Lifeward Ltd Stock Price, News & Analysis

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%.

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.