Thank you, operator, and thanks to everyone who's joined us on the call today. My name is Almog Adar.

I'm Lifeward's Chief Financial Officer, and with me on today's call is our President and Chief Executive Officer, Mark Grant. Earlier this morning, Lifeward issued a press release detailing the financial results for the third quarter, which ended September 30, 2025.

I would like ask you to review the full text of our forward-looking statements from the press release. We anticipate making projections during this call, and actual results could differ materially due to several factors, including those outlined in our latest filings with the SEC.

With that, I will turn the call over to Mark.

Thank you, Almog. Good morning, everyone, and thank you for your time today.

Since joining Lifeward in June, I've completed a sober and comprehensive assessment of the business, starting with our strategic direction, down to our commercial model and operations. What I've found is a company with innovative, powerful technology, deep clinical knowledge, and a mission that matters.

Also a company that needs sharper focus, stronger discipline, and rebuilt foundation to unlock its potential. Over the past few months, we've taken meaningful steps to rebuild those fundamentals.

We have simplified how we operate, strengthened the processes that matter most to patients, payers, and providers, and began reshaping our go-to-market approach around the global access, distribution scalability, and data-driven commercial model. The progress we've demonstrated this quarter is encouraging early sign that this work is taking hold.

We delivered another record quarter for ReWalk placements for Medicare beneficiaries. This is our second consecutive record since CMS established their fee schedule in April 2024.

We implemented meaningful operational efficiencies manifesting in a 16% reduction in quarterly cash burn and a 27% reduction in non-GAAP operating loss compared with last year. We also expanded patient access, including receiving our first Medicare Advantage commercial revenue for our ReWalk 7 personal exoskeleton.

Now, with our CE mark approval, we have expand our access to the European market, which represents roughly about 40% of our global addressable exoskeleton opportunity. These results are demonstrating that Lifeward is becoming a more focused, more efficient, and more patient-centered company.

Earlier today, alongside our earnings release, we also announced the completion of a $3 million loan with Oramed. This capital enhances our near-term liquidity and supports ongoing execution of our transformation plan.

We are still early in a multi-quarter rebuild. Understand, there is more work ahead, and I have confidence in the commitment and the dedication of our teams across our company to complete this transformation.

We are highly encouraged this soon after implementing these measures, we're already seeing real momentum and a clear direction. We are rebuilding the fundamentals and positioning Lifeward to serve more people, scale more efficiently, and create durable, long-term value.

With that, I'll turn the call over to our CFO, Almog, to review the financial results for this quarter.

Thank you, Mark. As we review our results, I will discuss both GAAP and non-GAAP figures.

The non-GAAP results excluded the items detailed in the reconciliation tables in today's earning release, and in our view, provide a clear picture of the company's underlying operating performance. I encouraging you to refer to the GAAP results and the reconciliation tables as we go through the third quarter 2025 financials.

Now, let's discuss revenue. Lifeward reported revenue of $6.2 million in the third quarter of 2025 compared to $6.1 million in the third quarter of 2024, an increase of $0.1 million or approximately 1.1%.

On a quarter-over-quarter basis, Q3 revenue increased approximately 8% from $5.7 million in Q2 2025, driven primarily by higher Medicare unit sales in the US. Now, let's break it down by product line on a year-over-year basis.

Revenue from our traditional products and services, which include the ReWalk personal exoskeleton, the MyoCycle FES bike, and the ReStore exo-suit, totaled $3.1 million in Q3 2025 compared to $2.5 million in Q3 2024, an increase of about $600,000 or 24%. This increase is driven by year-over-year increase in Medicare-related sales.

During the third quarter of 2025, we delivered 15 ReWalk units compared to 4 ReWalk units delivered in Q3 2024. Revenue from AlterG products and services was $3.1 million in Q3 2025, down from $3.6 million in Q3 2024, primarily driven by timing factors and quarterly revenue mix.

Across both product lines, our commercial pipeline remains healthy. For the ReWalk product line, we closed the quarter with a pipeline of more than 117 qualified leads in process in the United States.

In Germany, we had 49 leads in process at the quarter-end, including 33 active rentals, which historically convert to sales within 3 to 6 months. For AlterG, we closed the quarter with 23 system in backlog.

