Lifeward Ltd. Ordinary Shares - LFWD STOCK NEWS

Lifeward (Nasdaq: LFWD) has cancelled its Extraordinary General Meeting of Shareholders that was scheduled for January 13, 2025. The company's Board of Directors has withdrawn the proposals outlined in their Definitive Proxy Statement, which was filed with the SEC on November 25, 2024. The Board plans to present these proposals at a future meeting later in 2025.

Lifeward (Nasdaq: LFWD) has announced the closing of a $5 million registered direct offering priced at-the-market under Nasdaq rules. The company issued 1,818,183 ordinary shares at $2.75 per share, along with unregistered warrants to purchase an equal number of shares in a concurrent private placement. The warrants have a three-year term, are immediately exercisable at $2.75 per share.

H.C. Wainwright & Co. served as the exclusive placement agent. The company plans to use the net proceeds for continuing commercial efforts, working capital, and general corporate purposes. The offering was conducted under a previously filed S-3 shelf registration statement, while the warrants were issued privately under Section 4(a)(2) of the Securities Act.

Lifeward (Nasdaq: LFWD) has announced a $5 million registered direct offering priced at-the-market under Nasdaq rules. The company will issue 1,818,183 ordinary shares at $2.75 per share, along with a concurrent private placement of unregistered warrants to purchase an equal number of ordinary shares.

The warrants will have a three-year term, be immediately exercisable at $2.75 per share. H.C. Wainwright & Co. is serving as the exclusive placement agent. The offering is expected to close around January 8, 2025.

The company plans to use the net proceeds for continuing commercial efforts, working capital, and general corporate purposes. The ordinary shares are being offered under a previously filed S-3 shelf registration, while the warrants are being issued through a private placement under Section 4(a)(2) of the Securities Act.

Lifeward (Nasdaq: LFWD) has announced the postponement of its Extraordinary General Meeting of Shareholders from December 30, 2024, to January 13, 2025, at 10:00 a.m. EST. The meeting will be held at the Company's offices in Marlborough, MA. The postponement is due to an anticipated lack of quorum and to allow additional time for proxy solicitation.

The record date remains November 20, 2024. The Board unanimously recommends voting FOR the proposals outlined in the proxy statement. Previously cast votes remain valid unless shareholders choose to change them. The company plans to hold an Investor Day following the meeting, with the date to be announced.

Lifeward (Nasdaq: LFWD) announced that Hungary has established a new state insurance code providing coverage for ReWalk exoskeleton training for individuals with spinal cord injury. This decision follows research at Semmelweis University's Rehabilitation Clinic in Budapest, which studied the long-term therapeutic benefits of ReWalk Exoskeleton rehabilitation. Hungary joins Germany and the United States in providing coverage for exoskeletons. ReWalk is currently the only exoskeleton with both US FDA and EU CE/MDR certification that can be used at home. Hungary reports approximately 300 new cases of spinal cord injury annually.

Lifeward reported its Q3 2024 financial results, showing significant growth and cost-saving measures.

Revenue increased by 39% to $6.1 million, driven by strong sales of ReWalk systems and AlterG products. The company sold 20 ReWalk systems for the second consecutive quarter and has 70 qualified leads for potential Medicare claims.

Gross margin improved to 36.2%, while operating expenses decreased to $5.4 million. Net loss narrowed to $3.1 million or $0.35 per share, compared to $7.5 million or $0.88 per share in Q3 2023.

Lifeward also initiated actions to streamline U.S. operations, expected to save $3 million in operating expenses. The company launched the AlterG NEO, generating orders for 40 units since June.

As of September 30, Lifeward had $10.7 million in cash with no debt. The company revised its 2024 revenue guidance to $25-$26 million, expecting the highest quarterly revenue in Q4.

Lifeward announced the appointment of Robert J. Marshall Jr. to its Board of Directors, effective November 2, 2024. Mr. Marshall will serve as Chairman of the Audit Committee. He brings over 30 years of experience in financial management and strategy, mainly in the medical device industry. Currently, he is the CFO and Treasurer of Lantheus Holdings. His previous roles include senior leadership positions at Zimmer Biomet Holdings, where he managed finance for U.S., Canadian, and Latin American markets. Marshall expressed his enthusiasm for Lifeward's mission and future in rehabilitation advancements. Lifeward's Chairman, Joe Turk, highlighted Marshall's financial acumen and governance capabilities as significant assets to the Board.

Lifeward (Nasdaq: LFWD) has scheduled its third quarter 2024 financial results release for Tuesday, November 12, 2024, before market open. CEO Larry Jasinski and CFO Michael Lawless will host a conference call and webcast at 8:30 a.m. EST to discuss the results. The earnings call will be accessible via multiple toll-free numbers across different countries and through a webcast link available on the company's website at GoLifeward.com in the Investors section.

Lifeward (NASDAQ: LFWD) announced plans to streamline U.S. operations by closing two facilities as part of its post-AlterG acquisition integration. The consolidation will centralize operations in Massachusetts, Israel, and Germany. Key functions will be integrated into the Marlborough facility, with AlterG Anti-Gravity Systems manufacturing transferred to Cirtronics The company expects $3 million in annual operating expense savings and a 200 basis points improvement in gross margins during 2025. Since the AlterG acquisition, Lifeward has reduced its total headcount by over 35%.