olivLaw · US equity research
Lifeward Ltd. LFWD
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Lifeward develops and sells neurorehabilitation equipment, including the ReWalk exoskeleton for people with paraplegia and the AlterG Anti-Gravity platform, and is expanding toward a biomedical platform. In the second quarter of 2026 the company reported revenue of 6.6 million USD, up 16% year over year, but still operates under a going concern warning with 9.4 million USD in cash on June 30, 2026.
At the close of 04 Nov 2026, Lifeward Ltd. (LFWD) stock was 6.06 USD (+3.95% on the day), with market capitalisation 17.2 m USD, beta 1.15, 52-week range 4.60–9.12 USD. Latest reported quarter (Q2 2026): revenue of 6.6 m USD (+15.7% YoY), net income of -11.5 m USD, diluted EPS -4.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.0
- neutral
- Bollinger (20, 2)
- 5.52 – 6.47
- in the upper half of the band · %B 0.57 · band width 15.8%
- SMA 50 / 200
- 6.58 / 6.93
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.18 / -0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.1% | −2.0% | −7.2 pp | — |
| 3 months | −16.4% | −2.2% | −14.2 pp | — |
| 6 months | −13.4% | +4.3% | −17.7 pp | — |
| Year to date | −12.5% | +10.6% | −23.0 pp | — |
| 1 year | −8.8% | +10.5% | −19.3 pp | −0.5% |
| 3 years | −90.9% | +73.7% | −164.5 pp | −0.2% |
| 5 years | −95.5% | +61.7% | −157.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.1 m | 7.5 m | 5.0 m | 5.7 m | 6.2 m | 5.1 m | 3.9 m | 6.6 m |
| Cost of revenue | 3.9 m | 5.7 m | 2.9 m | 3.2 m | 3.5 m | 4.0 m | 2.6 m | 3.9 m |
| Gross profit | 2.2 m | 1.8 m | 2.1 m | 2.5 m | 2.7 m | 1.1 m | 1.3 m | 2.7 m |
| Research & development | 998.0 k | 1.1 m | 918.0 k | 767.0 k | 721.0 k | 843.0 k | 5.8 m | 1.8 m |
| Operating income | -3.2 m | -15.2 m | -4.9 m | -6.6 m | -3.1 m | -5.1 m | -10.3 m | -4.2 m |
| Interest expense | — | — | — | — | — | — | 416.0 k | 7.1 m |
| Pre-tax income | -3.1 m | -15.3 m | -4.8 m | -6.6 m | -3.2 m | -5.4 m | -10.8 m | -11.5 m |
| Income tax | 29.0 k | 3.0 k | 11.0 k | 0 | 7.0 k | -73.0 k | 6.0 k | 10.0 k |
| Net income | -3.1 m | -15.3 m | -4.8 m | -6.6 m | -3.2 m | -5.3 m | -10.8 m | -11.5 m |
| Diluted EPS | -0.35 | — | -5.53 | -7.01 | -0.20 | — | -6.70 | -4.12 |
| Operating cash flow | -4.5 m ≈ | -4.0 m | -5.5 m | -3.9 m ≈ | -3.8 m ≈ | -3.6 m | -3.7 m | -6.0 m ≈ |
| Capex | 0 ≈ | 0 | 5.0 k | 0 ≈ | 0 ≈ | 11.0 k | 0 | 8.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.5 m | 4.9 m | 4.4 m | 6.0 m | 5.5 m | 13.9 m | 25.7 m | 22.0 m |
| Revenue YoY | −15.6% | −25.5% | −9.9% | +35.8% | −7.6% | +151.4% | +85.2% | −14.1% |
| Net income | -21.7 m | -15.6 m | -13.0 m | -12.7 m | -19.6 m | -22.1 m | -28.9 m | -19.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.82 | -0.27 | -2.20 | -31.13 | -39.96 | -17.16 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -331.2% | -319.1% | -295.4% | -213.5% | -355.1% | -159.8% | -112.8% | -90.4% |
| Free cash flow | -14.8 m | -14.8 m | -12.7 m | -11.5 m | -17.9 m | -20.7 m | -21.7 m | -16.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 8.4 m USD
- Total assets
- 22.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.31x
- ROE
- -146.1%
- ROA
- -74.6%
- FCF margin
- -76.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.4 m | 6.0 m | 5.5 m | 13.9 m | 25.7 m | 22.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 2.2 m | 3.1 m | 3.6 m | 9.4 m | 17.4 m | 13.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | 2.2 m | 2.9 m | 1.9 m | 4.5 m | 8.2 m | 8.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 3.5 m | 2.9 m | 4.0 m | 4.1 m | 4.6 m | 3.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | -12.0 m | -12.7 m | -19.1 m | -23.6 m | -29.3 m | -19.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Interest expense | 907.0 k | 0 | — | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Pre-tax income | -12.9 m | -12.6 m | -19.1 m | -22.1 m | -28.9 m | -20.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | 51.0 k | 94.0 k | 467.0 k | -12.0 k | 43.0 k | -55.0 k | SEC (XBRL)· 18 Mar 2026verified |
