ReWalk Robotics Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ReWalk Robotics Ltd. has filed its 2023 annual report (10-K) detailing its financial and operational performance.</b>

AI Summary

ReWalk Robotics Ltd. (LFWD) filed a Annual Report (10-K) with the SEC on February 27, 2024. ReWalk Robotics Ltd. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing provides comprehensive financial and operational details for the company. The report covers the period ending December 31, 2023. The filing was submitted on February 27, 2024. ReWalk Robotics Ltd. is classified under SIC code 3842 for Orthopedic, Prosthetic & Surgical Appliances & Supplies.

Why It Matters

For investors and stakeholders tracking ReWalk Robotics Ltd., this filing contains several important signals. This 10-K filing provides investors with a detailed overview of ReWalk's financial health, strategic initiatives, and risk factors for the fiscal year 2023, enabling informed investment decisions. The comprehensive nature of the 10-K allows stakeholders to assess the company's performance against its peers and understand its future outlook in the exoskeleton technology market.

Risk Assessment

Risk Level: medium — ReWalk Robotics Ltd. shows moderate risk based on this filing. The company's financial performance and ability to achieve profitability are subject to market adoption, regulatory approvals, and competition, as detailed in the extensive risk factors section of the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess ReWalk Robotics' long-term viability and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing.)
• 2024-02-27 — Filing Date (Date the 10-K was submitted to the SEC.)
• 3842 — SIC Code (Industry classification for Orthopedic, Prosthetic & Surgical Appliances & Supplies.)
• 001-36612 — SEC File Number (SEC filing identification number.)

Key Players & Entities

• ReWalk Robotics Ltd. (company) — Filer of the 10-K report.
• Kreos Capital V (Expert) Fund Limited (company) — Recipient of warrants granted on December 31, 2015.
• Argo Medical Technologies Ltd. (company) — Former name of ReWalk Robotics Ltd.

FAQ

Risk Factors

• Financial Performance and Profitability [high — financial]: The company's ability to achieve profitability is dependent on market adoption, reimbursement, and sales growth.
• Regulatory Approvals and Compliance [medium — regulatory]: ReWalk's products require regulatory clearance and ongoing compliance, which can be costly and time-consuming.
• Market Adoption and Competition [medium — market]: The success of ReWalk's exoskeleton technology relies on market acceptance and faces competition from other assistive devices.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: 10-K Filing Date — Official submission date of the annual report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides investors with detailed financial and operational information about ReWalk Robotics Ltd. for the fiscal year 2023.)

Warrants

A type of security that gives the holder the right, but not the obligation, to purchase shares of a company's stock at a specific price. (Details the issuance and terms of various warrants, which can impact future share dilution and capital structure.)

Key Financial Figures

• $94,617 — a preliminary payment determination of $94,617 for HCPCS code K1007. The preliminary p

Filing Documents

• zk2431037.htm (10-K) — 2312KB
• exhibit_21-1.htm (EX-21.1) — 4KB
• exhibit_23-1.htm (EX-23.1) — 7KB
• exhibit_31-1.htm (EX-31.1) — 9KB
• exhibit_31-2.htm (EX-31.2) — 8KB
• exhibit_32-1.htm (EX-32.1) — 6KB
• exhibit_32-2.htm (EX-32.2) — 6KB
• image0.jpg (GRAPHIC) — 68KB
• image00001.jpg (GRAPHIC) — 64KB
• image1.jpg (GRAPHIC) — 20KB
• image00002.jpg (GRAPHIC) — 3KB
• image2.jpg (GRAPHIC) — 75KB
• image00003.jpg (GRAPHIC) — 124KB
• 0001178913-24-000730.txt (&nbsp;) — 11979KB
• lfwd-20231231.xsd (EX-101.SCH) — 101KB
• lfwd-20231231_cal.xml (EX-101.CAL) — 69KB
• lfwd-20231231_def.xml (EX-101.DEF) — 249KB
• lfwd-20231231_lab.xml (EX-101.LAB) — 890KB
• lfwd-20231231_pre.xml (EX-101.PRE) — 444KB
• zk2431037_htm.xml (XML) — 2185KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 24 ITEM 1B. UNRESOLVED STAFF COMMENTS 55 ITEM 1C. CYBERSECURITY 55 ITEM 2.

PROPERTIES

PROPERTIES 56 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 56 ITEM 4. MINE SAFETY DISCLOSURES 56 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 57 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 58 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 58 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 71 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 71 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 71 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 71 ITEM 9B. OTHER INFORMATION 72 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 72 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 73 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 74 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 74 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 74 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 74 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 75 ITEM 16. FORM 10-K SUMMARY 77

SIGNATURES

SIGNATURES 78 POWER OF ATTORNEY 79 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F -1 i Definitions and Introduction Our legal name is ReWalk Robotics Ltd. As of January 29, 2024, we began doing business as "Lifeward". We are a company limited by shares organized under the laws of the State of Israel and were founded in 2001. In September 2014, we listed our shares on The Nasdaq Global Market, and in May 2017, we transferred our listing to The Nasdaq Capital Market. We have irrevocably appointed Lifeward, Inc. (formerly ReWalk Robotics, Inc.) as our agent to receive service of process in any action against us in any United States federal or state court. The address of Lifeward, Inc. is 200 Donald Lynch Blvd., Marlborough, Massachusetts 01752. As used herein, and unless the context clearly indicates otherwise, the terms "ReWalk", "Lifeward", the "Company", "we", "us", "our" or "ours" refer to ReWalk Robotics Ltd. DBA Lifeward and its subsidiaries. Special Note Regarding Forward-Looking Statements and Risk Factors Summary This annual report on Form 10-K ("annual report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, potential market opportunities and the effects of competition. Forward-looking statements may include projections regarding our future performance and, in some cases, can be identified by words such as "anticipate," "assume," "believe," "could,

BUSINESS

ITEM 1. BUSINESS Overview We are a medical device company that designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our initial product offerings were the ReWalk Personal and ReWalk Rehabilitation Exoskeleton devices for individuals with spinal cord injury ("SCI Products"). These devices are robotic exoskeletons that are designed for individuals with paraplegia that use our patented tilt-sensor technology and an onboard computer and motion sensors to drive motorized legs that power movement. These SCI Products allow individuals with spinal cord injury ("SCI") the ability to stand and walk again during everyday activities at home or in the community. In March 2023, we received clearance of our premarket notification ("510(k)") from the U.S. Food and Drug Administration ("FDA") for the ReWalk Personal Exoskeleton with stair and curb functionality, which adds usage on stairs and curbs to the indication for use for the device in the United States (U.S.). The clearance permits U.S. customers to participate in more walking activities in real-world environments in their daily lives where stairs or curbs may have previously limited them when using the exoskeleton for its intended, FDA-indicated uses. This feature has been available in Europe since initial CE Clearance, and real-world data from a cohort of 47 European users throughout a period of over seven years consisting of over 18,000 stair steps was collected to demonstrate the safety and efficacy of this feature and support the FDA submission. We have sought to expand our product offerings beyond the SCI Products through internal development and distribution agreements and acquisitions. We have developed our ReStore Exo-Suit device, which we began commercializing in June 2019. The ReStore is a powered, lightweight soft exo-suit i

View Full Filing

View this 10-K filing on SEC EDGAR