Lifeward Ltd (LFWD) 2025 Q2 法說會逐字稿

Good day, and welcome to the second quarter 2025 Lifeward conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 2025 年第二季 Lifeward 電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Almog Adar.

現在我想將會議交給阿爾莫格·阿達爾先生。

Thank you, Alicia. Good morning, and welcome to Lifeward's second quarter 2025 earnings call. I am Almog Adar, Lifeward's Chief Financial Officer; and with me on today's call is Mark Grant, our President and Chief Executive Officer.

謝謝你，艾莉西亞。早安，歡迎參加 Lifeward 2025 年第二季財報電話會議。我是 Lifeward 的財務長 Almog Adar；與我一起參加今天電話會議的是我們的總裁兼執行長 Mark Grant。

Earlier this morning, Lifeward issued a press release detailing financial results for the three and six months ended June 30, 2025. The press release and webcast of this call can be accessed through the Investor Relations section of the Lifeward website at golifeward.com.

今天早些時候，Lifeward 發布了一份新聞稿，詳細介紹了截至 2025 年 6 月 30 日的三個月和六個月的財務表現。您可以透過 Lifeward 網站 golifeward.com 的投資者關係部分存取本次電話會議的新聞稿和網路直播。

Before we get started, I would like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation or intent regarding future events and the company's future performance may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

在我們開始之前，我想提醒大家，今天的電話會議上所作的任何表達對未來事件和公司未來業績的信念、期望、預測、預報、預期或意圖的陳述都可能被視為《私人證券訴訟改革法案》所定義的前瞻性陳述。

These forward-looking statements are based on information available to Lifeward management as of today and involve risks and uncertainties, including those noted in our press release and our filings with the SEC. Such forward-looking statements are not guarantees of future performance, actual results may differ materially from those projected in the forward-looking statements.

這些前瞻性陳述是基於 Lifeward 管理層截至今天所掌握的信息，涉及風險和不確定性，包括我們的新聞稿和向美國證券交易委員會提交的文件中指出的風險和不確定性。此類前瞻性陳述並非對未來績效的保證，實際結果可能與前瞻性陳述中的預測有重大差異。

Lifeward specifically disclaim any intent or obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. A replay will be available shortly after completion of the call accessible from the dial-in information in today's press release. The archived webcast will be available in the Investor Relations section of our website at golifeward.com.

Lifeward 明確否認有任何意圖或義務更新這些前瞻性陳述，無論是由於新資訊、未來發展或其他原因，除非法律要求。通話結束後不久即可重播，可透過今天新聞稿中的撥入訊息存取。存檔的網路廣播將在我們網站 golifeward.com 的投資者關係部分提供。

For the benefit of those who may be listening to the replay or the archived webcast, this call was held and recorded on August 14, 2025. Since that date, Lifeward may have made subsequent announcements related to the topics discussed, so please reference to the company's most recent press release and SEC filings for the most up-to-date information.

為了方便那些可能正在收聽重播或存檔網路廣播的人，本次通話於 2025 年 8 月 14 日舉行並錄製。自該日期起，Lifeward 可能已發布與所討論主題相關的後續公告，因此請參考公司最新的新聞稿和 SEC 文件以獲取最新資訊。

And with that, I will turn the call over to Lifeward's President and CEO, Mark Grant.

說完這些，我將把電話轉給 Lifeward 總裁兼執行長 Mark Grant。

Thank you, Almog. Good morning, everyone, and thank you for joining us today. I'm Mark Grant, it's a privilege to speak with you on my first earnings call as Lifeward's President and Chief Commercial Officer.

謝謝你，阿爾莫格。大家早安，感謝大家今天加入我們。我是馬克·格蘭特，作為 Lifeward 總裁兼首席商務官，我很榮幸在第一次財報電話會議上與大家交談。

Over the past several weeks, I've met with our teams, customers and partners, and I've been inspired by the positive energy and deep commitment that runs through this company. Lifeward is built on a foundation of innovation, purpose and patient-centered delivery, and I intend to build on that strength as we move forward.