| Net income | -13.0 m | -12.7 m | -19.6 m | -22.1 m | -28.9 m | -19.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | -0.82 | -0.27 | -2.20 | -31.13 | -39.96 | -17.16 | SEC (XBRL)· 18 Mar 2026verified |
| Weighted average diluted shares | 15.8 m | 47.9 m | 8.9 m | 710.9 k | 724.3 k | 1.2 m | SEC (XBRL)· 18 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 20.4 m | 88.3 m | 67.9 m | 28.1 m | 6.7 m | 2.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 684.0 k | 585.0 k | 1.0 m | 3.1 m | 6.0 m | 6.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Inventories | 3.5 m | 3.0 m | 2.9 m | 5.7 m | 6.7 m | 5.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 25.2 m | 92.5 m | 72.5 m | 39.2 m | 21.3 m | 15.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 437.0 k | 284.0 k | 196.0 k | 1.3 m | 867.0 k | 585.0 k | SEC (XBRL)· 18 Mar 2026verified |
| Goodwill | — | — | 0 | 7.5 m | 7.5 m | 4.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 12.5 m | 0 | — | SEC (XBRL)· 07 Mar 2025verified |
| Total assets | 28.1 m | 94.8 m | 74.2 m | 63.2 m | 30.5 m | 22.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 2.3 m | 1.4 m | 2.0 m | 5.1 m | 5.0 m | 5.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Current liabilities | 4.7 m | 4.0 m | 4.8 m | 11.8 m | 10.2 m | 12.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 6.3 m | 5.4 m | 6.1 m | 16.7 m | 11.6 m | 14.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Equity | 21.8 m † | 89.4 m † | 68.2 m † | 46.5 m † | 18.8 m † | 8.4 m † | SEC (XBRL)· 18 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -12.6 m | -11.5 m | -17.9 m | -20.7 m | -21.7 m | -16.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Capex | 73.0 k | 47.0 k | 25.0 k | 81.0 k | 0 | 16.0 k | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | -12.7 m ≈ | -11.5 m ≈ | -17.9 m ≈ | -20.7 m ≈ | -21.7 m ≈ | -16.8 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | -73.0 k | -47.0 k | -25.0 k | -18.1 m | 0 | -16.0 k | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | 16.7 m | 79.5 m | -2.5 m | -992.0 k | 0 | 12.2 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 17.2 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -141.3% | 23 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 58.7% | 100 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -99.6% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial23/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Lifeward Ltd. (LFWD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 22.0 m USD in 2025; YoY growth -14.1%; net margin -141.3%; ROE -225.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 58.7%
- Current ratio: 2.3x
What contradicts it
- Net margin: -141.3%
- FCF yield: -99.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 152.8 bn | 53.3 | 18.0% | 25.5% | +20.5% | −23% / +42% |
| EWEdwards Lifesciences Corporation | 54.9 bn | 54.8 | 9.5% | 15.4% | +11.5% | +10% / +41% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 22.6 bn | 28.0 | 11.4% | 13.3% | +8.7% | −13% / +15% |
| ZBHZimmer Biomet Holdings, Inc. | 18.5 bn | 23.6 | 6.4% | 9.5% | +7.2% | −0% / −17% |
| ALGNAlign Technology, Inc. | 11.7 bn | 28.7 | 10.2% | 10.0% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 38.0 | 10.6% | 5.3% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −9% / −91% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for LFWD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lifeward develops and sells neurorehabilitation equipment, including the ReWalk exoskeleton for people with paraplegia and the AlterG Anti-Gravity platform, and is expanding toward a biomedical platform. In the second quarter of 2026 the company reported revenue of 6.6 million USD, up 16% year over year, but still operates under a going concern warning with 9.4 million USD in cash on June 30, 2026 3.
