Summary of Lifeward, Inc. Q4 2025 Earnings Call

1Key Financial Results and Metrics

Revenue: $22 million for FY 2025, down 14% from $25.7 million in 2024.

Revenue Breakdown:

ReWalk personal exoskeleton: $8.5 million (flat year-over-year).

MyoCycle FES bike: $600,000 (down 50%).

AlterG products: $12.9 million (down 18%).

Gross Profit: Increased to $8.4 million (38.2% of revenue) from $8.2 million (32% of revenue) in 2024.

Operating Expenses: Decreased by 25% to $28.1 million.

Operating Loss: Narrowed by 33% to $19.7 million.

Net Loss: Narrowed by 31% to $19.9 million.

Cash Position: $2.2 million in unrestricted cash as of December 31, 2025.

2Strategic Updates and Business Highlights

Lifeward is transitioning into a diversified biomedical innovation company, focusing on neuro rehabilitation, robotic technologies, and metabolic therapeutics.

Strategic partnership with Oramed approved, providing access to capital and enhancing growth initiatives.

Acquisition of Skelable’s technology for a powered upper extremity orthotic system, aimed at stroke rehabilitation, is expected to expand Lifeward's market presence.

Progress in reimbursement coverage, with significant wins from major Medicare Advantage insurers, enhancing patient access to ReWalk systems.

3Forward Guidance and Outlook

No specific revenue guidance provided due to ongoing transformations and pending strategic agreements.

Management remains optimistic about achieving cash flow positivity in the near future, supported by improved operational efficiencies and a growing product pipeline.

Anticipation of increased sales and market penetration as new commercial strategies mature.

4Bad News, Challenges, or Points of Concern

Revenue decline attributed to a transition in sales and distribution strategy, which may take time to yield results.

AlterG sales affected by a distributor’s inventory dynamics, leading to lower year-over-year sales.

Overall revenue performance fell short of earlier expectations, indicating potential execution challenges.

The company is still in the early stages of integrating its diversified product offerings, which may pose risks in operational focus and resource allocation.

5Notable Q&A Insights

Management emphasized the importance of leveraging existing commercial infrastructure for the new oral insulin product from Oramed, while maintaining focus on core business operations.

The upper extremity robotic assistance technology is expected to enter the market within 18-24 months, with a streamlined regulatory process anticipated.

Concerns were raised about the diversification strategy, with management reassuring investors of a disciplined approach to commercialization and reimbursement pathways.

The growth in unit sales (22% year-over-year) was highlighted as a positive trend, despite overall revenue challenges, indicating strong underlying demand for ReWalk systems. Overall, Lifeward is navigating through a significant transformation phase, focusing on strategic partnerships and product innovation while addressing revenue challenges and operational restructuring.