ReWalk(RWLK) - 2024 Q2 - Quarterly Results

Revenue Performance - Q2 2024 revenue reached $6.7 million, a 400% increase from$ 1.3 million in Q2 2023[4] - Revenue from historical products and services was $3.1 million, up 131% year-over-year, driven by increased ReWalk system sales due to Medicare coverage expansion[4] - Revenue for the three months ended June 30, 2024, was$ 6,707,000, a significant increase from $1,337,000 in the same period of 2023, representing a growth of 401%[20] - Revenues from the United States for the three months ended June 30, 2024, were$ 3,849,000, a substantial increase from $924,000 in the same period of 2023, representing a growth of 317%[25] - Lifeward expects full-year revenue for 2024 to be between$ 28 million and $32 million, anticipating sequential revenue improvement through the rest of the year[9] Profitability and Loss - Net loss for Q2 2024 was$ 4.3 million, or $0.50 per share, compared to a net loss of$ 4.6 million, or $0.55 per share, in Q2 2023[7] - The net loss for the three months ended June 30, 2024, was$ 4,304,000, slightly improved from a net loss of $4,642,000 in the same period of 2023[20] - Non-GAAP net loss for the six months ended June 30, 2024, was$ 8,883,000, compared to $7,297,000 for the same period in 2023, reflecting an increase of 21.8%[26] Operating Expenses - Total operating expenses increased to$ 7.2 million in Q2 2024 from $5.7 million in Q2 2023, primarily due to headcount additions and acquisition-related spending[6] - Operating expenses for the three months ended June 30, 2024, totaled$ 7,200,000, up from $5,734,000 in the same period of 2023, reflecting a rise of 25.7%[20] - The company reported a net cash used in operating activities of$ 13,290,000 for the six months ended June 30, 2024, compared to $8,739,000 for the same period in 2023, indicating an increase of 52.5%[24] Cash and Assets - As of June 30, 2024, the company had$ 15.1 million in unrestricted cash and cash equivalents, with no debt[8] - Cash and cash equivalents decreased to $15,131,000 as of June 30, 2024, down from$ 28,083,000 at the end of 2023[22] - Total assets decreased to $50,983,000 as of June 30, 2024, compared to$ 63,192,000 at the end of 2023, a decline of 19.2%[22] Gross Margin and Profit - Gross margin for Q2 2024 was 41.1%, down from 43.1% in Q2 2023, but adjusted gross margin improved to 46.9% from 43.3%[5] - The company reported a GAAP gross profit of $2,757,000 for Q2 2024, which is 41.1% of revenue, compared to$ 576,000 or 43.1% of revenue in Q2 2023[27] - Gross profit for the six months ended June 30, 2024, was $4,152,000, compared to$ 1,147,000 for the same period in 2023, indicating an increase of 263%[20] Research and Development - GAAP research and development expenses for Q2 2024 were $1,205,000, which is 18.0% of revenue, up from$ 816,000 or 61.0% of revenue in Q2 2023[27] - Non-GAAP research and development expenses for the first half of 2024 were $2,404,000, representing 20.0% of revenue, compared to$ 1,502,000 or 58.5% of revenue in the same period last year[27] Sales and Marketing Expenses - GAAP sales and marketing expenses for Q2 2024 were $4,403,000, accounting for 65.6% of revenue, a significant increase from$ 2,504,000 or 187.3% of revenue in Q2 2023[28] - Non-GAAP sales and marketing expenses for the first half of 2024 were $8,241,000, representing 68.7% of revenue, compared to$ 4,824,000 or 187.9% of revenue in the same period last year[28] New Products and Developments - The company launched the new NEO product line in June 2024, featuring advanced Differential Air Pressure Anti-Gravity Technology[2] - Lifeward completed its FDA submission for the 7th generation ReWalk design, enhancing daily life usability of the system[2] - The integration of AlterG is expected to expand Lifeward's scale and improve operational efficiency in upcoming quarters[3] Share Information - The weighted average number of shares used in computing net loss per ordinary share for the three months ended June 30, 2024, was 8,608,937, compared to 8,502,201 in the same period of 2023[20]