Lifeward Reports Fourth Quarter and Full Year 2023 Financial Results
- Record annual revenue of $13.9 million in 2023, a 151% increase from 2022.
- Integration of commercial and operational resources led to $3 million in annual net savings.
- Unveiled new branding as Lifeward and benefitted from CMS including exoskeletons in Medicare benefit category.
- Fourth-quarter revenue was $6.9 million, up 216% from 2022, with a gross margin of 35.5%.
- Operating expenses were $8.6 million, resulting in an operating loss of $6.1 million.
- Net loss was $5.6 million with $28.1 million in cash on hand.
- Financial guidance for 2024 includes revenue between $28 to $32 million.
- Expected first-quarter revenue of $5.0 to $5.5 million with subsequent increases.
- Lifeward does not provide a GAAP reconciliation for non-GAAP financial guidance.
- Non-GAAP gross margin declined to 47.0% in Q4'23 from 52.8% in Q4'22.
- Total operating expenses increased to $8.6 million in Q4'23.
- Operating loss was $6.1 million in Q4'23 compared to $5.0 million in Q4'22.
- Net loss was $5.6 million, or $(0.13) per share, for the fourth quarter of 2023.
- Non-GAAP adjusted net loss was $3.3 million, or $(0.05) per share, in Q4'23.
- Non-GAAP operating loss declined to $3.8 million in Q4'23 from $4.0 million in Q4'22.
Insights
The financial results reported by Lifeward, particularly the record annual revenue of $13.9 million, which represents a 151% increase from the previous year and the expected $3 million in annual net savings following the integration of ReWalk and AlterG, are substantial indicators of the company's growth and operational efficiency. The integration synergies are likely to improve the company's profitability and competitive position in the market. Additionally, the company's liquidity position, with $28.1 million in unrestricted cash and no debt, provides a solid foundation for future investments and operations.
However, despite the positive revenue growth, the company experienced a decline in non-GAAP gross margin, which may raise concerns about cost management and the scalability of the business model. The reported operating loss also highlights ongoing challenges in achieving profitability, although there is a slight improvement on a non-GAAP basis. Investors should monitor the company's ability to manage operating expenses and improve margins, especially in light of the anticipated benefits from the integration.
Looking ahead, the company's financial guidance for 2024 suggests confidence in continued revenue growth and margin expansion. The inclusion of exoskeletons in the Medicare brace benefit category could significantly increase market accessibility and drive sales, but the actual impact will depend on the final reimbursement rates set by CMS. The company's expectations of increased revenue in subsequent quarters and the introduction of new products mid-year suggest a strategic focus on product innovation and market expansion.
The inclusion of exoskeletons in the Medicare brace benefit category by CMS is a pivotal development for Lifeward and the medical technology industry. This regulatory change is expected to enhance patient access to advanced rehabilitation technologies like the ReWalk Personal Exoskeleton. The broader implications for the industry include potential market expansion and increased adoption rates, as reimbursement often serves as a catalyst for technology uptake in healthcare.
Moreover, the company's strategic rebranding to Lifeward and its focus on a comprehensive portfolio of rehabilitation solutions underscore the importance of brand identity and market positioning in the medical device sector. Lifeward's ability to leverage its expanded product offerings, which now include AlterG's technologies, could drive cross-selling opportunities and enhance customer retention.
Investors and industry stakeholders should note the competitive dynamics of the rehabilitation technology market, where innovation, regulatory approvals and reimbursement policies are key drivers of success. Lifeward's proactive engagement with CMS to ensure accurate reimbursement rates demonstrates the company's commitment to aligning its pricing strategy with regulatory frameworks, which is crucial for long-term sustainability in the healthcare market.
The finalized 2024 Home Health Rule by CMS, which includes exoskeletons in the Medicare brace benefit category, signifies a major shift in healthcare policy that could have lasting effects on patient care and the rehabilitation industry. By reimbursing these devices on a lump-sum basis, Medicare is acknowledging the therapeutic value and potential cost savings associated with improved mobility and independence for individuals with spinal cord injuries.
