Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, was $22 million, a decrease of approximately 14% from $25.7 million in 2024 [17] - Gross profit increased to $8.4 million or 38.2% of revenue compared to $8.2 million or 32% of revenue in 2024 [19] - Operating expenses declined by 25% to $28.1 million in 2025 compared to $37.6 million in 2024 [20] - Net loss narrowed by 31% to $19.9 million in 2025 compared to $28.9 million in 2024 [22] Business Line Data and Key Metrics Changes - Revenue from ReWalk Personal Exoskeleton was relatively flat at $8.5 million in 2025 compared to $8.9 million in 2024, with units sold increasing by 22% year-over-year [17] - Revenue from MyoCycle FES bike declined by 50% to $600,000, reflecting a strategic focus on core products [18] - Revenue from AlterG products and services was $12.9 million, an 18% decline from 2024, primarily due to lower international sales [18] Market Data and Key Metrics Changes - Reimbursement coverage for ReWalk expanded to include three largest Medicare Advantage insurers in the U.S., covering over 16 million lives [13] - International distribution efforts accelerated following the receipt of CE mark, with Germany as the primary test market [13] Company Strategy and Development Direction - The company is executing a strategy to build a diversified biomedical innovation company with multiple technology platforms [3] - A strategic transaction with Oramed is expected to strengthen the financial foundation and expand strategic scope [4] - Focus on cash flow positive operations while investing in innovations that will define the future of the company [3][25] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about growth in the core med tech business and improvements in operating expenses [15] - The company is focused on building a strong payer engagement capability to expand patient access and accelerate adoption of technologies [11] Other Important Information - The company plans to increase investment in R&D as new products advance to market, including the upper body exoskeleton [21] - A $3 million loan agreement with Oramed was entered into for additional capital support [23] Q&A Session Questions and Answers Question: How does the Oramed POD technology align with the company's current infrastructure? - Management indicated that the integration of Oramed's technology would drive synergies across med tech and biotech, enhancing the company's decentralized approach to commercialization [27][28] Question: What is the timeline for the upper extremity robotic assistance product? - Management stated that the product could be a 510(k) exempt product, with a timeline of 18-24 months for commercialization [32][33] Question: How should investors view the company's diversification into biotech? - Management emphasized that a diversified portfolio in med tech and biotech is beneficial, providing multiple opportunities for product commercialization [42][43]

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, was $22 million, a decrease of approximately 14% from $25.7 million in 2024 [17] - Gross profit increased to $8.4 million or 38.2% of revenue compared to $8.2 million or 32% of revenue in 2024 [19] - Operating loss narrowed by 33% to $19.7 million in 2025 compared to $29.3 million in 2024 [22] - Net loss narrowed by 31% to $19.9 million in 2025 compared to $28.9 million in 2024 [22] - Operating cash usage reduced by 23% to $16.8 million in 2025 compared to $21.7 million in 2024 [23] Business Line Data and Key Metrics Changes - Revenue from ReWalk Personal Exoskeleton was relatively flat at $8.5 million in 2025 compared to $8.9 million in 2024, with units sold increasing by 22% year-over-year [17] - Revenue from MyoCycle FES bike declined by 50% to $600,000, reflecting a strategic focus on core products [18] - Revenue from AlterG products and services was $12.9 million, an 18% decline from 2024, primarily due to lower international sales [18] Market Data and Key Metrics Changes - Reimbursement coverage for ReWalk expanded to include three largest Medicare Advantage insurers in the U.S., covering over 16 million lives [13] - International distribution efforts accelerated following the receipt of CE mark, with Germany as the primary test market [13] Company Strategy and Development Direction - The company is executing a strategy to build a diversified biomedical innovation company with multiple technology platforms [3] - A strategic transaction with Oramed is expected to strengthen the financial foundation and expand strategic scope [4] - Focus on cash flow positive operations while investing in innovations that will define the future of the company [3][25] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about growth in the core med tech business and improvements in operating expenses [15] - The company is committed to continuous innovation and leveraging advanced robotics and AI technologies [10] Other Important Information - The company plans to increase investment in R&D to advance new products to market, including a recently acquired powered upper body exoskeleton [21] - The company will not provide guidance at this time due to significant transformations and pending agreements [14] Q&A Session Summary Question: How does the Oramed POD technology align with the company's commercial infrastructure? - Management indicated that the integration of Oramed's technology will drive synergies across med tech and biotech, enhancing the company's decentralized approach to commercialization [27][31] Question: What is the timeline for the upper extremity robotic assistance product? - Management expects the product to take 18-24 months to complete, with a low barrier to entry for regulatory approval [32][33] Question: How should investors view the company's diversification into biotech? - Management emphasized that a diversified portfolio in med tech and biotech is beneficial, providing resilience and multiple opportunities for product commercialization [42][43] Question: What drove the additional execution in revenue? - Management attributed the revenue performance to improved understanding of reimbursement pathways and better payer coverage, with expectations for continued growth [49][50]