Moving to gross profit. In the third quarter of 2025, our GAAP gross profit was $2.7 million or 43.7% of revenue compared to $2.2 million or 36.2% of revenue in the third quarter of 2024.

On a non-GAAP basis, the third quarter of 2025 gross profit was $2.7 million or 43.7% of revenue compared to $2.6 million or 42.5% of revenue in the third quarter of 2024. The year-over-year increase was primarily driven by lower production costs following the December 2024 closure of our Fremont, California manufacturing facility.

Now, pivoting to operating expenses. GAAP operating expenses were $5.9 million in the third quarter of 2025 compared to $5.4 million in the third quarter of 2024.

The increase was largely driven by $2 million earnout write-down that were recognized in the prior year quarter. On a non-GAAP basis, adjusted operating expenses were $5.7 million in the third quarter of 2025 compared to $6.7 million in the third quarter of 2024.

The decrease primarily reflects greater efficiency in reimbursement activities, improve efficiencies in marketing and sales operations, and lower R&D spending after the completion of major development programs. We expect this positive trend to continue into the fourth quarter of 2025, supported by the ongoing impact of our efficiency measures.

Our GAAP operating loss for the third quarter of 2025 was $3.1 million compared to $3.2 million in the third quarter of 2024. On a non-GAAP basis, operating loss was $3 million compared to $4.1 million in the same period last year.

We expect our quarterly operating loss to further reduce in the fourth quarter of 2025 as sales volume continue to grow and efficiency measures continue to take hold. Next, the balance sheet and cash flow.

We ended the third quarter of 2025 with $2 million in cash and cash equivalent and no debt. This amount include the full gross proceeds raised through our ATM facility, which totaled approximately $1.2 million.

Our operating cash usage in the third quarter of 2025 was $3.8 million compared to $4.5 million in the third quarter of 2024. The improvement reflects the benefits of operational efficiencies and the consolidation of our manufacturing facilities.

Following the end of the quarter, we entered into a $3 million loan agreement with Oramed, providing additional capital support to further strength our liquidity position. Based on our current plan, we remained a going concern with sufficient cash to fund operations into the first quarter of 2026, and we continue to evaluate all opportunities to support our operations and growth plans while continuing to implement cost management initiatives to preserve resource and maintain focus on our core businesses.

Lastly, financial guidance. Lifeward is reaffirming its full year 2025 guidance, including expected revenue in the range of $24 to $26 million and the projected non-GAAP net loss in the range of $12 to $13 million.

With that, I will turn the call back to Mark.

Thank you, Almog. Since June, we've been focused on rebuilding the fundamentals of Lifeward, defining our strategic direction, sharpening our commercial model, improving operational discipline, and aligning the organization around a more scalable and data-driven approach.

The progress we delivered this quarter shows that the foundation we are putting in place is working. We are executing with more consistency, more focus, and greater alignment across the company.

As you heard from Almog, part of this transformation is that we're consistently assessing opportunities to enhance our financial position. We've had a number of productive conversations across the landscape and will continue evaluating all options that could support long-term strategy.

We're also not dependent on any single path. Our focus remains on making decisions that position Lifeward for durable value creation.

We have meaningful opportunities in front of us across our existing markets, in global expansion, and through the strategic avenues we're exploring. We are committed to building a stronger, more efficient, and more impactful Lifeward for the future.

Thank you for joining us for the call today and your continued support. Operator, let's open up for questions.

Good morning, and thanks for taking the questions. I just a little bit sort of detail things here.

I just want to confirm that you mentioned that there's 23 system in rental, is that correct? If so, what's the breakdown between the United States and Germany?

Can you repeat the question, please, Yale? The breakdown for—

The rental, how many rental system are for the ReWalk of the quarter? What's the breakdown between the United States and Germany?

As I mentioned in the call, we have 33 active rentals, and all of them in Germany.

All in Germany. Great.

That would be great. Okay.

My second question is that in the previous quarter, you have a collaboration with CoreLife. Just curious what kind of impact that you may felt in the third quarter or even going forward?

Yeah. Yale, thanks for the question and good to hear your voice today.

The partnership with CoreLife has been going well, and so we've both been diligently and meticulously working into this partnership and building the pipeline over time. It's grown each quarter, and we're learning the training processes and what it takes to reach those patients for marketing efforts.

We're excited about that partnership and looking for it to expand in the future.