It is essential to understand the broader context of healthcare spending and the prioritization of cost-effective treatments that can reduce long-term expenses and improve quality of life. Lifeward's anticipation of CMS's final pricing announcement is a critical factor that will determine the affordability and adoption of its ReWalk Exoskeleton. The policy analyst perspective emphasizes the importance of aligning corporate strategies with evolving healthcare policies to capitalize on emerging opportunities and address potential challenges in reimbursement landscapes.
The long-term impact of these policy changes on Lifeward's business model and the industry at large will hinge on the company's ability to navigate the complex reimbursement environment and demonstrate the cost-effectiveness of its solutions to both CMS and healthcare providers.
Highest quarterly and annual revenue in the history of Lifeward
Commercial and operational integration complete; synergies
expected to yield
MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel, Feb. 27, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (DBA Lifeward™), (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions to revolutionize what is possible in rehabilitation, recovery, and the pursuit of life’s passions in the face of physical limitation or disability, today announced its financial results for the three months and full year ended December 31, 2023.
Highlights of the Fourth Quarter of 2023 and Early 2024
- Record annual revenue for 2023 was
$13.9 million , compared to$5.5 million in 2022, an increase of151% . - The Company completed the integration of the commercial and operational resources of the former ReWalk and AlterG businesses to unify the teams and leverage the inherent strengths of both organizations, resulting in
$3 million in annual net savings to be realized in 2024. - The Company unveiled its new corporate branding to officially begin doing business as Lifeward. This transformation speaks to the broader mission of the combined Company be the driving force to elevate the standard of care in overcoming physical limitations and disabilities.
- The Centers for Medicare & Medicaid Services (“CMS”) finalized the 2024 Home Health Rule which includes exoskeletons in the Medicare brace benefit category, reimbursed by Medicare on a lump-sum basis. The Home Health Rule went into effect on January 1, 2024.
- CMS also proposed the preliminary reimbursement level for the ReWalk Personal Exoskeleton to which Lifeward provided additional, more recent, commercial data to help ensure that the final payment rate accurately reflects current pricing information for lower-limb exoskeleton devices like the ReWalk Personal Exoskeleton. The Company expects CMS to announce the final pricing during the first quarter of 2024.
“For the formation of the new Lifeward, our organizational integration work is now completed, and we are in the ideal position to move forward to the execution of our strategy,” stated Larry Jasinski, Chief Executive Officer of Lifeward. “Our team is well prepared to support existing and new customers with our full portfolio of innovative solutions across the rehabilitation spectrum, and especially ready to maximize the opportunity created by the newly established Medicare benefit category for exoskeletons to enable broader access to ReWalk Exoskeletons for individuals with spinal cord injury. We expect 2024 to be a year of achievement as we transition into a growth phase to capitalize on the significant commercial opportunity before us.”
Fourth Quarter 2023 Financial Results
Total revenue was
Gross margin was
Total operating expenses in the fourth quarter of 2023 were
Operating loss in the fourth quarter of 2023 was
Net loss was
Liquidity
As of December 31, 2023, ReWalk had
Financial Guidance
For the full year 2024, Lifeward expects revenue of between
Lifeward does not provide a GAAP reconciliation of its non-GAAP financial guidance because the Company is unable to predict with reasonable certainty and without unreasonable effort items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition-related expense, and earnout expense. The timing and amounts of these items are uncertain and could be material to Lifeward’s results computed in accordance with GAAP.
Conference Call
ReWalk management will host its fourth quarter and full year 2023 conference call as follows:
| Date | Tuesday, February 27, 2024 | |
| Time | 8:30 AM EST | |
| Telephone | U.S: | 1-833-316-0561 |
| International: | 1-412-317-0690 | |
| Israel: | 1-80-9212373 | |
| Germany: | 069-22221534 | |
| Access code | Please reference the “Lifeward Earnings Call” | |
| Webcast (live, listen-only and archive) | https://edge.media-server.com/mmc/p/3pun37to/ | |
The archived webcast will be available via the following URL https://edge.media-server.com/mmc/p/3pun37to/ 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.