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, was $22 million, a decrease of approximately 14% from $25.7 million in 2024 [18] - Gross profit increased to $8.4 million or 38.2% of revenue compared to $8.2 million or 32% of revenue in 2024 [20] - Operating loss narrowed by 33% to $19.7 million in 2025 compared to $29.3 million in 2024 [22] - Net loss narrowed by 31% to $19.9 million in 2025 compared to $28.9 million in 2024 [22] - Operating cash usage reduced by 23% to $16.8 million in 2025 compared to $21.7 million in 2024 [23] Business Line Data and Key Metrics Changes - Revenue from ReWalk Personal Exoskeleton was relatively flat at $8.5 million in 2025 compared to $8.9 million in 2024, with units sold increasing by 22% year-over-year [18] - Revenue from MyoCycle FES bike declined by 50% to $600,000, reflecting a strategic focus on core products [19] - Revenue from AlterG products and services was $12.9 million, a decline of 18% from 2024, primarily due to lower international sales [19] Market Data and Key Metrics Changes - ReWalk achieved reimbursement coverage with three largest Medicare Advantage insurers in the U.S., representing over 16 million covered lives [13] - International distribution for ReWalk expanded, with Germany as the primary test market [13] Company Strategy and Development Direction - The company is executing a strategy to build a diversified biomedical innovation company with multiple technology platforms [3] - A strategic transaction with Oramed is expected to strengthen the financial foundation and support growth initiatives [4] - The acquisition of technology from Skelable aims to enhance the upper extremity rehabilitation market [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about growth in the core med tech business and improvements in operating expenses driving the company toward positive cash flow [16] - The company is focused on expanding reimbursement coverage and building a stronger payer engagement capability [11] Other Important Information - The company will not provide guidance at this time due to significant transformations and pending transactions [15] - The strategic agreement with Oramed is expected to close soon, providing additional capital support [23] Q&A Session Summary Question: How does the Oramed POD technology align with the company's commercial infrastructure? - Management indicated that the integration of Oramed's technology will drive synergies across med tech and biotech, enhancing the company's decentralized approach to commercialization [27] Question: What is the timeline for the upper extremity robotic assistance product? - Management stated that the product could be 510(k) exempt and expects to complete the necessary studies within 18-24 months [31][32] Question: How does the company plan to address competition in the upper extremity market? - Management acknowledged the presence of competitors but emphasized the unique approach and simplicity of their product [36] Question: Can the company quantify the backlog entering 2026? - Management noted that while the pipeline is growing, specific numbers are not available at this time, but there is a focus on the 22% growth in units year-over-year [51]

Core Insights - Lifeward Ltd. has announced a collaboration with Shirley Ryan AbilityLab to establish dedicated clinic days for the evaluation and accessibility of the ReWalk Personal Exoskeleton, aimed at individuals with spinal cord injury [1][2][3] Group 1: Collaboration Details - The partnership will launch in the second quarter of 2026 at Shirley Ryan AbilityLab's Chicago campus, focusing on accelerating the adoption of the ReWalk Personal Exoskeleton [1] - Specialized clinics will provide individuals with spinal cord injury the opportunity to trial Lifeward's ReWalk system, promoting functional ambulation and independence [2][3] Group 2: Product Information - The ReWalk Personal Exoskeleton is an FDA-cleared wearable robotic system that allows individuals with spinal cord injury to stand, walk, and navigate various environments [4] - The use of powered exoskeleton technology is linked to improvements in ambulation, health outcomes, and overall quality of life for users [4] Group 3: Company Background - Lifeward is dedicated to designing and commercializing innovative solutions for physical rehabilitation, with a mission to transform the lives of individuals with disabilities [6] - Founded in 2001, Lifeward operates in the United States, Israel, and Germany, and offers a range of products including the ReWalk Exoskeleton and other rehabilitation technologies [7] Group 4: Shirley Ryan AbilityLab Overview - Shirley Ryan AbilityLab is recognized as the leading rehabilitation hospital in America, focusing on complex conditions such as spinal cord injury and stroke [5] - The facility features a unique model where clinicians, scientists, and technologists collaborate in a single space to enhance patient care and recovery [5]

