ReWalk(RWLK) - 2024 Q1 - Quarterly Results

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]