Lifeward Ltd. Reports Third Quarter 2024 Financial Results
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 ha riportato i risultati finanziari del terzo trimestre 2024, mostrando una crescita significativa e misure di risparmio sui costi.
I ricavi sono aumentati del 39% arrivando a 6,1 milioni di dollari, grazie alle forti vendite dei sistemi ReWalk e dei prodotti AlterG. L'azienda ha venduto 20 sistemi ReWalk per il secondo trimestre consecutivo e ha 70 potenziali clienti idonei per richieste Medicare.
Il margine lordo è migliorato al 36,2%, mentre le spese operative sono diminuite a 5,4 milioni di dollari. La perdita netta si è ristretta a 3,1 milioni di dollari, ovvero 0,35 dollari per azione, rispetto ai 7,5 milioni di dollari, pari a 0,88 dollari per azione nel terzo trimestre del 2023.
Lifeward ha inoltre avviato azioni per ottimizzare le operazioni negli Stati Uniti, con l'aspettativa di risparmiare 3 milioni di dollari in spese operative. L'azienda ha lanciato l'AlterG NEO, generando ordini per 40 unità dal mese di giugno.
Alla data del 30 settembre, Lifeward aveva 10,7 milioni di dollari in contante senza debiti. L'azienda ha revisionato le previsioni di ricavi per il 2024 a 25-26 milioni di dollari, prevedendo il più alto fatturato trimestrale nel quarto trimestre.
Lifeward informó sus resultados financieros del tercer trimestre de 2024, mostrando un crecimiento significativo y medidas de ahorro de costos.
Los ingresos aumentaron un 39% hasta 6,1 millones de dólares, impulsados por fuertes ventas de sistemas ReWalk y productos AlterG. La compañía vendió 20 sistemas ReWalk por segundo trimestre consecutivo y tiene 70 oportunidades calificadas para posibles reclamaciones de Medicare.
El margen bruto mejoró al 36,2%, mientras que los gastos operativos disminuyeron a 5,4 millones de dólares. La pérdida neta se redujo a 3,1 millones de dólares o 0,35 dólares por acción, en comparación con 7,5 millones de dólares o 0,88 dólares por acción en el tercer trimestre de 2023.
Lifeward también inició acciones para optimizar sus operaciones en EE. UU., lo que se espera que ahorre 3 millones de dólares en gastos operativos. La compañía lanzó el AlterG NEO, generando pedidos de 40 unidades desde junio.
Al 30 de septiembre, Lifeward tenía 10,7 millones de dólares en efectivo y sin deudas. La empresa revisó su pronóstico de ingresos para 2024 a entre 25 y 26 millones de dólares, esperando el mayor ingreso trimestral en el cuarto trimestre.
라이프워드는 2024년 3분기 재무 결과를 발표했으며, 여기에는 상당한 성장과 비용 절감 조치가 포함되어 있습니다.
매출은 39% 증가하여 610만 달러에 달했으며, ReWalk 시스템과 AlterG 제품의 강력한 판매가 주효했습니다. 회사는 두 분기 연속으로 20개의 ReWalk 시스템을 판매하였고, 70개의 잠재적인 Medicare 청구 자격 고객이 있습니다.
총 이익률은 36.2%로 개선되었고, 운영 비용은 540만 달러로 감소했습니다. 순손실은 310만 달러, 주당 0.35 달러로 축소되었으며, 이는 2023년 3분기의 750만 달러 또는 주당 0.88 달러에 비해 감소한 수치입니다.
라이프워드는 또한 미국 내 운영을 간소화하기 위한 조치를 취하여 300만 달러의 운영 비용 절감을 기대하고 있습니다. 회사는 AlterG NEO를 출시하였으며, 6월 이후 40개의 주문을 받았습니다.
9월 30일 기준으로 라이프워드는 1,070만 달러의 현금을 보유하고 있으며, 부채는 없습니다. 회사는 2024년 매출 전망을 2,500만~2,600만 달러로 수정하였으며, 4분기에 가장 높은 분기 매출을 예상하고 있습니다.
Lifeward a communiqué ses résultats financiers pour le troisième trimestre 2024, montrant une croissance significative et des mesures d'économies de coûts.