ReWalk®, ReStore® and Alter G® are registered trademarks of ReWalk Robotics Ltd. (DBA Lifeward) 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 regain and maintain compliance with the continued listing requirements of the Nasdaq Capital Market and the risk that its ordinary shares will be delisted if it cannot do so; 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 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 Forms 10-K 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 gross margin, operating expenses, operating loss, and 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 certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. 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 Lifeward’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.
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. Lifeward 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:
LifeSci Communications
E: media@golifeward.com
Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward
E: ir@golifeward.com
| ReWalk Robotics Ltd. And subsidiaries | |||||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||||
| (Audited) | |||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| Revenue | $ | 6,884 | $ | 2,179 | $ | 13,854 | $ | 5,511 | |||||||||
| Cost of revenues | 4,441 | 1,506 | 9,401 | 3,606 | |||||||||||||
| Gross profit | 2,443 | 673 | 4,453 | 1,905 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development, net | 1,318 | 1,103 | 4,148 | 4,031 | |||||||||||||
| Sales and marketing | 4,846 | 2,723 | 13,922 | 9,842 | |||||||||||||
| General and administrative | 2,416 | 1,852 | 9,995 | 7,134 | |||||||||||||
| Total operating expenses | 8,580 | 5,678 | 28,065 | 21,007 | |||||||||||||
| Operating loss | (6,137 | ) | (5,005 | ) | (23,612 | ) | (19,102 | ) | |||||||||
| Financial income, net | 420 | 69 | 1,467 | *) | |||||||||||||
| Loss before income taxes | (5,717 | ) | (4,936 | ) | (22,145 | ) | (19,102 | ) | |||||||||
| Taxes on income expense (benefit) | (78 | ) | 377 | (12 | ) | 467 | |||||||||||
| Net loss | $ | (5,639 | ) | $ | (5,313 | ) | $ | (22,133 | ) | $ | (19,569 | ) | |||||
| Basic net loss per ordinary share | $ | (0.13 | ) | $ | (0.09 | ) | $ | (0.37 | ) | $ | (0.31 | ) | |||||
| Weighted average number of shares used in computing net loss per ordinary share basic and diluted | 60,043,532 | 61,679,207 | 59,719,064 | 62,378,797 | |||||||||||||
| *) Represents an amount lower than | |||||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||
| Dollars in thousands, except per share data | 2023 | 2022 | 2023 | 2022 | |||||||||||||
| GAAP net loss | $ | (5,639 | ) | $ | (5,313 | ) | $ | (22,133 | ) | $ | (19,569 | ) | |||||
| Adjustments: | |||||||||||||||||
| Purchase accounting impact on inventory | - | - | 607 | - | |||||||||||||
| Amortization of intangible assets | 846 | - | 1,609 | - | |||||||||||||
| M&A transaction and integration costs | 166 | 150 | 2,524 | 150 | |||||||||||||
| Rebranding | 253 | - | 253 | - | |||||||||||||
| Restructuring | 670 | - | 670 | - | |||||||||||||
| Earnout income | (355 | ) | - | (315 | ) | - | |||||||||||
| Inventory Write down | 390 | 471 | 390 | 471 | |||||||||||||
| Stock-based compensation expense | 373 | 347 | 1,328 | 993 | |||||||||||||
| Non-GAAP net loss | $ | (3,296 | ) | $ | (4,345 | ) | $ | (15,067 | ) | $ | (17,955 | ) | |||||
| Shares used in net loss per share | 60,043,532 | 61,679,207 | 59,719,064 | 62,378,797 | |||||||||||||
| Non-GAAP net loss per share | $ | (0.05 | ) | $ | (0.07 | ) | $ | (0.25 | ) | $ | (0.29 | ) | |||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||