Okay. Maybe the last question here is that you mentioned that you have the highest percentage of ReWalk from the Medicare, which is a great development.

Just curious, do you guys have any colors in terms of what percentage, I guess, from the dollar sense that's were from the Medicare versus others? Thank you.

It is reflecting at this stage approximately 50% of our total revenue for ReWalk product only, not taking to account the AlterG products.

Understood. Maybe just tack one more.

What's the actual, sort of the rough revenue of ReWalk within the $3.1 million of the traditional product sales?

$2.9 million is related to the ReWalk products, and the other is mainly related to MyoCycle.

Great. Thanks a lot and really appreciate and the best luck for you guys.

Thanks for the questions.

Thank you. This is RK from H.C.

Wainwright. Good morning, Mark and Almog.

Morning, RK.

Few questions from me. Starting off from the top, Mark, as you said, you look down through the different aspects of the company and did a review.

What have you learned in that compared to when you did your due diligence coming into the company? What aspects of the operations do you think requires changes so that we get not only to the inflection point, but also the growth stage of the company?

RK, thank you for the question. Quickly, I think first and foremost are the fundamentals of the business really have to be established from the ground up, good visibility into KPIs, understanding data, and deploying the resources where data supports it.

That's number one is kind of the first thing. I saw a little bit of that coming into the role, but not as much as I got in here a little deeper.

Secondarily is we have the opportunity for some great strategic partnership and channel management, and that comes in two flavors. One is it allows us to gain broader access to patients through all the payers across the US, and secondarily, it's a population of patients that are really targeted in our environment.

I'm excited because I've got roughly 20 years or 25 years of experience in that channel management and also across payer access. The channel partnerships coupled with payer access and payer policy development are key for our success going forward.

Then the last piece around operations is frankly just scale. We've got a good growth plan in front of us, but we've got to make sure we can keep up with it and be reproducible with high quality.

I think if I boiled it down to four different pieces, one of which is establishing true and solid fundamentals. The second is making sure we're leveraged in channel partners as strongly as we can and ensuring access for everybody.

The third is access across all payers across the globe so no patients left behind. The fourth is ensuring we scale for the future with good COGS.

Thank you for that, Mark. Then when you talk about channel management, what triggered the increased sales into the Medicare this quarter, the third quarter, and how much of that could be sustained into the future quarters?

The good news is the channel management is just starting, so as we go into Q1 of next year is when you'll see the reflection of that. Right now, we're just cleaning up the fundamentals.

The channel partnerships take a bit to develop, and so you're not seeing a reflection of it at all. What you're seeing right now is a focused sales force where we've divided the sales force into two pieces, where we have one that focuses on capital sales and one that's focused on the patient, payer, and access.

Okay.

More to come on that one. That's the good news, right?

That is true. Almog, you reaffirmed the guidance to $24 to $26 million for 2025, which means you're asking for a 21% growth from Q3 number, I think, if my calculations are correct, and you grew, based on your own press release, that you grew 8% between Q2 and Q3.

What gives you the confidence that you can get that 21% growth?

First, hi, RK, and thanks for the question. As Q4 is usually the strongest quarter for us at Lifeward for both products, AlterG and ReWalk.

What give me the confidence that we will achieve our guidance is the existing backlog for both products and the strong pipeline that we are managing.

Okay. Thank you for that.

Then on the AlterG, what happened there because it looks like there was a 15% decline. What needs to be done so that we can kind of stabilize the ship and let it sail again?

RK. This is really about the core focus of the sales teams.

We have a neuro rehab team that has been selling capital and also selling into neuro rehab space, and frankly, what that does is that loses some of the focus that you really need. We've started a couple of beta programs which will expand out to the broader community as we go into the next year, but where we have a dedicated capital team that'll be selling AlterG, and we'll have a highly focused neuro rehab team that'll be selling ReWalk.

This is in particular to the US. Just as a comment, Germany continues to be very successful in both efforts.

We're really refocusing the strategy here in the US.

Okay. Talking about Germany, you were commenting a little bit on ReWalk 7 and opportunity could be as much as a 40% of your total sales.

To that end, how is ReWalk 7 being introduced? Is it still the workers' comp insurance that you're looking into, or is it outside of that insurance segment?

You have any visibility or could actually gain some adoption in other segments of the market?