Le chiffre d'affaires a augmenté de 39 % pour atteindre 6,1 millions de dollars, tiré par de fortes ventes de systèmes ReWalk et de produits AlterG. L'entreprise a vendu 20 systèmes ReWalk pour le deuxième trimestre consécutif et dispose de 70 pistes qualifiées pour de potentielles demandes Medicare.
La marge brute s'est améliorée à 36,2 %, tandis que les dépenses d'exploitation ont diminué à 5,4 millions de dollars. La perte nette a été réduite à 3,1 millions de dollars, soit 0,35 dollar par action, par rapport à 7,5 millions de dollars, soit 0,88 dollar par action au troisième trimestre 2023.
Lifeward a également initié des actions pour rationaliser ses opérations aux États-Unis, ce qui devrait permettre d'économiser 3 millions de dollars en dépenses opérationnelles. L'entreprise a lancé l'AlterG NEO, générant des commandes pour 40 unités depuis juin.
Au 30 septembre, Lifeward disposait de 10,7 millions de dollars en liquidités et n'avait aucune dette. L'entreprise a révisé ses prévisions de revenus pour 2024 à 25-26 millions de dollars, s'attendant à réaliser le chiffre d'affaires trimestriel le plus élevé au quatrième trimestre.
Lifeward hat seine finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, die ein signifikantes Wachstum und Kostensenkungsmaßnahmen zeigen.
Der Umsatz stieg um 39 % auf 6,1 Millionen Dollar, getrieben durch starke Verkäufe von ReWalk-Systemen und AlterG-Produkten. Das Unternehmen verkaufte 20 ReWalk-Systeme im zweiten aufeinanderfolgenden Quartal und hat 70 qualifizierte Interessenten für potenzielle Medicare-Ansprüche.
Die Bruttomarge verbesserte sich auf 36,2 %, während die Betriebskosten auf 5,4 Millionen Dollar sanken. Der Nettoverlust verringerte sich auf 3,1 Millionen Dollar oder 0,35 Dollar pro Aktie, im Vergleich zu 7,5 Millionen Dollar oder 0,88 Dollar pro Aktie im 3. Quartal 2023.
Lifeward hat auch Maßnahmen zur Straffung der US-Operationen eingeleitet, was voraussichtlich 3 Millionen Dollar an Betriebskosten einsparen wird. Das Unternehmen hat den AlterG NEO eingeführt, der seit Juni Bestellungen für 40 Einheiten generiert.
Zum 30. September hatte Lifeward 10,7 Millionen Dollar an Bargeld und keine Schulden. Das Unternehmen hat seinen Umsatzausblick für 2024 auf 25-26 Millionen Dollar revidiert und erwartet den höchsten vierteljährlichen Umsatz im 4. Quartal.
- Revenue increased by 39% to $6.1 million.
- Gross margin improved to 36.2%.
- Operating expenses decreased to $5.4 million.
- Net loss narrowed to $3.1 million or $0.35 per share.
- Streamlining U.S. operations expected to save $3 million.
- Successful launch of AlterG NEO, generating orders for 40 units.
- Revised 2024 revenue guidance to $25-$26 million.
- Adjusted gross margin decreased by 2.6 percentage points to 42.5%.
Insights
Q3 results show mixed performance with notable improvements. Revenue increased by
Key financial metrics reveal operational challenges despite top-line growth. Gross margin improved to
The revised revenue guidance of
The pipeline growth in ReWalk qualified leads (approximately 70 cases) signals strong market penetration potential following Medicare coverage. This represents significant untapped revenue opportunity as insurance coverage expands. The second consecutive quarter with 20 ReWalk system sales establishes a consistent adoption trend.
The AlterG NEO launch strategy demonstrates market adaptation, with the lower price point targeting broader accessibility. The quick accumulation of 40 unit orders validates market demand for more affordable rehabilitation technology. The German market expansion leveraging existing infrastructure presents a cost-effective growth opportunity with potential margin benefits.
Second consecutive quarter of 20 ReWalk systems sold
Robust growth in U.S. ReWalk pipeline of approximately 70 qualified leads for potential claim submission with Medicare and other U.S. payors
MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Lifeward Ltd., (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions in physical rehabilitation and recovery, today announced its financial results for the three months and nine months ended September 30, 2024.
