Lifeward Ltd., formerly known as ReWalk Robotics Ltd., reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenue of $25.7 million, marking an 85% increase from $13.9 million in 2023. This growth was primarily driven by the full-year impact of the AlterG business acquisition, which contributed $7.9 million, alongside a $3.9 million increase in sales of the ReWalk Personal Exoskeleton, bolstered by new Medicare coverage. Despite this revenue growth, Lifeward continues to face challenges, including an accumulated deficit of approximately $264.8 million and ongoing operational losses.
In terms of operational developments, Lifeward has made strategic moves to enhance its market position. The company completed the acquisition of AlterG in August 2023 for approximately $19 million, aiming to expand its product offerings in physical rehabilitation. Additionally, Lifeward has entered into a distribution agreement with CorLife, which will serve as the exclusive distributor for the ReWalk Personal Exoskeleton in the workers' compensation market, potentially increasing awareness and accessibility of the product. The company also submitted a 510(k) premarket notification for its next-generation ReWalk 7 model in June 2024, which is currently under FDA review.
Lifeward's operational metrics indicate a growing customer base, with 689 ReWalk Personal Exoskeleton units placed in home or community use as of December 31, 2024, up from 616 units the previous year. The company has also installed 131 ReWalk Rehabilitation Exoskeleton units in rehabilitation centers, consistent with the previous year. The AlterG Anti-Gravity systems are utilized in over 4,000 facilities globally, reflecting a strong market presence. However, the company has ceased sales of the ReStore Exo-Suit in the EU as of May 2024, which may impact future revenue streams.
The filing also highlights the company's ongoing efforts to secure reimbursement coverage for its products. Lifeward has made progress with the Centers for Medicare & Medicaid Services (CMS), which confirmed that personal exoskeletons are included in the Medicare brace benefit category effective January 1, 2024, with a lump-sum payment rate of $91,032. This development is expected to enhance the company's revenue potential, particularly for the ReWalk Personal Exoskeleton. However, Lifeward acknowledges the uncertainty surrounding future reimbursement policies and the need for continued advocacy to ensure coverage.
Looking ahead, Lifeward's management expressed cautious optimism about future growth, contingent on successful product commercialization and expansion into new markets. The company plans to focus on increasing sales of the ReWalk Personal Exoskeleton and AlterG systems while continuing to explore additional product lines and potential acquisitions. However, the company also noted substantial doubt regarding its ability to continue as a going concern without securing additional financing, emphasizing the need for strategic financial management in the coming year.
About Lifeward Ltd.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.