LifeWard Ltd. (formerly ReWalk Robotics Ltd.) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in revenues, with total revenues for the three months reaching $6.1 million, a 39% increase from $4.4 million in the same period of 2023. For the nine months ended September 30, 2024, revenues surged to $18.1 million, compared to $7.0 million in the prior year. This growth was primarily driven by increased product sales, particularly in the United States and Europe.
Gross profit for the third quarter was $2.2 million, reflecting a gross profit margin of 36.2%, up from 19.6% in the previous year. For the nine-month period, gross profit totaled $6.4 million, with a margin of 35.2%, compared to 28.8% in 2023. Despite these improvements, the company reported an operating loss of $3.2 million for the third quarter, reduced from a loss of $7.9 million in the same quarter of 2023. The nine-month operating loss also decreased to $14.1 million from $17.5 million year-over-year.
Net losses for the three months ended September 30, 2024, were $3.1 million, down from $7.5 million in the same period of 2023. For the nine months, the net loss was $13.7 million, compared to $16.5 million in the prior year. The net loss per share improved to $(0.35) for the third quarter, compared to $(0.88) in 2023.
As of September 30, 2024, LifeWard's cash and cash equivalents stood at $10.7 million, a decrease from $28.1 million at the end of 2023. The company reported total assets of $45.8 million, down from $63.2 million at the end of the previous fiscal year. Total liabilities decreased to $11.9 million from $16.7 million, while shareholders' equity fell to $33.9 million from $46.5 million.
Strategically, LifeWard has been active in restructuring its operations, including the closure of two U.S. facilities, which is expected to save approximately $3 million in operating expenses. The company also acquired AlterG, Inc. in August 2023 for about $19 million, enhancing its product offerings in rehabilitation technology. LifeWard plans to continue focusing on product development and commercialization to achieve profitability, while also exploring additional capital through debt or equity offerings and strategic partnerships.
About ReWalk Robotics Ltd.
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