Lifeward Ltd. Q3 FY2025 earnings call

• William Mark Grant joined in June and has been rebuilding fundamentals, simplifying operations, strengthening patient-focused processes, and reshaping go-to-market approach.
• Delivered record quarter for ReWalk placements for Medicare beneficiaries, 16% reduction in quarterly cash burn, and 27% reduction in non-GAAP operating loss vs last year.
• Expanded patient access, including first Medicare Advantage commercial revenue for ReWalk 7 and CE Mark approval expanding European market access (~40% of global exoskeleton opportunity).
• Completed $3 million loan with Oramed to enhance liquidity and support transformation plan.

Lifeward Ltd. reported revenue of $6.2 million in Q3 2025, up 1.1% from $6.1 million in Q3 2024. On a quarter-over-quarter basis, Q3 revenue increased ~8% from Q2 2025 driven by higher Medicare unit sales in the U.S. By product line: Traditional product and services (including ReWalk personal exoskeleton, MyoCycle FES bike, ReStore exosuit) had revenue of $3.1 million in Q3 2025 vs $2.5 million in Q3 2024, a ~24% increase. ATLAS G product and services had revenue of $3.1 million in Q3 2025 vs $3.6 million in Q3 2024, down due to timing factors and quarterly revenue mix. GAAP gross profit was $2.7 million (43.7% of revenue) in 2025 vs $2.2 million (36.2% of revenue) in 2024. Non-GAAP gross profit was also $2.7 million (43.7% of revenue) in 2025 vs $2.6 million (42.5% of revenue) in 2024.

• Reaffirmed full-year 2025 guidance: expected revenue in range of $24 million to $26 million and projected non-GAAP net loss in range of $12 million to $14 million.
• Expect quarterly operating loss to further reduce in 2025 as sales volumes grow and efficiency measures take hold.
• Ended 2025 with $2 million in cash and cash equivalents, no debt, and operating cash usage improved to $3.8 million vs $4.5 million in 2024.

Q: What's the breakdown of 33 active rentals?

A: All 33 active rentals are in Germany.

Q: Impact of CoreLife partnership?

A: Partnership with CoreLife has been going well, pipeline has grown each quarter, learning training processes and marketing efforts for patients.

Q: Percentage of Medicare revenue for ReWalk products?

A: Approximately 50% of total revenue for ReWalk products only.

Q: Rough revenue of ReWalk within traditional product sales?

A: $2.9 million is related to ReWalk product, with the rest mainly MyoCycle.

Q: Confidence in 21% growth for 2025 guidance?

A: Q4 is usually strongest for ReWalk, and existing backlog and strong pipeline give confidence.

Q: AlterG performance and needed changes?

A: Need to refocus sales teams, with dedicated capital team for AlterG and neuro rehab team for ReWalk, starting beta programs in U.S.

Q: ReWalk 7 in Germany and European opportunity?

A: 33 active rentals in Germany with high conversion potential, and Europe represents ~40% of global exoskeleton opportunity.

Q: Comfort in getting over financial hump?

A: Fundamentals are repairable, innovation is strong, but path won't be easy, with ongoing conversations to find best partners.

Q: AlterG expansion to sports arena update?

A: Have beta regions in U.S. with capital sales team for AlterG and rehab specialist for ReWalk, expecting stronger results in new year, covering sports and rehab facilities with bifurcated sales teams