SWOT
Strengths
- The company has a diversified commercial portfolio with established rehabilitation products, a broad installed base for AlterG and a presence in clinics and rehabilitation centers 13.
- An established Medicare reimbursement framework for the personal exoskeleton and agreements with German insurers give levers for expanding patient access 1.
- Revenue grew in the second quarter of 2026 compared with the prior year, suggesting the distribution strategy is starting to show results 3.
Weaknesses
- The company has a going concern warning, and dependence on new financing remains a major weakness for operations 1.
- The net loss remains significant, and gross margin fell from the prior year due to tariffs and currency costs 3.
- The financing structure includes secured convertible notes and high-interest loans, which could lead to dilution and operating restrictions 1.
Opportunities
Threats
- Economic weakness and federal budget limits could reduce demand from organizations funded by government 1.
- Changes in insurer policy or reimbursement delays could affect revenue in the US and Germany 1.
- Dilution risk and pressure on the share price, if additional financing does not close as planned, remain a threat to shareholders 13.
Risks
- Going concernhigh
The company concluded there is substantial doubt about its ability to continue as a going concern, and if it cannot obtain additional capital it may have to cut operations sharply 1.
- Reliance on convertible financinghigh
Funding depends on convertible notes and conditions tied to sales growth or the share price, which could limit access to funds if those conditions are not met 13.
- Shareholder dilutionmedium
Issuing shares and warrants to Oramed and investors could significantly reduce the stake of existing shareholders 1.
- Tariffs and exchange ratesmedium
Tariffs and currency fluctuations have reduced gross margin and could keep affecting results, especially while manufacturing is moved in-house 3.
- Acquisition integrationlow
Integrating AlterG and new assets such as the Skelable technology could bring unexpected costs or fail to deliver the expected synergies 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the second quarter of 2026 and a solid commercial pipeline could support a sales recovery if the trend holds 3.
- Medicare reimbursement for the personal exoskeleton and agreements in Germany could open access for a larger number of patients 1.
- If the biomedical platform advances, the company could diversify its revenue beyond physical rehabilitation 3.
What would break the thesis
- The going concern warning and the repeated need for financing could limit the company's flexibility and lead to further rounds of dilution 1.
- Significant net losses and lower gross margin could persist if tariffs and currency costs stay high 3.
- Dependence on reimbursement decisions and government policy makes revenue hard to forecast over the long term 1.
What to watch
- Revenue and gross margin trend after the Ottobock Care pilotQ3 2026
- Available capital after the July 2026 financing and any further tranchesQ3 2026
- Integration of the Skelable technology and closing timeline of the transaction2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The distribution model relies mainly on direct sales in the United States and on distributors in Germany, Canada and other markets, with relationships with clinics, rehabilitation centers and sports teams 1. Payment comes from private insurers, workers' compensation programs, government programs such as the VHA and Medicare, and self-pay patients 1. In 2025 Medicare set a lump-sum rate of 91,032 USD for the personal exoskeleton, an important reference point for reimbursement 1.
