Revenue Growth - Q2'24 revenue reached $6.7M, a 400% increase compared to $1.3M in Q2'23[1] - Revenue for Q2 2024 increased to $6.707 million, up from $1.337 million in Q2 2023, representing a 401.6% year-over-year growth[18] - Total revenues for the first six months of 2024 reached $11.990 million, a 367.1% increase compared to $2.567 million in the same period of 2023[18] - ReWalk system revenue increased by $1.8M, or 131%, driven by Medicare coverage expansion[4] - United States accounted for $3.849 million of Q2 2024 revenue, representing 57.4% of total revenue[21] - Europe contributed $2.308 million to Q2 2024 revenue, a 461.6% increase from $0.411 million in Q2 2023[21] Gross Profit and Margin - Gross margin was 41.1% in Q2'24, with adjusted gross margin improving to 46.9%, a 3.6 percentage point increase[5] - Gross profit for Q2 2024 was $2.757 million, compared to $0.576 million in Q2 2023, a 378.6% increase[18] - GAAP gross profit for June 2024 was $2,757 thousand, representing 41.1% of revenue[23] - Non-GAAP gross profit for June 2024 was $3,145 thousand, representing 46.9% of revenue[23] Operating Expenses and Losses - Total operating expenses in Q2'24 were $7.2M, with adjusted operating expenses at $6.9M, a $2.3M increase due to AlterG acquisition[6] - Net loss in Q2'24 was $4.3M, or $0.50 per share, with adjusted net loss at $3.6M, or $0.42 per share[7] - Net loss for Q2 2024 was $4.304 million, slightly improved from $4.642 million in Q2 2023[18] - Non-GAAP net loss for Q2 2024 was $3.584 million, compared to $3.430 million in Q2 2023[22] - Operating loss for Q2 2024 was $4.443 million, an improvement from $5.158 million in Q2 2023[18] - GAAP operating loss for June 2024 was $(4,443) thousand, representing 66.2% of revenue[23] - Non-GAAP operating loss for June 2024 was $(3,723) thousand, representing 55.5% of revenue[23] Cash Flow and Financial Position - Lifeward had $15.1M in unrestricted cash and cash equivalents as of June 30, 2024, with $2.6M in accounts receivable for Medicare claims[8] - Cash and cash equivalents decreased to $15.131 million as of June 30, 2024, down from $28.083 million at the end of 2023[19] - Total current assets decreased to $29.639 million as of June 30, 2024, from $39.222 million at the end of 2023[19] - Medicare claims from 2023 and first-half 2024 submissions have begun to be paid, improving cash flow[1][8] Product Development and Launches - Lifeward launched the NEO product line in June, featuring Differential Air Pressure Anti-Gravity Technology[2] - FDA submission for the 7th generation ReWalk design was completed in June, enhancing daily life use[2] Expense Breakdown - GAAP research & development expenses for June 2024 were $1,205 thousand, representing 18.0% of revenue[23] - Non-GAAP research & development expenses for June 2024 were $1,159 thousand, representing 17.3% of revenue[23] - GAAP sales & marketing expenses for June 2024 were $4,403 thousand, representing 65.6% of revenue[24] - Non-GAAP sales & marketing expenses for June 2024 were $3,913 thousand, representing 58.3% of revenue[24] - GAAP general & administrative expenses for June 2024 were $1,592 thousand, representing 23.7% of revenue[24] - Non-GAAP general & administrative expenses for June 2024 were $1,796 thousand, representing 26.7% of revenue[24] Revenue Guidance - Full-year 2024 revenue guidance remains between $28M to $32M, with expected sequential quarterly revenue improvement[9]
ReWalk(LFWD) - 2024 Q2 - Quarterly Results