Core Insights - Aetna has joined UnitedHealthcare and Humana in providing Medicare Advantage coverage for the ReWalk Personal Exoskeleton, expanding access to approximately 16 million beneficiaries in the U.S. [1][2] Group 1: Company Developments - Lifeward Ltd. announced that Aetna issued prior authorization for a Medicare Advantage beneficiary to obtain the ReWalk Personal Exoskeleton, recognizing it as medically necessary for individuals with spinal cord injuries [1][2] - The ReWalk Personal Exoskeleton is an FDA-approved technology that enables individuals with spinal cord injuries to achieve functional ambulation, with multiple peer-reviewed studies supporting its benefits [2][3] Group 2: Market Impact - The recent approvals for prior authorization from three major Medicare Advantage insurers signify a significant advancement in access to exoskeletal rehabilitation technology for patients and providers [3][4] - A nurse with a spinal cord injury expressed that access to the ReWalk device represents a life-changing opportunity, emphasizing the importance of innovative mobility devices for dignity and independence [4] Group 3: Company Mission and Products - Lifeward is committed to driving innovation in medical technology to improve the lives of individuals with physical limitations or disabilities, with a product portfolio that includes the ReWalk Exoskeleton and other rehabilitation solutions [6][7]

Core Insights - Lifeward Ltd. has entered into a distribution agreement with Verita Neuro to expand access to the ReWalk Personal Exoskeleton for spinal cord injury patients, targeting a total addressable market of approximately $1.75 billion [1][3] Group 1: Distribution Agreement - The agreement allows Verita Neuro to be the exclusive distributor of ReWalk in Mexico, Thailand, and the UAE, leveraging its established international presence [1][3] - Verita Neuro has a database of over 25,000 spinal cord injury patients and a network of rehabilitation centers, enhancing the reach of ReWalk [2] Group 2: Commercial Strategy - Lifeward's hybrid commercial model combines direct sales in the U.S. with third-party distribution in select international markets, aiming for increased sales volumes while managing operating expenses [3] - The partnership with Verita Neuro is intended to integrate ReWalk into their multi-modal treatment methodologies, which include surgical neural stimulation and stem cell therapy [3][4] Group 3: Rehabilitation Approach - Verita Neuro will implement a new delivery model that includes intensive in-patient training and rehabilitation for ReWalk, differing from the traditional outpatient training [4] - This approach is expected to enhance clinical adoption of ReWalk in various rehabilitation settings globally [4]

