Revenue Growth and Performance - Q1'24 revenue of $5.3M, up 340% compared to Q1'23 revenue of $1.2M[1][5] - Revenue from ReWalk products increased by $1.3M (90%) to $2.5M, driven by Medicare payment expansion[5] - Total revenues for Q1 2024 were $5.283 million, a significant increase from $1.230 million in Q1 2023[28] - United States revenues accounted for $3.747 million, representing 70.9% of total revenues in Q1 2024[28] - Europe revenues were $1.169 million, contributing 22.1% to total revenues in Q1 2024[28] Medicare Reimbursement and Expansion - Medicare payment for ReWalk personal exoskeletons approved, with 14 claims processed since fee schedule established[1][4] - Medicare reimbursement for exoskeletons finalized, expanding access to ReWalk technology for spinal cord injury patients[3][4] Gross Margin and Profitability - Gross margin declined to 26.4% in Q1'24 from 46.4% in Q1'23, primarily due to low AlterG sales volume[6] - Non-GAAP gross profit for Q1 2024 was $1.782 million, or 33.7% of revenues, compared to $569 thousand, or 46.2% of revenues in Q1 2023[29] Operating and Net Loss - Operating loss increased to $6.5M in Q1'24 from $4.3M in Q1'23, driven by higher operating expenses[7][8] - Net loss widened to $6.3M ($0.73 per share) in Q1'24 from $4.3M ($0.51 per share) in Q1'23[9] - GAAP net loss for Q1 2024 was $(6.276) million, compared to $(4.321) million in Q1 2023[28] - Non-GAAP net loss for Q1 2024 was $(5.299) million, an increase from $(3.867) million in Q1 2023[28] - GAAP operating loss for Q1 2024 was $(6.502) million, or 123.1% of revenues, compared to $(4.321) million, or 351.3% of revenues in Q1 2023[29] Cash and Financial Position - Company maintains $20.7M in unrestricted cash and cash equivalents with no debt as of March 31, 2024[10] - Cash and cash equivalents decreased to $20.744 million as of March 31, 2024, from $28.083 million as of December 31, 2023[24] - Net cash used in operating activities was $(7.673) million in Q1 2024, compared to $(5.233) million in Q1 2023[26] Revenue Guidance and Outlook - 2024 revenue guidance remains at $28M to $32M, with Q2'24 expected to show sequential improvement[11] Research and Development Expenses - GAAP research & development expenses were $1.291 million, or 24.4% of revenues in Q1 2024, compared to $752 thousand, or 61.1% of revenues in Q1 2023[30] AlterG Performance - AlterG revenue was $2.8M, impacted by temporary integration and training of commercial teams[5]
ReWalk(LFWD) - 2024 Q1 - Quarterly Results