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1. Company Snapshot

1.a. Company Description

ReWalk Robotics Ltd., a medical device company, designs, develops, and commercializes robotic exoskeletons for individuals with mobility impairments or other medical conditions in the United States, Europe, the Asia-Pacific, and Africa.The company offers ReWalk Personal and ReWalk Rehabilitation for spinal cord injuries and everyday use by paraplegic individuals at home and in communities; ReStore, a soft exo-suit intended for use in the rehabilitation of individuals with lower limb disability due to stroke in the clinical rehabilitation environment; and MyoCycle and MediTouch tutor movement biofeedback devices for use at home or in clinic.It markets and sells its products directly to third party payers; institutions, including rehabilitation centers; and individuals, as well as through third-party distributors.


The company was formerly known as Argo Medical Technologies Ltd.ReWalk Robotics Ltd.was incorporated in 2001 and is headquartered in Yokneam Illit, Israel.

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1.b. Last Insights on LFWD

ReWalk Robotics Ltd.'s recent performance was negatively impacted by a wider-than-expected Q1 loss of $0.46 per share, surpassing the Zacks Consensus Estimate of a loss of $0.33. This earnings miss was a significant departure from the loss of $0.73 per share reported in the same quarter last year. The company's revenue also fell short of estimates, casting a shadow over its growth prospects. Furthermore, the closure of AlterG sites and resulting consolidation of resources led to reduced expenditures, but this was not enough to offset the decline in revenue. The company's pipeline of ReWalk opportunities in the U.S. is still building, with over 120 qualified leads in process, but this may not be enough to drive growth in the near term.

1.c. Company Highlights

2. Lifeward Ltd. Delivers Mixed Q3 2025 Results Amidst Ongoing Transformation

Lifeward Ltd. reported revenue of $6.2 million for Q3 2025, a modest 1.1% increase from the same period in 2024. The company's non-GAAP operating loss was $3 million, a 27% reduction from the previous year, indicating some progress in managing costs. The actual EPS came out at -$0.2, missing estimates of -$0.16. The company's cash burn has decreased by 16% quarter-over-quarter, and the non-GAAP operating loss has shrunk by 27% year-over-year, as noted by CFO Almog Adar, "we have a healthy commercial pipeline, with over 117 qualified leads in process in the United States and 49 leads in process in Germany."

Publication Date: Nov -21

📋 Highlights
  • Revenue Growth & Loss Reduction: Revenue rose 1.1% to $6.2 million YoY, with non-GAAP operating loss down 27% to $3 million.
  • Liquidity Strengthening: Secured a $3 million loan with Oramed to boost liquidity and fund transformation initiatives.
  • Cash Burn Decline: Quarterly cash burn reduced by 16%, signaling improved financial discipline and operational efficiency.
  • Commercial Pipeline Expansion: Generated 117+ leads in the U.S. and 49 in Germany, reflecting strong market demand.
  • Full-Year Guidance Reaffirmed: Projects $24M–$26M revenue and $12M–$14M non-GAAP net loss for 2025, backed by a $3.6M+ backlog.

Operational Highlights and Strategic Initiatives

Lifeward Ltd. has been focusing on rebuilding its fundamentals, simplifying operations, strengthening processes, and reshaping its go-to-market approach. The company has also expanded patient access, including receiving its first Medicare Advantage commercial revenue for the ReWalk 7 personal exoskeleton. Management is confident in its ability to achieve the full-year 2025 guidance, citing a strong pipeline and existing backlog. The company is also exploring new markets, including the sports arena, with the introduction of AlterG, and is optimistic about finding the right partner to support its growth.

Guidance and Outlook

The company reaffirmed its full-year 2025 guidance, expecting revenue to be between $24 million and $26 million and a non-GAAP net loss of $12 million to $14 million. Analysts estimate next year's revenue growth at 56.3%, indicating a significant acceleration in growth. However, the current valuation metrics suggest that the market has already priced in some growth, with a P/S Ratio of 0.33 and an EV/EBITDA of -0.53.

Valuation and Market Sentiment

The current valuation metrics indicate that the market is cautiously optimistic about Lifeward Ltd.'s prospects. The P/B Ratio is 6.53, and the ROE is -183.18%, reflecting the company's current losses. The Net Debt / EBITDA is -0.01, indicating a relatively healthy debt position. As the company continues to execute its transformation plan, the market will be watching for signs of sustained growth and improving profitability.