Recent Highlights and Milestones for Lifeward
- Lifeward initiated actions to further streamline its U.S. operations including closing two U.S. facilities to complete the integration of AlterG. The actions are expected to save the Company approximately
$3 million in operating expenses and improve gross margins by approximately two percentage points when the full impact is achieved. - Lifeward began selling the AlterG family of products through its German sales organization which the Company expects will result in revenue growth from a more focused sales effort and higher margins with little incremental investment by utilizing its existing sales and support infrastructure in Germany.
- Lifeward executed a successful launch of the AlterG NEO which was engineered with a new design to allow a lower price point to make the technology more accessible to a broader range of customers. Since the introduction of the NEO at the end of June, Lifeward has generated orders for approximately 40 units as the NEO is quickly becoming a growth driver for the AlterG product line.
- Lifeward completed its near-term plans to refresh its Board of Directors with the addition of Robert J. Marshall Jr. as a new director and chairman of the Audit Committee.
“We continue to build the pipeline of ReWalk cases which we believe will fuel our growth in future quarters,” said Larry Jasinski, Chief Executive Officer. “While the conversion of these cases to revenue can be variable, the underlying growth in leads and qualified cases is growing as we continue to educate the U.S. market on the expanded patient access under the Medicare program and eventually private insurance. At the same time, we also see that the AlterG NEO launch is stimulating incremental customer interest and growth, which we believe will fuel the anticipated recovery in AlterG revenue growth.”
Third Quarter 2024 Financial Results
Revenue was
Gross margin was
Total operating expenses in the third quarter of 2024 were
Operating loss in the third quarter of 2024 was
Net loss was
Liquidity
As of September 30, 2024, ReWalk had
Financial Guidance
Factoring in the third quarter performance, Lifeward revises its 2024 full year revenue expectations to the range of
Conference Call
Lifeward management will host its conference call as follows:
| Date | November 12, 2024 | |
| Time | 8:30 AM EST | |
| Telephone | U.S: | 1-833-316-0561 |
| International: | 1-412-317-0690 | |
| Israel: | 1-80-9212373 | |
| Germany: | 0800-6647560 | |
| Access code | Please reference the “Lifeward Earnings Call” | |
| Webcast (live, listen-only and archive) | https://edge.media-server.com/mmc/p/nof4rjp4 | |
The archived webcast will be available via the following https://edge.media-server.com/mmc/p/nof4rjp4 or through the “Investors” section on our website at GoLifeward.com.
About Lifeward
Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity systems, the ReStore Exo-Suit, and the MyoCycle FES Systems.
Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward mission and product portfolio, please visit GoLifeward.com.
Lifeward®, ReWalk®, ReStore®, and Alter G® are registered trademarks of Lifeward Ltd.and/or its affiliates.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding the Company's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others: the Company’s ability to realize the anticipated benefits of the acquisition of AlterG, including the possibility that the expected benefits of the acquisition will not be realized within the expected time period or at all; the effect of the AlterG acquisition on the ability of the Company to retain customers and key personnel and to maintain relationships with suppliers, distributors and other key business relations; potential litigation in connection with the AlterG acquisition; uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the Company's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; the Company's ability to maintain and grow its reputation and the market acceptance of its products; the Company's ability to achieve reimbursement from third-party payors, including CMS, for its products; the Company's limited operating history and its ability to leverage its sales, marketing and training infrastructure; the Company's expectations as to its clinical research program and clinical results; the Company's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; the Company's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; the Company’s ability to navigate any difficulties associated with moving production of its AlterG Anti-Gravity Systems to a contract manufacturer; the Company's ability to improve its products and develop new products; the Company's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on the Company's ability to market and sell its products; the Company's ability to gain and maintain regulatory approvals; the Company's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the Company's ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading "Risk Factors" in the Company’s annual report on Form 10-K, as amended, for the year ended December 31, 2023 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company believes that the use of non-GAAP accounting measures, including non-GAAP net loss, is helpful to its investors. These measures, which the Company refers to as non-GAAP financial measures, are not prepared in accordance with GAAP.
Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, the Company believes that providing non-GAAP financial measures that exclude non-cash share-based compensation expense and acquisition costs allows for more meaningful comparisons between operating results from period to period. Each of the Company’s non-GAAP financial measures is an important tool for financial and operational decision-making and for the Company’s evaluation of its operating results over different periods of time. The non-GAAP financial data are not measures of the Company’s financial performance under U.S. GAAP and should not be considered as alternatives to operating loss or net loss or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in ReWalk’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees.
The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. ReWalk urges investors to review the reconciliation of the Company’s non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate the Company’s business.
Lifeward Media Relations:
Kathleen O’Donnell
Vice President, Marketing & New Business Development
Lifeward
E: media@golifeward.com
Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward
E: ir@golifeward.com
| Lifeward Ltd. And subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 6,128 | $ | 4,403 | $ | 18,118 | $ | 6,970 | ||||||||
| Cost of revenues | 3,908 | 3,540 | 11,746 | 4,960 | ||||||||||||
| Gross profit | 2,220 | 863 | 6,372 | 2,010 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net | 998 | 1,262 | 3,494 | 2,830 | ||||||||||||
| Sales and marketing | 4,156 | 4,088 | 13,573 | 9,076 | ||||||||||||
| General and administrative | 240 | 3,455 | 3,424 | 7,579 | ||||||||||||
| Total operating expenses | 5,394 | 8,805 | 20,491 | 19,485 | ||||||||||||
| Operating loss | (3,174 | ) | (7,942 | ) | (14,119 | ) | (17,475 | ) | ||||||||
| Financial income, net | 119 | 411 | 495 | 1,047 | ||||||||||||
| Loss before income taxes | (3,055 | ) | (7,531 | ) | (13,624 | ) | (16,428 | ) | ||||||||
| Taxes on income | 29 | - | 40 | 66 | ||||||||||||
| Net loss | $ | (3,084 | ) | $ | (7,531 | ) | $ | (13,664 | ) | $ | (16,494 | ) | ||||
| Net loss per ordinary share, basic and diluted | $ | (0.35 | ) | $ | (0.88 | ) | $ | (1.58 | ) | $ | (1.94 | ) | ||||
| Weighted average number of shares used in computing net loss per ordinary share, basic and diluted | 8,756,882 | 8,542,630 | 8,652,085 | 8,501,397 | ||||||||||||
| Lifeward Ltd. And subsidiaries Condensed Consolidated Balance Sheets (In thousands) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 10,653 | $ | 28,083 | ||||
| Trade receivables, net of credit losses of | 5,843 | 3,120 | ||||||
| Prepaid expenses and other current assets | 1,818 | 2,366 | ||||||
| Inventories | 7,300 | 5,653 | ||||||
| Total current assets | 25,614 | 39,222 | ||||||
| Restricted cash and other long term assets | 436 | 784 | ||||||
| Operating lease right-of-use assets | 945 | 1,861 | ||||||
| Property and equipment, net | 1,217 | 1,262 | ||||||
| Intangible Assets | 10,020 | 12,525 | ||||||
| Goodwill | 7,538 | 7,538 | ||||||
| Total assets | $ | 45,770 | $ | 63,192 | ||||
| Liabilities and equity | ||||||||
| Current liabilities | ||||||||
| Trade payables | 4,992 | 5,069 | ||||||
| Current maturities of operating leases | 936 | 1,296 | ||||||
| Other current liabilities | 3,729 | 4,854 | ||||||
| Earnout | - | 576 | ||||||
| Total current liabilities | 9,657 | 11,795 | ||||||
| Non-current operating leases | 45 | 607 | ||||||
