LFWD 8-K
Lifeward Ltd. (LFWD)
8-K
2025-05-15
For: 2025-05-15
View Original
Added on
April 10, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 15, 2025
(Exact Name of Registrant as Specified in its Charter)
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( or Other
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(Commission File Number)
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(IRS Employer Identification No.)
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principal executive offices)
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Registrant’s telephone number, including area code:
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(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Securities registered pursuant to
Section 12(b) of the Act |
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Name of each exchange on which registered
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 15, 2025, Lifeward Ltd. (the “Company”) issued a press release announcing its financial results for the first quarter ended March
31, 2025. A copy of the press release is being furnished herewith as Exhibit 99.1. As set forth in the press release, the Company will host a conference call to discuss its financial results for the first quarter ended March 31, 2025, on May 15, 2025
at 8:30 a.m. E.D.T. The archived webcast will be available at https://edge.media-server.com/mmc/p/5e35v6wk. and/or through the Company’s website at www.golifeward.com under the “Investors” section for 30 days after the completion of the call.
The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “1934 Act”), nor shall it be deemed “incorporated by reference” into any filing under the Securities Act of 1933, as amended, or the 1934 Act, except as may be expressly set forth by specific
reference in such filing.
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(d) Exhibits
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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*
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Furnished herewith
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
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Lifeward Ltd.
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Dated: May 15, 2025
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By:
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/s/ Mike Lawless
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Name:
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Mike Lawless
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Title:
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Chief Financial Officer
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Exhibit 99.1
Lifeward Ltd. Reports First Quarter 2025 Financial Results
U.S. pipeline of ReWalk opportunities continues to build with
over 120 qualified leads in process
Closure of AlterG sites and resulting consolidation of resources and
reduced expenditures yields improved operating expense trend
Second consecutive quarter of AlterG revenue growth over 15%
reflecting continued sales momentum
MARLBOROUGH, MA, and YOKNEAM ILLIT, Israel, May 15, 2025
– Lifeward Ltd., (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global leader in innovative medical technology to transform the lives of people with physical limitations or disabilities, today announced its financial results for the three months
ended March 31, 2025.
Recent Highlights and Accomplishments for Lifeward
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Launched the ReWalk 7, the newest generation of personal exoskeleton, in the U.S. market following FDA clearance in March.
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Achieved first approval of a claim by a major U.S. commercial health insurance company for payment of a ReWalk 7 Personal Exoskeleton, marking a significant
inflection point as Lifeward works to expand coverage beyond Medicare to the commercial health insurance segment.
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Established a new partnership with CorLife, a division of NuMotion, a healthcare
services provider and benefits coordinator, for CorLife to exclusively distribute the ReWalk Personal Exoskeleton to individuals with workers’ compensation claims, which the Company expects will achieve greater growth and penetration
into the workers’ compensation market for exoskeletons.
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Expanded the partnership with MYOLYN to broaden Lifeward’s distribution rights of the MyoCycle FES Cycling Therapy System to include referral sales for home use
applications, the largest market segment for functional electrical stimulation (“FES”) cycles.
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Signed an agreement with BARMER, Germany’s second largest statutory health insurance company, to streamline access to ReWalk Personal Exoskeletons for eligible
beneficiaries, adding 8.5 million covered lives in Germany.
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“During the first quarter of 2025, we experienced improvement in the throughput of Medicare claims submissions as a greater number
of qualified leads moved towards the final stages of claims preparation,” said Larry Jasinski, Chief Executive Officer. “We also gained greater clarity on the documentation requirements for Medicare claims from the Medicare Administrative
Contractors who process them, which we expect to result in shorter cycle time for approval and payment of future claims.”
First Quarter 2025 Financial Results
Revenue was $5.0 million in the first quarter of 2025, compared to $5.3 million during the first quarter of 2024, a decline of $0.3
million. Revenue related to the sale of ReWalk Exoskeletons, MyoCycles, and ReStore Exo-Suits was $1.7 million, down $0.8 million, compared to the prior year. This variance is due in part to a number of Medicare shipments from 2023 that were
recognized as revenue of $0.5 million in the first quarter of 2024 when the coverage and payment rate for personal exoskeletons were established by the Centers for Medicare & Medicaid Services (“CMS”). Revenue from the sale of AlterG
products and services was $3.3 million, an increase of $0.5 million, or 17%, from the first quarter of 2024. The growth in AlterG resulted primarily from greater demand from international customers.