3. NewsRoom

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Lifeward Broadens Reimbursement Coverage for ReWalk 7 Personal Robotic Exoskeleton as Humana Medicare Advantage Plan Issues Prior Authorization Approval

Dec -03

Source: globenewswire.com

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UnitedHealthcare Medicare Advantage Plan Issues Prior Authorization Approval for a ReWalk 7 Personal Exoskeleton

Nov -17

Source: globenewswire.com

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Lifeward Ltd. (LFWD) Q3 2025 Earnings Call Transcript

Nov -14

Source: seekingalpha.com

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Lifeward Ltd. Reports Third Quarter 2025 Financial Results

Nov -14

Source: globenewswire.com

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Lifeward to Report Third Quarter Financial Results on November 14, 2025

Nov -10

Source: globenewswire.com

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Lifeward Achieves European Approval for Latest ReWalk Exoskeleton

Sep -09

Source: zacks.com

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Lifeward Achieves CE Mark Approval for the ReWalk 7 Personal Exoskeleton

Sep -08

Source: globenewswire.com

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Lifeward Ltd. (LFWD) Q2 2025 Earnings Call Transcript

Aug -15

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.13%)

6. Segments

Exoskeletons

Expected Growth: 13.13%

ReWalk Robotics Ltd.'s exoskeletons growth is driven by increasing demand for mobility solutions, advancements in robotics and AI, expanding healthcare coverage, and growing awareness of spinal cord injuries. Additionally, strategic partnerships, regulatory approvals, and increasing adoption in rehabilitation centers and hospitals contribute to the 13.13% growth.

7. Detailed Products

ReWalk Personal Exoskeleton

A wearable robotic exoskeleton that provides individuals with spinal cord injuries (SCI) with the ability to stand and walk independently.

ReWalk Rehabilitation Exoskeleton

A robotic exoskeleton designed for use in rehabilitation centers to aid in the treatment of patients with SCI, stroke, and other mobility impairments.

ReWalk Clinical Trials

A platform for conducting clinical trials and research studies to advance the development of exoskeleton technology and improve patient outcomes.

8. ReWalk Robotics Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

ReWalk Robotics Ltd. faces moderate threat from substitutes, as there are limited alternative products available in the market, but the company's products are highly specialized and patented, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

ReWalk Robotics Ltd. has a low bargaining power of customers, as the company's products are highly specialized and cater to a specific niche market, giving customers limited bargaining power.

Bargaining Power Of Suppliers

ReWalk Robotics Ltd. has a moderate bargaining power of suppliers, as the company relies on a few key suppliers for its components, but the company's patented technology gives it some bargaining power.

Threat Of New Entrants

ReWalk Robotics Ltd. faces a low threat of new entrants, as the company's products are highly specialized and patented, making it difficult for new entrants to enter the market.

Intensity Of Rivalry

ReWalk Robotics Ltd. operates in a highly competitive market, with several established players, leading to a high intensity of rivalry among competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.93%
Debt Cost 3.95%
Equity Weight 96.07%
Equity Cost 14.29%
WACC 13.88%
Leverage 4.09%

11. Quality Control: ReWalk Robotics Ltd. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Medistim

A-Score: 5.0/10

Value: 0.7

Growth: 6.2

Quality: 9.2

Yield: 3.8

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Revenio

A-Score: 4.1/10

Value: 1.1

Growth: 7.3

Quality: 8.4

Yield: 1.9

Momentum: 1.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Ion Beam Applications

A-Score: 3.7/10

Value: 6.3

Growth: 4.1

Quality: 4.1

Yield: 2.5

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
CellaVision

A-Score: 3.5/10

Value: 1.3

Growth: 6.7

Quality: 8.0

Yield: 1.9

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Xvivo Perfusion

A-Score: 3.3/10

Value: 0.8

Growth: 9.8

Quality: 7.5

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
ReWalk Robotics

A-Score: 3.0/10

Value: 9.8

Growth: 4.0

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.73$

Current Price

0.73$

Potential

-0.00%

Expected Cash-Flows