| Earnout | 792 | 2,716 | ||||||
| Other long-term liabilities | 1,383 | 1,564 | ||||||
| Shareholders’ equity | 33,893 | 46,510 | ||||||
| Total liabilities and equity | $ | 45,770 | $ | 63,192 | ||||
| Lifeward Ltd. And subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Net cash used in operating activities | $ | (17,749 | ) | $ | (16,183 | ) | ||
| Net cash used in investing activities | - | (18,070 | ) | |||||
| Net cash used in financing activities | - | (992 | ) | |||||
| Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | (29 | ) | (24 | ) | ||||
| Decrease in cash, cash equivalents, and restricted cash | (17,778 | ) | (35,269 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 28,792 | 68,555 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 11,014 | $ | 33,286 | ||||
| Lifeward Ltd. And subsidiaries (Unaudited) (In thousand) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues based on customer’s location: | ||||||||||||||||
| United States | 3,458 | 2,497 | 11,054 | 4,298 | ||||||||||||
| Europe | 2,419 | 1,466 | 5,896 | 2,201 | ||||||||||||
| Asia - Pacific | 150 | 94 | 544 | 123 | ||||||||||||
| Rest of the world | 101 | 346 | 624 | 348 | ||||||||||||
| Total Revenues | $ | 6,128 | $ | 4,403 | $ | 18,118 | $ | 6,970 | ||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Dollars in thousands, except per share data | ||||||||||||||||
| GAAP net loss | $ | (3,084 | ) | $ | (7,531 | ) | $ | (13,664 | ) | $ | (16,494 | ) | ||||
| Adjustments: | ||||||||||||||||
| Amortization of intangible assets | 842 | 764 | 2,505 | 764 | ||||||||||||
| Purchase accounting impact on inventory | - | 607 | - | 607 | ||||||||||||
| M&A transaction | - | 1,314 | (467 | ) | 2,358 | |||||||||||
| Integration/Rebranding costs | - | - | 236 | - | ||||||||||||
| Remeasurement of earnout liability | (2,008 | ) | 40 | (2,500 | ) | 40 | ||||||||||
| Stock-based compensation expense | 290 | 333 | 1,047 | 955 | ||||||||||||
| Non-GAAP net loss | $ | (3,960 | ) | $ | (4,473 | ) | $ | (12,843 | ) | $ | (11,770 | ) | ||||
| Shares used in net loss per share | 8,756,882 | 8,542,630 | 8,652,085 | 8,501,397 | ||||||||||||
| Non-GAAP net loss per share | $ | (0.45 | ) | $ | (0.52 | ) | $ | (1.48 | ) | $ | (1.38 | ) | ||||
| Lifeward Ltd. And subsidiaries (Unaudited) (In thousand) | ||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||||
| Dollars in thousands | ||||||||||||||||||||||||||||||||
| GAAP operating loss | $ | (3,174 | ) | (51.8 | )% | $ | (7,942 | ) | (180.4 | )% | $ | (14,119 | ) | (77.9 | )% | $ | (17,475 | ) | (250.7 | )% | ||||||||||||
| Amortization of intangible assets | 842 | 13.7 | % | 764 | 17.3 | % | 2,505 | 13.8 | % | 764 | 10.9 | % | ||||||||||||||||||||
| Purchase accounting impact on inventory | - | - | 607 | 13.8 | % | - | - | 607 | 8.8 | % | ||||||||||||||||||||||
| M&A transaction | - | - | 1,314 | 29.8 | % | (467 | ) | (2.6 | )% | 2,358 | 33.8 | % | ||||||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | 236 | 1.3 | % | - | - | |||||||||||||||||||||||
| Remeasurement of earnout liability | (2,008 | ) | (32.8 | )% | 40 | 0.9 | % | (2,500 | ) | (13.8 | )% | 40 | 0.6 | % | ||||||||||||||||||
| Stock-based compensation expense | 290 | 4.7 | % | 333 | 7.5 | % | 1,047 | 5.8 | % | 955 | 13.7 | % | ||||||||||||||||||||
| Non-GAAP operating loss | $ | (4,050 | ) | (66.2 | )% | $ | (4,884 | ) | (111.1 | )% | $ | (13,298 | ) | (73.4 | )% | $ | (12,751 | ) | (182.9 | )% | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||||