Yeah. When you look at Germany, I think the one thing, the key indicator, and I'm going to reinforce actually where we started is those 33 active patients that are in their rental period now, there's a high percentage of those that actually convert, and a high percentage of those that convert in 3 to 6 months.

For me, that's really the health of their pipeline and looking how that business is growing, it's a solid pipeline. Secondarily, we do have good coverage, about 40%, and we have coverage directly, but we have 100% access to all patients.

The good news is when you look at Germany in particular, not the total European nation, but look at Germany, we've got exceptional access. We have opportunities to expand outside of Germany as the NDD listings and other things come together.

We still have to actually get ReWalk 7 across all the payer agencies and countries, but it gives us great access because of the CE mark. More work to do on access, but strongly we're doing really well.

Okay. The last question from me.

I've been watching Lifeward for a long time, and the company did have a few situations where the financial overhang became quite a bit to bear. Again, we are in that position now.

From your experience and from how you see it, how comfortable are you to get over this hump? Hopefully, this is the last time we do that.

Yeah. RK, look, I'm not naive, right?

This is a tough place for any company to be. As you can tell from my voice and the plan that we put together, and also my experience, I'm actually excited to be standing where I'm standing.

It may feel and look like the bottom, but the reality of it is, those in business actually feel like this is a great place. What I'm excited about is we have a good turnaround story.

The fundamentals of the business are repairable in short order. There wasn't really anything broken.

I'm excited about that. Secondarily, the innovation is exceptional.

If you look at the products in the portfolio with the ReWalk 7, how strong the hardware is, how easy it is to iterate against for the software, same thing with AlterG, first-in-class name, first-in-class brand, something you can also get after on innovation, and there are other products in the space that are available for aggregation at good value discounts. I'm excited about where we are.

Again, I want to start off, I'm not naive. This is not going to be an easy path, hence why we've been having so many conversations across the landscape to make sure we can find the best partner to suit with.

I'm optimistic that we're going to find the right one.

I am very optimistic, too, because I've seen this company go through a lot of things, and they've always come out better than the situation that they were at. Good luck, and thank you for taking all my questions.

Thank you. We'll talk to you soon.

Thanks for taking my follow-up questions. In terms of the AlterG, I remember last quarter you guys talking about expanding to the sports arena versus just in the medical space.

Just like to get some updates on that effort, and thanks.

Yale, you got a great memory and I'm glad you brought that up. That is part of the broader transformation.

We have two beta regions right now within the US where we've actually switched to having a capital sales team and to having a neuro rehab specialist. The capital sales team focused on AlterG, the rehab specialists in the other focused on ReWalk 7.

Those efforts have just started, I would expect that you're going to see some stronger results as we turn into the new year. We've already made those fundamental changes.

We do know from our customers and from our pipeline that we're seeing good growth, but we also haven't rolled it out across the entire US. More to come on that as we actually execute against the transformation.

We were opportunistic. As we had changes in the space, we went ahead and put it into play.

We are going to have a team that's focused on high school, sports, elites, and up, and they're also going to be focused on rehab facilities, but they're going to get the support of the neuro rehab specialists that call on ReWalk. You kind of get the double-dip.

We're going to cover the rehab centers explicitly with two different people, and then you're going to have a dedication of a capital goods sale and then also someone who can work with patients, payer, and providers in the neuro rehab space. Bifurcating the space, we know from outside the US, also what I know from my history, is really important for the end user and for the customer and the buyer.

Bifurcating the sales force will give us the focus needed to deliver against better fundamentals and also the growth you expect.

Maybe just the add-on here is, which is in terms for the sports arena, would that be practically all self-pay instead of any other venue of reimbursement?

For sports, yes, but we do get a tremendous amount of the business from government and grants outside the US. There is a good blend, right?

It's all not just self-pay. The DoD and others support us very well with all of our products.

Then it's likewise outside the US, we get tenders for these products on a daily basis.

Great. That's very, very helpful.

Thanks a lot and best luck going forward.

Thank you. Appreciate it, Yale.

Okay.

Hey, again, I want to thank everybody for joining the call today and just let everybody know that we're at a unique inflection point here at Lifeward, and we're excited to be here. We appreciate the support that we get from you and looking forward to meeting the expectations that you guys set in the market.

With that, I'll close the call, and appreciate everybody's time. Talk to you soon.