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Lifeward Ltd. (LFWD-4.23%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $6,128,000 from $4,403,000 in the same quarter the previous year. The increase is attributed to the expansion of access through Medicare coverage and stronger sales performance in Germany.
Cost of revenues for the quarter was $3,908,000, representing 64% of sales, compared to 80% in the same quarter of the previous year. This decrease in cost ratio is due to improved gross margins.
The company reported a gross profit of $2,220,000 for the quarter, compared to $863,000 in the previous year, with the improvement attributed to higher sales volumes.
Research and development expenses were $998,000, down from $1,262,000 in the previous year, primarily due to the completion of the development program for the ReWalk 7.
Sales and marketing expenses increased slightly to $4,156,000 from $4,088,000, driven by higher personnel-related expenses and promotional activities.
General and administrative expenses decreased significantly to $240,000 from $3,455,000, mainly due to income from an adjustment to remeasure the earnout liability from the AlterG acquisition.
Net loss for the quarter was $3,084,000, compared to $7,531,000 in the previous year. The improvement is due to increased revenue and reduced operating expenses.
Cash used in operating activities was $17,749,000, while cash used in investing and financing activities was $0 and $0, respectively.
Lifeward had a working capital of $25,614,000 as of September 30, 2024. The company plans to streamline its U.S. operations to achieve cost savings and improve gross margins.
The filing also details the acquisition of AlterG, Inc. and the integration of its operations into Lifeward's existing business.
Lifeward continues to focus on expanding its product offerings and increasing market penetration through strategic acquisitions and distribution agreements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lifeward Ltd. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.