Lifeward, maker of the ReWalk exoskeleton, announced its financial results for the fourth quarter (4Q) and the full year ended December 31, 2024.
Highlights of the results included:
- Record quarterly and annual revenue of $7.5 million and $25.7 million, respectively
- Continued strong growth in the US pipeline of ReWalk opportunities with over 110 qualified leads in process
- Annual revenue of $25.7 million, up 85 percent from 2023
- ReWalk Personal Exoskeleton sales up 130 percent in 2024 fueled by recently established Medicare coverage
- Launch of the Lifeward 2025 Sustainable Growth Plan, which balances investments to drive revenue growth with aggressive expense reduction.
- A partnership with CorLife, a healthcare services provider and benefits coordinator, to exclusively distribute the ReWalk Personal Exoskeleton for individuals with workers’ compensation claims
- Expanded partnership with MYOLYN to broaden Lifeward’s distribution rights of the MyoCycle FES Cycling Therapy System to include referral sales for home use applications.
- Completion of previously announced actions to further streamline the company’s US operations, including the closure of two facilities and reducing overall headcount by a cumulative 35 percent since the AlterG acquisition
- Completion of a registered direct offering priced at $2.75 per share for gross proceeds of approximately $5 million to fund continuing commercial efforts, working capital, and general corporate purposes
- Total operating expenses in 4Q 2024 were $17.1 million, compared to $8.6 million in 4Q 2023. Adjusted operating expenses were $6.7 million in 4Q 2024, compared to $7 million in 4Q 2023.
- Operating loss in 4Q 2024 was $15.2 million, compared to $6.1 million in 4Q 2023. Adjusted operating loss was $3.3 million in 4Q 2024, compared to a loss of $3.8 million in 4Q 2023.
- Net loss was $15.3 million, or $1.73 per share, for 4Q 2024, compared to a net loss of $5.6 million, or $0.66 per share, in 4Q 2023. Adjusted net loss was $3.3 million, or $0.38 per share, in 4Q 2024, compared to $3.3 million, or $0.38 per share, during 4Q 2023.
“This past year, we made significant strides in sales driven by the major milestone of achieving Medicare coverage of the ReWalk exoskeleton and we expect private insurance to follow,” said CEO Larry Jasinski. “We continue to build a robust pipeline of ReWalk cases, which we believe will drive sustained growth in the coming quarters. We are focused on achieving balanced growth while strategically working towards profitability. We are fully committed to implementing cost-efficient measures that not only enhance our operational effectiveness but also drive sustainable success. We are confident that these efforts will empower us to build a stronger foundation for the future of Lifeward.”
