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Lifeward Ltd. (LFWD-6.88%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Lifeward's revenue of $25.7 million for 2024, an increase from $13.9 million in 2023, primarily attributed to the full year impact of the AlterG acquisition and increased sales of ReWalk Personal Exoskeletons in the U.S. due to Medicare coverage.
Gross profit for 2024 was $8.2 million, maintaining a gross margin of 32%, consistent with the previous year. The report anticipates future gross profit and margin improvements due to increased revenue volumes and operational efficiencies.
Research and development expenses increased to $4.6 million, reflecting investments in new product development projects. Sales and marketing expenses rose to $17.9 million, driven by higher personnel-related costs and promotional activities.
General and administrative expenses decreased significantly to $5.2 million, primarily due to the remeasurement of earn-out liabilities and reduced M&A expenses related to the AlterG acquisition.
The company recorded an impairment charge of $9.8 million related to certain acquired intangible assets due to lower-than-expected financial performance.
Lifeward's cash and cash equivalents were $6.7 million as of December 31, 2024. The company reported a net cash outflow from operating activities of $21.7 million, reflecting investments in working capital items.
The filing outlines Lifeward's strategic focus on expanding reimbursement coverage for the ReWalk Personal Exoskeleton, increasing sales of AlterG Anti-Gravity systems, and supporting training activities for ReWalk customers.
Lifeward's future growth is expected to be driven by sales of ReWalk Personal devices, expansion of coverage by third-party payors, and increased shipments of AlterG systems.
The report highlights the company's ongoing efforts to manage operating costs, explore additional capital-raising options, and address financial stability concerns to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lifeward Ltd. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.