,902, with total shareholders' equity at $36,687[29] - The Company approved a one-for-seven reverse share split, reducing the number of issued and outstanding ordinary shares from approximately 60.1 million to approximately 8.6 million[108] - The total authorized number of ordinary shares was adjusted to 25 million post-split shares[108] Acquisitions - The company acquired AlterG, Inc. for approximately $19 million, enhancing its product offerings in physical rehabilitation[38] - Total consideration for the acquisition of AlterG, Inc. amounted to $22,100 thousand, including cash and earnout payments[85] - Goodwill related to the acquisition of AlterG, Inc. is recorded at $7.5 million, which has an indefinite life[92] Compensation and Expenses - Share-based compensation to employees and non-employees increased to $757,000 for the six months ended June 30, 2024, compared to $622,000 for the same period in 2023[32] - The Company recognized total share-based compensation expenses of $757,000 for the six months ended June 30, 2024, up from $622,000 in the same period of 2023, reflecting an increase of about 22%[131] - Lease expense for the three months ended June 30, 2024, was $325 thousand, compared to $196 thousand for the same period in 2023, a 65.8% increase[98] Legal and Market Risks - The company is currently involved in litigation initiated by Creative Value Capital Limited Partnership regarding board member elections, with a hearing scheduled for August 26, 2024[139][140] - The company has not experienced any material changes to its market risk during the second quarter of 2024[194]

Financial Performance - Total revenues for Q1 2024 were $5,283,000, a significant increase from $1,230,000 in Q1 2023, representing a growth of approximately 329%[24] - Gross profit for Q1 2024 was $1,395,000, compared to $571,000 in Q1 2023, indicating an increase of about 144%[24] - Operating loss for Q1 2024 was $(6,502,000), which is a larger loss compared to $(4,375,000) in Q1 2023, reflecting a deterioration of approximately 48%[24] - Net loss for Q1 2024 was $(6,276,000), compared to $(4,321,000) in Q1 2023, marking an increase in losses of about 45%[24] - The company reported a net cash used in operating activities of $7.7 million for the three months ended March 31, 2024, compared to $5.2 million for the same period in 2023[30] - Interest income for Q1 2024 was $288,000, compared to $73,000 in Q1 2023, representing a substantial increase of 294%[136] - The company recognized a total financial income of $232,000 in Q1 2024, compared to $78,000 in Q1 2023, indicating a growth of 197%[136] Cash and Assets - 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 decline of approximately 26%[16] - Total current assets decreased to $32,786,000 as of March 31, 2024, from $39,222,000 at December 31, 2023, a reduction of about 16%[16] - As of March 31, 2024, the company reported a cash balance of $396,000, an increase from $348,000 at December 31, 2023, reflecting a usage of $198,000 and a provision of $246,000 during the period[78] - The fair value of total assets measured at fair value was $5,169 thousand as of March 31, 2024, compared to $5,075 thousand at the end of 2023, reflecting a slight increase of about 1.85%[55] Liabilities and Equity - Total liabilities decreased to $14,603,000 as of March 31, 2024, down from $16,682,000 at December 31, 2023, a decrease of approximately 12.5%[21] - Total shareholders' equity fell to $40,615,000 as of March 31, 2024, compared to $46,510,000 at December 31, 2023, a decline of about 12.6%[19] Expenses - Research and development expenses increased to $1,291,000 in Q1 2024, up from $752,000 in Q1 2023, representing a rise of approximately 72%[24] - Sales and marketing expenses surged to $5,014,000 in Q1 2024, compared to $2,484,000 in Q1 2023, indicating an increase of about 102%[24] - Lease expenses for the three months ended March 31, 2024, were $328,000, compared to $192,000 for the same period in 2023[100] - General and administrative expenses increased to $220,000 in Q1 2024 from $193,000 in Q1 2023, which is an increase of 14%[130] Acquisitions and Investments - The company paid approximately $19 million for the acquisition of AlterG, Inc., with potential additional cash earnouts based on revenue growth over the next two years[36] - The total consideration for the acquisition of AlterG, Inc. amounted to $22.1 million, which includes cash payments of $18.493 million and earnout payments of $3.607 million[86] - The company has $7.5 million of goodwill related to the acquisition of AlterG, Inc., which has an indefinite life and is not tax-deductible[93] Future Outlook - The company expects to incur future net losses, with its transition to profitability dependent on successful product development and commercialization[40] - The company has sufficient funds to support its operations for more than 12 months following the issuance date of its financial statements[39] Shareholder Information - The company approved a one-for-seven reverse share split, reducing the number of issued and outstanding ordinary shares from approximately 60.1 million to approximately 8.6 million[109] - As of March 31, 2024, there were 2,734,504 warrants outstanding and exercisable, with various exercise prices ranging from $8.75 to $65.63[123] - The total unrecognized compensation costs related to non-vested share-based compensation arrangements amounted to $2.3 million, expected to be recognized over approximately 2.7 years[116] Revenue Breakdown - Revenue breakdown by geographic area shows the United States contributed $3,747,000, Europe $1,169,000, Asia-Pacific $180,000, and the rest of the world $187,000 for Q1 2024[138] - Major customer data indicates Customer A accounted for 26% of total revenues in Q1 2024, while Customer B contributed less than 10%[139] Legal and Regulatory - The company is involved in various legal claims, but is not currently party to any material litigation that could materially affect its financial condition[107] - On April 11, 2024, CMS approved a final payment level of $91,032 for Medicare reimbursement of the ReWalk Personal Exoskeleton, effective April 1, 2024[140]

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 ...