ReWalk(RWLK) - 2024 Q4 - Annual Results

Revenue Performance - Lifeward reported record annual revenue of $25.7 million for 2024, an increase of 85% from 2023[4] - Fourth quarter revenue was $7.5 million, up 10% from $6.9 million in Q4 2023[5] - ReWalk Personal Exoskeleton sales surged 130% in 2024 due to newly established Medicare coverage[4] - Revenue for Q4 2024 reached $7,545 million, a 9.6% increase from $6,884 million in Q4 2023[25] - Gross profit for the year ended December 31, 2024, was $8,216 million, representing a 84.5% increase compared to $4,453 million in 2023[25] Financial Losses - Lifeward's operating loss for Q4 2024 was $15.2 million, compared to $6.1 million in Q4 2023[8] - Adjusted operating loss on a non-GAAP basis was $3.3 million in Q4 2024, slightly improved from a loss of $3.8 million in Q4 2023[8] - Operating loss for Q4 2024 was $(15,228) million, compared to $(6,137) million in Q4 2023, indicating a significant increase in losses[32] - Net loss for the year ended December 31, 2024, was $(28,942) million, up from $(22,133) million in 2023, reflecting a 30.5% increase in losses[25] - The company anticipates a quarterly adjusted operating loss of approximately $1 million by Q4 2025[12] Expenses - Total operating expenses in Q4 2024 were $17.1 million, up from $8.6 million in Q4 2023[7] - Research and development expenses for the year were $4,625 million, compared to $4,148 million in 2023, marking an increase of 11.5%[25] - Sales and marketing expenses for the year were $17,949 million, a 29% increase from $13,922 million in 2023[25] - GAAP research and development expenses for Q4 2024 were $1,131,000, representing 15.0% of revenue, compared to $1,318,000 (19.1%) in Q4 2023[33] - Non-GAAP research and development expenses for the year ended December 31, 2024, were $4,457,000, which is 17.3% of revenue, up from $3,815,000 (27.5%) in 2023[33] - GAAP sales and marketing expenses for Q4 2024 were $4,376,000, accounting for 58.0% of revenue, down from $4,846,000 (70.4%) in Q4 2023[33] - Non-GAAP sales and marketing expenses for the year ended December 31, 2024, were $15,813,000, representing 61.5% of revenue, compared to $12,614,000 (91.0%) in 2023[33] - GAAP general and administrative expenses for Q4 2024 were $1,771,000, which is 23.5% of revenue, down from $2,416,000 (35.1%) in Q4 2023[33] - Non-GAAP general and administrative expenses for the year ended December 31, 2024, were $7,277,000, representing 28.3% of revenue, compared to $6,477,000 (46.7%) in 2023[33] - The company reported a restructuring expense of $(176,000) for the year ended December 31, 2024, which is 1.3% of revenue[33] - Stock-based compensation expenses for Q4 2024 were $(92,000), accounting for 1.2% of revenue, compared to $(111,000) (1.6%) in Q4 2023[33] - The company incurred integration/rebranding costs of $(253,000) in Q4 2023, which is 3.7% of revenue[33] - The company reported a remeasurement of earnout liability of $184,000 in Q4 2024, which is 2.4% of revenue[33] Future Projections - The company expects full year revenue for 2025 to be between $28 million and $30 million, with adjusted gross margins of 47% to 49%[11] Asset and Liability Changes - Total current assets decreased to $21,294 million in 2024 from $39,222 million in 2023, a decline of 45.5%[27] - Cash and cash equivalents at the end of 2024 were $6,746 million, down from $28,083 million in 2023, a decrease of 76%[27] - Total liabilities decreased to $30,487 million in 2024 from $63,192 million in 2023, a reduction of 51.8%[27] - Non-GAAP net loss per share for the year was $(1.86), compared to $(1.77) in 2023, indicating a worsening financial position[31]