Financial Data and Key Metrics Changes - LifeWorks reported revenues of $5.7 million in Q2 2025, a decrease of $1 million or about 15% year-over-year compared to $6.7 million in Q2 2024, but an increase of approximately 14% quarter-over-quarter from $5 million in Q1 2025 [19][24] - GAAP gross profit was $2.5 million or 43.9% of revenue in Q2 2025, compared to $2.8 million or 41.1% in Q2 2024 [22] - GAAP operating loss for Q2 2025 was $6.6 million compared to $4.4 million in Q2 2024, while non-GAAP operating loss was $3.5 million compared to $3.7 million in the same period last year [24] Business Line Data and Key Metrics Changes - Revenue from traditional products and services totaled $2.5 million in Q2 2025, down from $3.1 million in Q2 2024, a decrease of about 19% [19] - Revenue from AlterG products and services was $3.2 million in Q2 2025, down from $3.6 million in Q2 2024, primarily due to the timing of deliveries to international distributors [20] - The ReWalk product line saw its highest quarterly total of units placed to Medicare beneficiaries since the schedule was established in April 2024 [19] Market Data and Key Metrics Changes - The pipeline of qualified leads for the ReWalk product line increased by 86% since Q3 2024, ending the quarter with more than one-third of leads in process in the U.S. [21] - In Germany, there were 46 leads in process at the quarter end, including 34 active rentals, which historically convert to sales within three to six months [21] Company Strategy and Development Direction - The company’s growth strategy is anchored in three core pillars: accelerating commercial adoption, portfolio diversification, and operational excellence [12][13] - The focus is on building strong momentum from recent Medicare and commercial insurer wins by reducing approval times and expanding coverage [12] - The company aims to leverage software innovation and AI integration to deepen customer engagement and ensure solutions are effective and commercially viable [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that revenue cycles in their markets are inherently extended, particularly those dependent on payer approvals and coverage decisions [28] - The company expects gradual growth in the next few quarters, with meaningful acceleration weighted toward the back half of their strategic plan [28] - Management remains committed to developing solutions that enhance independence and quality of life for patients [30] Other Important Information - The company ended Q2 2025 with $5.1 million in cash and cash equivalents and no debt, indicating a strong liquidity position [24] - LifeWorks is considering both debt and equity opportunities to support operations and growth plans while implementing cost management strategies [26] Q&A Session Summary Question: Can you provide details on Medicare revenue for the quarter? - Management clarified that in Q2 2024, there was a one-time revenue recognition of approximately $700,000, and excluding this, Medicare-related sales grew year-over-year [33] Question: What is the current status of leads in the U.S. and Germany? - Management confirmed that Medicare leads are greater than 130, with a strong pipeline building quarter over quarter [34][36] Question: How does the current tariff situation impact the company? - Management stated that the ReWalk exoskeleton is exempt from tariffs, but there are some tariff situations with the UltraG product that are being addressed [39] Question: What are the plans for AlterG commercialization? - Management emphasized the importance of focusing on channel partners and specific markets to ensure sustainable growth for the AlterG product line [51] Question: What is the reasoning behind lowering the guidance? - Management explained that the trajectory of growth has changed, and while pipelines are growing, the timing of revenue recognition is still being understood [60]

Core Insights - Lifeward Ltd. reported a record number of ReWalk systems placed for Medicare beneficiaries, marking the third consecutive quarter of growth in the U.S. pipeline with over 130 qualified leads [1][3] - The company appointed a new CEO and CFO to drive strategic changes and accelerate growth [1][7] - Lifeward's financial results for Q2 2025 showed a revenue of $5.7 million, a decrease of approximately 15% year-over-year, but an increase of about 14% compared to Q1 2025 [4][10] Financial Performance - Revenue from traditional products, including ReWalk Personal exoskeletons, decreased by 19% year-over-year to $2.5 million, while revenue from AlterG products fell by approximately 11% to $3.2 million [4][5] - Gross margin improved to 43.9% in Q2 2025 from 41.1% in Q2 2024, although the adjusted gross margin decreased to 44.0% from 46.9% due to the absence of one-time Medicare-related revenue [5][30] - Total operating expenses rose to $9.1 million in Q2 2025, primarily due to a $2.8 million goodwill impairment charge, while adjusted operating expenses decreased to $6.0 million [6][9] Losses and Cash Flow - The operating loss for Q2 2025 was $6.6 million, compared to $4.4 million in Q2 2024, with an adjusted operating loss of $3.5 million [9][10] - The net loss was $6.6 million, or $0.58 per share, compared to a net loss of $4.3 million, or $0.50 per share, in the prior year [10][23] - As of June 30, 2025, Lifeward had $5.1 million in unrestricted cash and cash equivalents, with cash used in operations improving to $3.9 million from $5.6 million in Q2 2024 [11][26] Strategic Developments - Lifeward achieved FDA clearance for the ReWalk 7 in April 2025, with over 20 units installed and positive customer feedback [7] - The company expanded its U.S. payer base for the ReWalk Personal Exoskeleton, with a ruling affirming its medical necessity for Medicare beneficiaries [7] - Lifeward transitioned to in-house manufacturing of the ReWalk Personal Exoskeleton, enhancing cost savings and production flexibility [7][8] Future Guidance - Lifeward has reset its full-year 2025 guidance, targeting revenue between $24 million and $26 million and a non-GAAP net loss of $12 million to $14 million [12]