Q2 2024 ReWalk Robotics Ltd Earnings Call Transcript
Key Points
- Revenue grew to $6.7 million in Q2, marking a 402% increase over Q2 2023.
- Record revenue with 20 ReWalk placements in the quarter.
- Received over $600,000 of Medicare receivables, indicating improved payment flow.
- Operating losses remained level year-over-year despite a larger commercial footprint.
- New product launches, including the neo antigravity model and the seventh-generation ReWalk, are expected to drive future growth.
- High interest rates and clinic consolidations impacted the pace of AlterG placements.
- GAAP operating expenses increased to $7.2 million in Q2 2024 from $5.7 million in Q2 2023.
- Cash usage in Q2 was $5.6 million, higher than expected.
- Significant lead times for Medicare administrative contractors to set up and begin initial claims payments.
- Inventory levels increased by $1.1 million due to supply chain concerns and preparation for new product launches.
Good day, and welcome to the Second Quarter 2024 Lifeward, Inc. Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Mike Lawless, Chief Financial Officer. Please go ahead.
Thank you, Megan. Good morning, and welcome to Lifeward Second Quarter 2024 Earnings Call. I'm Mike Lawless, Lifeward's Chief Financial Officer, and with me on today's call is Larry Jasinski, our Chief Executive Officer; and Almog Adar, our Vice President of Finance.
Earlier this morning, Lifeward issued a press release detailing financial results for the three and six months ended June 30, 2024. The press release and a webcast of this call can be accessed through the Investor Relations section of Lifeward website at golifeward.com.
Before we get started, I'd like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation or intent
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