| GAAP operating loss | $ | (6,137) | (89.1)% | $ | (7,942) | (180.4)% | $ | (5,005) | (229.6)% | $ | (23,612) | (170.4)% | $ | (19,102) | (346.6)% | ||||||||||||||
| Purchase accounting impact on inventory | - | - | 607 | - | - | 607 | - | - | |||||||||||||||||||||
| Amortization of intangible assets | 846 | 763 | - | - | 1,609 | 150 | |||||||||||||||||||||||
| M&A transaction and integration costs | 166 | 1,314 | 150 | 2,524 | - | - | |||||||||||||||||||||||
| Rebranding | 253 | - | - | - | - | 253 | - | - | |||||||||||||||||||||
| Restructuring | 670 | - | - | - | - | 670 | - | - | |||||||||||||||||||||
| Earnout expense (income) | (355) | (5.2)% | 40 | - | - | (315) | (2.3)% | - | - | ||||||||||||||||||||
| Inventory Write down | 390 | - | - | 471 | 390 | 471 | |||||||||||||||||||||||
| Stock-based compensation expense | 373 | 333 | 347 | 1,328 | 993 | ||||||||||||||||||||||||
| Non-GAAP operating loss | $ | (3,794) | (55.1)% | $ | (4,885) | (111.0)% | $ | (4,037) | (185.2)% | $ | (16,546) | (119.5)% | $ | (17,488) | (317.4)% | ||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||
| GAAP gross profit | $ | 2,443 | 35.5% | $ | 863 | 19.6% | $ | 673 | 30.9% | $ | 4,453 | 32.1% | $ | 1,905 | 34.6% | ||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Purchase accounting impact on inventory | - | - | 607 | - | - | 607 | - | - | |||||||||||||||||||||
| Write down | 390 | - | - | 471 | 390 | 471 | |||||||||||||||||||||||
| Amortization of intangible assets | 389 | 511 | - | - | 900 | - | - | ||||||||||||||||||||||
| Stock-based compensation expense | 4 | 4 | 6 | 9 | 16 | ||||||||||||||||||||||||
| Non-GAAP gross profit | $ | 3,226 | 47.0% | $ | 1,985 | 45.1% | $ | 1,150 | 52.8% | $ | 6,359 | 45.9% | $ | 2,392 | 43.4% | ||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||
| GAAP research & development | $ | 1,318 | 19.1% | $ | 1,262 | 28.7% | $ | 1,103 | 50.6% | $ | 4,148 | 29.9% | $ | 4,031 | 73.1% | ||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Restructuring | 176 | - | - | - | - | 176 | - | - | |||||||||||||||||||||
| Stock-based compensation expense | 45 | 46 | 34 | 157 | 94 | ||||||||||||||||||||||||
| Non-GAAP research & development | $ | 1,097 | 15.8% | $ | 1,216 | 27.7% | $ | 1,069 | 49.0% | $ | 3,815 | 27.5% | $ | 3,937 | 71.4% | ||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||
| GAAP sales & marketing | $ | 4,846 | 70.4% | $ | 4,088 | 92.8% | $ | 2,723 | 124.9% | $ | 13,922 | 100.5% | $ | 9,842 | 178.6% | ||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Amortization of intangible assets | 389 | 215 | - | - | 604 | - | - | ||||||||||||||||||||||
| Rebranding | 253 | - | - | - | - | 253 | - | - | |||||||||||||||||||||
| Restructuring | 70 | - | - | - | - | 70 | - | - | |||||||||||||||||||||
| Stock-based compensation expense | 111 | 107 | 83 | 381 | 250 | ||||||||||||||||||||||||
| Non-GAAP sales & marketing | $ | 4,023 | 58.4% | $ | 3,766 | 85.5% | $ | 2,640 | 121.1% | $ | 3,762 | 91.0% | $ | 2,505 | 174.1% | ||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||
| GAAP general & administrative | $ | 2,416 | 35.1% | $ | 3,455 | 78.5% | $ | 1,852 | 85.0% | $ | 9,995 | 72.1% | $ | 7,134 | 129.5% | ||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| M&A transaction and integration costs | 166 | 1,314 | 150 | 2,524 | 150 | ||||||||||||||||||||||||
| Amortization of intangible assets | 68 | 37 | - | - | 105 | - | - | ||||||||||||||||||||||
| Restructuring | 424 | - | - | - | - | 424 | - | - | |||||||||||||||||||||
| Earnout expense (income) | (355) | (5.2)% | 40 | - | - | (315) | (2.3)% | - | - | ||||||||||||||||||||