Gross margin was 42.2% during the first quarter of 2025, compared to 26.4% in the first quarter of 2024. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted
gross margin was 42.2% in the first quarter of 2025, compared to 33.7% in the first quarter of 2024. This increase was primarily attributable to a more favorable mix of ReWalk payors and operating leverage from the higher volume
of AlterG systems sold, partially offset by transitional costs for the move of AlterG production to a contract manufacturer.
Operating expenses in the first quarter of 2025 were $7.0 million, compared to $7.9 million in the first quarter of 2024. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP
reconciliation table, adjusted operating expenses were $6.8 million in the first
quarter of 2025, compared to $7.3 million in the first quarter of 2024. This decline in expenses is primarily due to savings from the closure of the Company’s Fremont location and the resulting rationalization of
resources and expenditures, and lower development costs due to the completion of the ReWalk 7 and the AlterG NEO programs.
Operating loss in the first quarter of 2025 was $4.9 million, compared to $6.5 million in the first quarter of 2024. On a non-GAAP
basis, which excludes the items in the non-GAAP reconciliation table below, adjusted operating loss was $4.6 million in the first quarter of 2025, compared to a loss of
$5.5 million in the first quarter of 2024.
Net loss was $4.8 million, or $0.46 per share, for the first quarter of 2025, compared to a net loss of $6.3 million, or $0.73 per
share, in the first quarter of 2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss was $4.6 million, or $0.44 per share, in the first quarter of 2025, compared to $5.3 million, or
$0.62 per share, during the first quarter of 2024.
Liquidity
As of March 31, 2025, Lifeward had $5.7 million in unrestricted cash and cash equivalents on its balance sheet with no debt.
Historically, the first quarter has the highest cash consumption due to seasonal factors, and the Company expects the quarterly cash burn to decline sequentially throughout the rest of the year. Following the end of the first quarter, the
Company raised $0.5 million through its ATM facility.
2025 Financial Guidance
For 2025, Lifeward continues to expect full year
revenue in the range of $28 million to $30 million.
Conference Call
Lifeward management will host its conference call as follows:
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Date
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May 15, 2025
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Time
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8:30 AM EST
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Telephone
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U.S:
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1-833-316-0561
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International:
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1-412-317-0690
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Israel:
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1-80-9212373
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Germany:
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0800-6647650
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Access code
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Please reference the “Lifeward Earnings Call”
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Webcast (live, listen-only and archive)
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https://edge.media-server.com/mmc/p/5e35v6wk
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The archived webcast will be available via the following
https://edge.media-server.com/mmc/p/5e35v6wk 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 system, the ReStore Exo-Suit, and the MyoCycle FES System.
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 acceptance of the ReWalk 7 Personal Exoskeleton by healthcare professionals and patients; 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 continue to operate as a going concern; 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, 2024 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 Lifeward’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 for the foreseeable future, to be 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. Lifeward 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 does not provide GAAP reconciliation of its non-GAAP financial guidance because the Company is unable to predict with
reasonable certainty and without unreasonable effort items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition-related expense, and earnout expense. The timing and amounts
of these items are uncertain and could be material to Lifeward’s results computed in accordance with GAAP.
Lifeward Media Relations:
Kathleen O’Donnell
Vice President, Marketing & New Business Development
Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward Ltd.
E: [email protected]
E: [email protected]
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Lifeward Ltd. And subsidiaries
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Condensed Consolidated Statements of Operations
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(Unaudited)
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(In thousands, except share and per share data)
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Three Months Ended
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March 31,
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2025
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2024
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Revenue
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$
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5,034
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$
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5,283
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Cost of revenues
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2,912
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3,888
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Gross profit
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2,122
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1,395
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Operating expenses:
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Research and development, net
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918
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1,291
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Sales and marketing
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3,837
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5,014
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General and administrative
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2,220
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1,592
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Total operating expenses
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6,975
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7,897
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Operating loss
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(4,853
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(6,502
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Financial income, net
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30
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232
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Loss before income taxes
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(4,823
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(6,270
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Taxes on income
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11
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6
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Net loss
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$
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(4,834
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$
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(6,276
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Basic net loss per ordinary share
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$
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(0.46
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$
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(0.73
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Weighted average number of shares used in computing net loss per ordinary share basic and diluted
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10,486,151
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8,590,088
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Lifeward Ltd. And subsidiaries
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Condensed Consolidated Balance Sheets
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(In thousands)
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