The outlook depends on cost reduction, reimbursement in Europe and the US, and additional financing, and management has indicated it is not yet clear whether financial support will be sufficient without further capital 1. The company said it expects revenue momentum to continue in the second half of 2026 if its sales pipeline holds 3.
Segments
ReWalk exoskeleton
The ReWalk segment includes the ReWalk Personal exoskeleton, cleared by the FDA for use on stairs and curbs, and the ReWalk 7 model cleared in March 2025 1. In the second quarter of 2026 ReWalk Personal sales reached 2.5 million USD, up 13% from the same quarter of 2025, mainly on stronger sales in Europe 3.
AlterG Anti-Gravity
The AlterG platform, acquired in August 2023 for about 19 million USD in cash, uses NASA-derived differential air pressure technology for calibrated rehabilitation support 1. In the second quarter of 2026 AlterG products and services revenue rose 25% to 4.1 million USD, driven by higher US unit shipments, service revenue and average selling prices 3.
MyoCycle and ReStore
MyoCycle FES bikes are distributed in the US, though distribution rights are no longer exclusive, and revenue from this line is small 13. The ReStore exo-suit for stroke rehabilitation has been sold since 2019, but EU sales ended in May 2024, showing this line is no longer a commercial priority 1.
Market context
The neurorehabilitation and mobility recovery market has the United States and Europe as its main markets, with smaller sales in Asia, the Middle East and South America 1. Reimbursement remains fragmented: in the US there is no uniform policy for exoskeletons, although Medicare has classified the personal exoskeleton under the brace benefit since 2024 1. The company cites an NSCISC report showing CMS is the primary payor for about 57% of the spinal cord injury population, so public policy decisions matter a great deal for access 1.
In Germany the company has reimbursement agreements with statutory health insurers and the accident insurer, and patient access depends on individual cases 1. The company continues to work with several insurers toward formal contracts, which could open the market further if those negotiations conclude 1.
Trends
- Medicare framework for exoskeletonstailwind
Classifying the personal exoskeleton as a brace benefit and the lump-sum rate set by CMS create a clearer reimbursement framework for US patients, but it depends on future federal policy 1.
- Cost of capital and convertible financingheadwind
Convertible notes and secured loans from Oramed may delay immediate dilution, but interest costs and restrictive terms could pressure the company's margins 13.
- Distribution through partnerstailwind
Agreements with CorLife for workers' compensation cases and with Verita Neuro for international markets could widen access without large investment in in-house infrastructure 1.
- Pressure on marginsheadwind
Higher tariffs and currency swings reduced gross margin in the second quarter of 2026, and revenue-sharing costs from the Oramed transaction will continue to weigh on margins 3.
Competitive position
Lifeward competes with other exoskeleton and rehabilitation equipment makers, but the consulted sources do not give a full list of competitors or market shares. The company's stated advantage is the combination of commercial products, reimbursement and distribution networks, while competition depends on clinic and insurer acceptance 13.
The company could lose ground if rivals secure faster reimbursement or if distributors shift attention to other products, especially in Europe and compensated programs 1. The August 2026 pilot with Ottobock Care shows Lifeward is trying to widen its distribution network 3.
- Ottobock
Distribution partner in an August 2026 pilot program, and also a potential competitor in mobility and rehabilitation equipment 3.
- Numotion
Mobility products provider whose CorLife division distributes the ReWalk exoskeleton for workers' compensation cases 1.
- Verita Neuro
Intensive neurological rehabilitation services provider that distributes the ReWalk exoskeleton in some international markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Departure or appointment of officers
- Current report08 Oct 2026Departure or appointment of officers
- Current report01 Oct 2026Departure or appointment of officers
- Proxy statement25 Sept 2026
- Current report15 Sept 2026Item 5.08
- Current report08 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report31 Aug 2026Departure or appointment of officers
- Current report20 Aug 2026Departure or appointment of officers
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Lifeward Ltd. · 18 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Lifeward Ltd. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lifeward Ltd. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.