| Stock-based compensation expense | 213 | 176 | 224 | 781 | 633 | ||||||||||||||||||||||||
| Non-GAAP general & administrative | $ | 1,900 | 27.6% | $ | 3,202 | 43.0% | $ | 1,628 | 67.8% | $ | 6,476 | 46.7% | $ | 6,501 | 115.3% | ||||||||||||||
| ReWalk Robotics Ltd. And subsidiaries | |||||||||
| Condensed Consolidated Balance Sheets | |||||||||
| (In thousands) | |||||||||
| (Audited) | |||||||||
| December 31, | December 31, | ||||||||
| 2023 | 2022 | ||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 28,083 | $ | 67,896 | |||||
| Trade receivable, net | 3,120 | 1,036 | |||||||
| Prepaid expenses and other current assets | 2,366 | 649 | |||||||
| Inventories | 5,653 | 2,929 | |||||||
| Total current assets | 39,222 | 72,510 | |||||||
| Restricted cash and other long term assets | 784 | 694 | |||||||
| Operating lease right-of-use assets | 1,861 | 836 | |||||||
| Property and equipment, net | 1,262 | 196 | |||||||
| Intangible Assets | 12,525 | - | |||||||
| Goodwill | 7,538 | - | |||||||
| Total assets | $ | 63,192 | $ | 74,236 | |||||
| Liabilities and equity | |||||||||
| Current liabilities | |||||||||
| Current maturities of operating leases | 1,296 | 564 | |||||||
| Trade payables | 5,069 | 1,950 | |||||||
| Other current liabilities | 4,854 | 2,268 | |||||||
| Earnout liability | 576 | - | |||||||
| Total current liabilities | 11,795 | 4,782 | |||||||
| Non-current operating leases | 607 | 333 | |||||||
| Earnout liability | 2,716 | - | |||||||
| Other long-term liabilities | 1,564 | 956 | |||||||
| Shareholders’ equity | 46,510 | 68,165 | |||||||
| Total liabilities and equity | $ | 63,192 | $ | 74,236 | |||||
| ReWalk Robotics Ltd. And subsidiaries | |||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||
| (Audited) | |||||||||
| (In thousands) | |||||||||
| Twelve Months Ended | |||||||||
| December 31, | |||||||||
| 2023 | 2022 | ||||||||
| Net cash used in operating activities | $ | (20,667 | ) | $ | (17,891 | ) | |||
| Net cash used in investing activities | (18,149 | ) | (25 | ) | |||||
| Net cash used in financing activities | (992 | ) | (2,500 | ) | |||||
| Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | 45 | (79 | ) | ||||||
| Decrease in cash, cash equivalents, and restricted cash | (39,763 | ) | (20,495 | ) | |||||
| Cash, cash equivalents, and restricted cash at beginning of period | 68,555 | 89,050 | |||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 28,792 | $ | 68,555 | |||||
| ReWalk Robotics Ltd. And subsidiaries | |||||||||||||||||
| (Audited) | |||||||||||||||||
| (In thousand) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| Revenue: | |||||||||||||||||
| United States | 3,338 | 1,110 | 7,636 | 2,303 | |||||||||||||
| Europe | 2,843 | 1,034 | 5,044 | 3,057 | |||||||||||||
| Asia Pacific | 264 | 2 | 387 | 115 | |||||||||||||
| Rest of the world | 439 | 33 | 787 | 36 | |||||||||||||
| Total Revenue | $ | 6,884 | $ | 2,179 | $ | 13,854 | $ | 5,511 | |||||||||
FAQ
What was Lifeward's record annual revenue in 2023?
What was the increase in revenue from 2022 to 2023?
What was the financial impact of integrating commercial and operational resources?
What was Lifeward's fourth-quarter revenue in 2023?
What was the gross margin in the fourth quarter of 2023?
What was the operating loss in the fourth quarter of 2023?
What was Lifeward's net loss in the fourth quarter of 2023?
How much cash did Lifeward have on its balance sheet as of December 31, 2023?
What is Lifeward's revenue guidance for the full year 2024?
What was Lifeward's expected revenue for the first quarter of 2024?
