Lifeward Ltd. announced its financial results for the third quarter of 2024 on November 12, 2024, reporting revenue of $6.1 million, a 39% increase compared to $4.4 million in the third quarter of 2023. Revenue from historical products, including ReWalk exoskeletons, MyoCycles, and ReStore exo-suits, grew by 173% to $2.5 million.
The company's gross margin for the quarter was 36.2% on a GAAP basis, and 42.5% on a non-GAAP adjusted basis, compared to 45.1% in the prior-year quarter. Total operating expenses decreased to $5.4 million from $8.8 million in the third quarter of 2023, resulting in an operating loss of $3.2 million.
Lifeward reported a net loss of $3.1 million, or $0.35 per share, for the quarter. As of September 30, 2024, the company held $10.7 million in unrestricted cash and cash equivalents, with cash used in operations totaling $4.5 million during the quarter. The company revised its full-year 2024 revenue expectations to a range of $25 million to $26 million.
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