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 $6.1 million in the third
quarter of 2024, compared to $4.4 million during the
third quarter of 2023, up $1.7 million, or 39%. Revenue from
the sale of Lifeward historical products and services including
ReWalk exoskeletons, MyoCycles, and ReStore exo-suits was $2.5
million, up $1.0 million, or 173% compared to the prior year. This
performance was primarily driven by an increase in ReWalk system
sales from the expansion of access through Medicare coverage and
stronger sales performance in Germany. Revenue from the sale of
AlterG products and services was $3.6 million, a $0.7 million
increase from the third quarter of 2023, which had a partial
quarter contribution from AlterG following the closing of the
acquisition on August 11, 2023.
Gross margin was 36.2% during the third quarter
of 2024, compared to 19.6% in the third quarter of 2023. On a
non-GAAP basis, which excludes the items listed in the attached
non-GAAP reconciliation table, adjusted gross margin was 42.5% in
the third quarter of 2024, compared to 45.1% in the third quarter
of 2023, a 2.6 percentage point decrease. This decline is primarily
attributable to lower absorption of factory overhead costs due to
lower production volumes of AlterG systems and higher labor
costs.
Total operating expenses in the third quarter of
2024 were $5.4 million, compared to $8.8 million in
the third quarter of 2023. On a non-GAAP basis, which excludes the
items listed in the attached non-GAAP reconciliation table,
adjusted operating expenses were $6.7 million in the third quarter
of 2024, compared to $6.9 million in the third quarter of 2023, a
$0.2 million decrease. This decline is primarily due to reduced
R&D expense from the completion of a development program.
Operating loss in the third quarter of 2024 was
$3.2 million, compared to $7.9 million in the third quarter of
2023. On a non-GAAP basis, which excludes the items in the attached
non-GAAP reconciliation table, adjusted operating loss was $4.1
million in the third quarter of 2024, compared to a loss of $4.9
million in the third quarter of 2023.
Net loss was $3.1 million, or $0.35 per share,
for the third quarter of 2024, compared to a net loss of $7.5
million, or $0.88 per share, in the third quarter of 2023. On a
non-GAAP basis, which excludes the items in the attached non-GAAP
reconciliation table, adjusted net loss was $4.0 million, or $0.45
per share, in the third quarter of 2024, compared to $4.5 million,
or $0.52 per share, during the third quarter of 2023.
Liquidity
As of September 30, 2024, ReWalk had $10.7
million in unrestricted cash and cash equivalents on its balance
sheet with no debt. During the third quarter of 2024, cash used in
operations was $4.5 million. At the end of the third quarter of
2024, Lifeward had $2.4 million of accounts receivable for Medicare
claims, a significant majority of which relates to claims filed
before the third quarter of 2024.
Financial Guidance
Factoring in the third quarter
performance, Lifeward revises its 2024 full year revenue
expectations to the range of $25 million to $26 million in 2024.
Based on the current recovery in trends thus far in the fourth
quarter, Lifeward expects its sequential growth to resume in the
fourth quarter to generate the highest quarterly revenue of the
year.
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’DonnellVice President,
Marketing & New Business DevelopmentLifewardE:
media@golifeward.comLifeward Investor Contact:Mike LawlessChief
Financial OfficerLifewardE: ir@golifeward.com
|
Lifeward Ltd. And subsidiariesCondensed
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 subsidiariesCondensed
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 $193 and $328,
respectively |
|
|
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 subsidiariesCondensed
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 |
|
|
|
$ |
|
|
% ofrevenue |
|
|
$ |
|
|
% of revenue |
|
|
$ |
|
|
% of revenue |
|
|
$ |
|
|
% ofrevenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
Lifeward (NASDAQ:LFWD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Lifeward (NASDAQ:LFWD)
Historical Stock Chart
From Dec 2023 to Dec 2024