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About Lifeward Ltd. (Nasdaq: LFWD)
Lifeward Ltd., formerly known as ReWalk Robotics, is a pioneering medical device company dedicated to transforming the lives of individuals with physical limitations or disabilities. Founded in 2001, the company specializes in designing, developing, and commercializing innovative solutions that span the continuum of care in physical rehabilitation and recovery. Lifeward's mission is to empower individuals to regain mobility and independence through cutting-edge technologies that deliver proven functional and health benefits in clinical, home, and community settings.
Core Products and Technologies
Lifeward's product portfolio includes groundbreaking technologies tailored to address the diverse needs of patients and healthcare providers:
- ReWalk Exoskeleton: A wearable robotic system enabling individuals with spinal cord injuries to stand upright, walk, and turn, enhancing their mobility and quality of life.
- ReStore Exo-Suit: A soft exoskeleton designed for stroke rehabilitation, aiding in gait training and recovery.
- MyoCycle FES Systems: Functional electrical stimulation (FES) bikes that engage paralyzed muscles to promote cardiovascular health and muscle conditioning.
- AlterG Anti-Gravity Systems: Utilizing Differential Air Pressure (DAP) technology, these systems enable unweighted physical therapy and rehabilitation, reducing strain during exercise and recovery.
Market Presence and Operations
Lifeward operates across key markets in the United States, Israel, and Germany, leveraging its global footprint to drive innovation and accessibility. The company has established itself as a leader in the rehabilitation technology sector, supported by regulatory approvals such as FDA and CE/MDR certifications. Lifeward's focus on reimbursement pathways, including partnerships with Medicare in the U.S. and statutory health insurers like BARMER in Germany, further underscores its commitment to expanding access to its transformative solutions.
Business Model and Revenue Streams
Lifeward generates revenue through a combination of direct sales, licensing agreements, and strategic partnerships. Its direct sales approach, particularly in Germany, has enhanced margins and operational efficiency. Additionally, the company collaborates with healthcare providers and insurers to streamline reimbursement processes, ensuring broader adoption of its products. By integrating advanced technologies and robust support systems, Lifeward addresses critical gaps in rehabilitation care, catering to both clinical institutions and individual users.
Competitive Positioning
In the competitive landscape of medical rehabilitation technologies, Lifeward distinguishes itself through its proprietary innovations, extensive clinical validation, and a patient-centric approach. The company's ability to secure reimbursement policies for its products, such as the ReWalk Exoskeleton, positions it as a trusted partner for healthcare providers and insurers. Lifeward's commitment to research and development, coupled with its focus on user experience, ensures its solutions remain at the forefront of the industry.
Commitment to Innovation
Lifeward's relentless pursuit of innovation is evident in its continuous expansion of product offerings and market reach. By integrating advanced robotics, functional electrical stimulation, and anti-gravity technologies, the company addresses the evolving needs of patients and clinicians. Lifeward's dedication to improving mobility, health outcomes, and independence for individuals with physical limitations underscores its role as a transformative force in rehabilitation care.
Conclusion
With a strong foundation in technology, regulatory compliance, and market access, Lifeward Ltd. is redefining what is possible in physical rehabilitation and recovery. Its comprehensive product portfolio, strategic market presence, and unwavering commitment to enhancing patient lives make it a standout player in the medical device industry.
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%.
Lifeward (Nasdaq: LFWD), a global leader in rehabilitation and recovery solutions, has announced its participation in the upcoming ThinkEquity Conference. Chief Financial Officer Mike Lawless will deliver a company overview presentation on October 30, 2024, at 3:00 PM EDT. The presentation will be accessible through the company's Investor Relations website and via webcast. Lawless will also conduct one-on-one meetings with investors during the conference. A replay of the presentation will remain available for 90 days after the event.
Lifeward (Nasdaq: LFWD) has announced the launch of direct sales for its AlterG product line in Germany, effective immediately. This strategic move, announced at the REHACARE 2024 conference in Düsseldorf, adds AlterG products to the company's German sales portfolio alongside the ReWalk Personal Exoskeleton.
The company expects several financial benefits from this direct sales approach, including increased revenue due to a more focused sales effort and higher margins with minimal additional investment. Lifeward aims to leverage its existing sales and support infrastructure in Germany to expand market penetration and accelerate its path to profitability both in Germany and globally.
While Lifeward begins direct sales, PHYSIOMED GROUP will continue to provide service and support to its existing base of nearly 500 customers in Germany and distribute AlterG units in parallel with the Lifeward team.
ReWalk Robotics has officially changed its name to Lifeward , completing the rebranding initiative announced on January 29, 2024. The change follows shareholder approval on September 4, 2024, and approval from the Israel Companies Registrar on September 10, 2024. This transformation reflects the company's expanded mission to elevate care standards for overcoming physical limitations and disabilities.
CEO Larry Jasinski stated that the rebranding aligns with Lifeward's goal to empower individuals to pursue their passions despite physical challenges. The company's U.S. and German subsidiaries have already adopted the new name, and the stock will continue trading under the symbol 'LFWD' on Nasdaq. The new name will be effective for trading starting September 13, 2024.
Lifeward (Nasdaq: LFWD) has appointed Dr. Keith E. Tansey as Consulting Director of Clinical Research. With over 30 years of experience in spinal cord injury research and treatment, Dr. Tansey brings valuable expertise to Lifeward's Medical Affairs team. His responsibilities include developing the company's clinical research program, advancing key opinion leader opportunities, and supporting clinical partnerships to expand the use of personal exoskeletons for individuals with spinal cord injuries.
Dr. Tansey, a Professor at the University of Mississippi Medical Center and a Physician Scientist at the Veterans Administration Medical Center, is board-certified in Neurology with subspecialty certifications in Spinal Cord Injury Medicine and Neural Repair and Rehabilitation. His appointment aligns with Lifeward's mission to improve the lives of individuals with physical limitations or disabilities through innovative rehabilitation solutions.
Lifeward (Nasdaq: LFWD) has successfully completed its first ReWalk Step Challenge 2024, a charity initiative involving ReWalk Personal Exoskeleton users in Germany. The challenge resulted in a €5,000 donation to the Association for the Promotion of Paraplegics in Germany (FGQ). Participants collectively achieved 424,844 steps during the one-month challenge, with Lifeward donating one cent per step taken.
The funds will support FGQ's mission to assist people with spinal cord injuries and their families. Lifeward CEO Larry Jasinski expressed satisfaction with the community's engagement and the opportunity to support the European Spinal Cord Injury Federation (ESCIF). The company plans to repeat the challenge next year, aiming for increased participation to further support the paraplegic community.
Lifeward (Nasdaq: LFWD), a global leader in rehabilitation and recovery solutions, will participate in the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11, 2024 in New York City. CEO Larry Jasinski will present and meet with investors, with a recorded webcast available from 1:30 pm EDT on September 11, 2024.
The presentation offers Lifeward an opportunity to showcase its innovative products, including the ReWalk Exoskeleton, AlterG Anti-Gravity system, MyoCycle FES bike, and ReStore Exo-Suit. These solutions aim to improve the standard of care for individuals with physical limitations or disabilities, providing functional and health benefits in clinical, home, and community settings.
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