在過去的幾周里，我會見了我們的團隊、客戶和合作夥伴，我被這家公司所散發出的積極能量和堅定承諾所鼓舞。Lifeward 建立在創新、目標和以患者為中心的服務基礎之上，我打算在我們前進的過程中繼續鞏固這一優勢。

Our strategy is clear, delivering life-changing solutions efficiently and at scale guided by an unwavering commitment to the patients at the heart of everything we do. That means accelerating commercial adoption across all of our products, expanding our portfolio of cutting-edge solutions and holding ourselves accountable through the operational rigor needed to deliver sustainable results for customers and shareholders alike.

我們的策略很明確，即高效、大規模地提供改變生活的解決方案，並以對患者堅定不移的承諾為指導，這是我們所做的一切的核心。這意味著加速我們所有產品的商業化應用，擴大我們的尖端解決方案組合，並透過為客戶和股東提供可持續成果所需的營運嚴謹性來承擔責任。

I also live this mission personally. A little over 20 years ago, I experienced a spinal cord injury that resulted in left leg paralysis and a long difficult recovery, a journey in which I could have directly benefited from Lifeward's portfolio. That experience, combined with more than two decades of global medical device leadership and commercial execution, operations and payer engagement gives me a very unique perspective on both patient needs, and the path to delivering our solutions at scale.

我也親自實踐著這項使命。二十多年前，我遭遇了脊髓損傷，導致左腿癱瘓，復原過程十分艱難，而 Lifeward 的投資組合本來可以幫助我度過這段復原期。這些經驗，加上二十多年的全球醫療器材領導和商業執行、營運和付款人參與，使我對病患需求以及大規模提供解決方案的途徑有了非常獨特的見解。

Frankly, it started even earlier than my injury. Decades spent with my father-in-law, one of the first deans of disability support services in the university system left an indelible mark with me. He played a pivotal role in instituting Section 504 of the Rehabilitation Act of 1973 and in driving the support and execution that led to the American with Disabilities Act of 1990 as well as the 2008 Amendments Act Title II and Title III of the FDA (sic - see press release, "ADA") and the Fair Housing Act, all of which established a well-grounded foundation for me to build upon during my life and my career.

坦白說，它甚至比我受傷還要早。我和岳父一起度過了幾十年，他是大學系統殘疾人支持服務部門的首批院長之一，他給我留下了不可磨滅的印象。他在製定 1973 年《康復法案》第 504 條以及推動支持和執行 1990 年《美國殘疾人法案》以及 2008 年《美國食品藥品監督管理局修正案》第二章和第三章（原文如此 - 參見新聞稿“ADA”）和《公平住房法案》方面發揮了關鍵作用，所有這些都為我的生活和職業生涯奠定了堅實的基礎。

As you can see from me stepping into this role, it is not just a professional milestone, it's a personal mission, one that combines deep empathy with the drive for continuous innovation and operational discipline. My commitment is to ensure that we stay ahead of the market needs, expand access to our solutions and deliver tangible lasting impact.

從我擔任這個職位可以看出，這不僅僅是一個職業里程碑，更是一項個人使命，它將深​​切的同理心與持續創新和營運紀律的動力結合在一起。我的承諾是確保我們始終領先於市場需求，擴大我們解決方案的覆蓋範圍並產生實際的持久影響。

Now let's move on to recent accomplishments. In Q2 2025, revenue was $5.7 million, also reflecting a record quarter for ReWalk Medicare placements. As you remember, in March, we achieved FDA clearance for our ReWalk 7 Personal Exoskeleton, the latest innovation of ReWalk pipeline that introduces new features, streamlined for accessibility and ease of use in everyday environments, improved battery life, push button control, seamless stair curb activation and cloud connectivity.

現在讓我們來談談最近的成就。2025 年第二季度，營收為 570 萬美元，這也標誌著 ReWalk Medicare 安置創下了歷史新高。大家還記得，今年 3 月，我們的 ReWalk 7 個人外骨骼獲得了 FDA 批准，這是 ReWalk 產品線的最新創新，它引入了新功能，簡化了日常環境中的可訪問性和易用性，延長了電池壽命，提供按鈕控制、無縫樓梯路緣激活和雲端連接。

To date, over 20 systems -- over 20 ReWalk seven units have been installed in the US with an overwhelmingly positive feedback from both patients and therapists. We're currently in the final stages of obtaining CE clearance for ReWalk 7 and look forward to a similar response with our subsequent launch in Europe. On the operations side, we completed the transition to in-house manufacturing of the ReWalk Personal Exoskeleton delivering cost savings, improved quality control and greater production flexibility.