| Dollars in thousands | ||||||||||||||||||||||||||||||||
| GAAP gross profit | $ | 2,220 | 36.2 | % | $ | 863 | 19.6 | % | $ | 6,372 | 35.2 | % | $ | 2,010 | 28.8 | % | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Purchase accounting impact on inventory | - | - | 607 | 13.8 | % | - | - | 607 | 8.7 | % | ||||||||||||||||||||||
| Amortization of intangible assets | 387 | 6.3 | % | 511 | 11.6 | % | 1,153 | 6.4 | % | 511 | 7.3 | % | ||||||||||||||||||||
| Stock-based compensation expense | 3 | 0 | % | 4 | 0.1 | % | 12 | 0.1 | % | 5 | 0.1 | % | ||||||||||||||||||||
| Non-GAAP gross profit | $ | 2,610 | 42.5 | % | $ | 1,985 | 45.1 | % | $ | 7,537 | 41.7 | % | $ | 3,133 | 44.9 | % | ||||||||||||||||
| Lifeward Ltd. And subsidiaries (Unaudited) (In thousand) | ||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||||
| Dollars in thousands | ||||||||||||||||||||||||||||||||
| GAAP research & development | $ | 998 | 16.3 | % | $ | 1,262 | 28.7 | % | $ | 3,494 | 19.3 | % | $ | 2,830 | 40.6 | % | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense | (38 | ) | (0.6 | )% | (46 | ) | (1.0 | )% | (130 | ) | (0.7 | )% | (112 | ) | (1.6 | )% | ||||||||||||||||
| Non-GAAP research & development | $ | 960 | 15.7 | % | $ | 1,216 | 27.7 | % | $ | 3,364 | 18.6 | % | $ | 2,718 | 39.0 | % | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||||
| Dollars in thousands | ||||||||||||||||||||||||||||||||
| GAAP sales & marketing | $ | 4,156 | 67.8 | % | $ | 4,088 | 92.8 | % | $ | 13,573 | 74.9 | % | $ | 9,076 | 130.2 | % | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (389 | ) | (6.3 | )% | (215 | ) | (4.9 | )% | (1,154 | ) | (6.4 | )% | (215 | ) | (3.1 | )% | ||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | (193 | ) | (1.0 | )% | - | - | ||||||||||||||||||||||
| Stock-based compensation expense | (91 | ) | (1.5 | )% | (107 | ) | (2.4 | )% | (309 | ) | (1.7 | )% | (271 | ) | (3.9 | )% | ||||||||||||||||
| Non-GAAP sales & marketing | $ | 3,676 | 60.0 | % | $ | 3,766 | 85.5 | % | $ | 11,917 | 65.8 | % | $ | 8,590 | 123.2 | % | ||||||||||||||||
| Lifeward Ltd. And subsidiaries (Unaudited) (In thousand) | ||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||||
| Dollars in thousands | ||||||||||||||||||||||||||||||||
| GAAP general & administrative | $ | 240 | 3.9 | % | $ | 3,455 | 78.5 | % | $ | 3,424 | 18.9 | % | $ | 7,579 | 108.7 | % | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| M&A transaction | - | - | (1,314 | ) | (29.8 | )% | 467 | 2.6 | % | (2,358 | ) | (33.8 | )% | |||||||||||||||||||
| Amortization of intangible assets | (66 | ) | (1.1 | )% | (37 | ) | (0.8 | )% | (198 | ) | (1.1 | )% | (37 | ) | (0.5 | )% | ||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | (43 | ) | (0.2 | )% | - | - | ||||||||||||||||||||||
| Remeasurement of earnout liability | 2,008 | 32.8 | % | (40 | ) | (0.9 | )% | 2,500 | 13.8 | % | (40 | ) | (0.6 | )% | ||||||||||||||||||
| Stock-based compensation expense | (158 | ) | (2.6 | )% | (176 | ) | (4.0 | )% | (596 | ) | (3.3 | )% | (567 | ) | (8.1 | )% | ||||||||||||||||
| Non-GAAP general & administrative | $ | 2,024 | 33.0 | % | $ | 1,888 | 43.0 | % | $ | 5,554 | 30.7 | % | $ | 4,577 | 65.7 | % | ||||||||||||||||
FAQ
What were Lifeward's Q3 2024 revenue results?
How much did Lifeward's net loss narrow in Q3 2024?
What cost-saving measures did Lifeward implement?
How many ReWalk systems did Lifeward sell in Q3 2024?
What is Lifeward's revised 2024 revenue guidance?
