Revenue Performance - Lifeward reported record annual revenue of $25.7 million for 2024, an increase of 85% compared to 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, driven by 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] - The company experienced a significant increase in revenue for the year ended December 31, 2024, compared to 2023, indicating positive growth trends[33] 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[31] Operating Expenses - Total operating expenses in Q4 2024 were $17.1 million, up from $8.6 million in Q4 2023[7] - Sales and marketing expenses for the year increased to $17,949 million from $13,922 million, a 28.5% rise[25] - Cash and cash equivalents decreased to $6,746 million at the end of December 2024, down from $28,083 million in December 2023[27] - Total current assets decreased to $21,294 million in December 2024 from $39,222 million in December 2023[27] Research and Development - Research and development expenses for Q4 2024 totaled $1,131 million, down from $1,318 million in Q4 2023[25] - GAAP research and development expenses for Q4 2024 were $1,131,000, representing 15.0% of revenue, compared to $1,318,000 or 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 or 27.5% in the previous year[33] - Future outlook includes continued investment in research and development to drive innovation and market expansion[33] General and Administrative Expenses - GAAP general and administrative expenses for Q4 2024 were $1,771,000, which is 23.5% of revenue, a decrease from $2,416,000 or 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 or 46.7% in 2023[33] Stock-Based Compensation and Restructuring - Stock-based compensation expenses for the year ended December 31, 2024, totaled $(696,000), accounting for 2.7% of revenue, compared to $(781,000) or 5.6% in 2023[33] - The company reported a restructuring adjustment of $(176,000) for the year ended December 31, 2024, which is 1.3% 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 projected between 47% and 49%[11] - Lifeward anticipates a quarterly adjusted operating loss of approximately $1 million by Q4 2025 as operational efficiencies are realized[12]
ReWalk(LFWD) - 2024 Q4 - Annual Results