迄今為止，美國已安裝了超過 20 個系統（超過 20 個 ReWalk 7 裝置），並獲得了患者和治療師的一致好評。我們目前正處於獲得 ReWalk 7 CE 許可的最後階段，並期待我們隨後在歐洲推出時獲得類似的反響。在營運方面，我們完成了 ReWalk 個人外骨骼向內部製造的過渡，從而節省了成本、改善了品質控制並提高了生產靈活性。

Additionally, as part of our consolidation efforts, we finalized the closure of our AlterG manufacturing facility in Fremont, California. In the US, we've continued to expand our payer base for the ReWalk Personal Exoskeleton. Our partnership with CorLife, a division of NuMotion, has accelerated our lead pipeline and processing time lines for workers' compensation claims.

此外，作為整合工作的一部分，我們最終關閉了位於加州弗里蒙特的 AlterG 製造工廠。在美國，我們持續擴大 ReWalk 個人外骨骼的付費用戶群。我們與 NuMotion 旗下部門 CorLife 的合作加快了我們的工人賠償索賠的領先管道和處理時間表。

We've also continued to work with the Medicare administrative contractors, the MACs, to achieve clarity on case submission requirements, and we received a recent ruling by Ministry of Law Judge affirming that ReWalk Personal Exoskeleton is a reasonable and necessary for medical beneficiaries. As a result of these and other achievements, we improved our quarterly cash burn to $3.9 million, down from $5.6 million in Q2 '24, also $5.5 million in Q2 (sic - see press release "Q1") '25 driven by operational efficiencies, facility consolidations and other reduction initiatives.

我們也繼續與醫療保險行政承包商 MAC 合作，以明確案件提交要求，我們最近收到了司法部法官的一項裁決，確認 ReWalk 個人外骨骼對於醫療受益人來說是合理且必要的。由於這些和其他成就，我們將季度現金消耗改善至 390 萬美元，低於 2024 年第二季度的 560 萬美元，也低於 2025 年第二季度（原文如此 - 參見新聞稿“Q1”）的 550 萬美元，這得益於運營效率、設施整合和其他削減舉措。

Now let me turn to our growth strategy, which is anchored in three core pillars that will drive sustained performance and long-term value creation. The first pillar is accelerating commercial adoption. We're building on strong momentum from recent Medicare and commercial insurer wins by reducing approval times, expanding coverage and scaling access globally.

現在讓我來談談我們的成長策略，以三大核心支柱為基礎，將推動持續的績效和長期的價值創造。第一個支柱是加速商業應用。我們正利用近期醫療保險和商業保險公司勝利帶來的強勁勢頭，縮短審批時間，擴大覆蓋範圍，並在全球範圍內擴大覆蓋範圍。

This effort is supported by four key levers, payer expansion, channel distribution, digital engagement and strategic alliances. By pairing innovation market access strategies with process improvements in reimbursement and collections, we aim to speed order to cash cycles, improve DSOs and convert demand into revenue more efficiently.

這項工作由四個關鍵槓桿支持：付款人擴展、通路分銷、數位參與和策略聯盟。透過將創新市場准入策略與報銷和收款流程改進相結合，我們的目標是加快訂單到現金的周期，改善 DSO 並更有效地將需求轉化為收入。

The second pillar is portfolio diversification. We are leveraging software innovation, robust hardware and AI integration to expand capabilities to deepen customer engagement. Our innovation focus is matched by disciplined execution, ensuring that our solutions are effective, intuitive and accessible to the broadest patient base while remaining commercially viable at scale.

第二個支柱是投資組合多樣化。我們正在利用軟體創新、強大的硬體和人工智慧整合來擴展能力，以深化客戶參與度。我們的創新重點與嚴格的執行相匹配，確保我們的解決方案有效、直觀且可供最廣泛的患者群體使用，同時保持大規模商業可行性。

The third is operational excellence. We're focused on driving margin improvement, deploying capital with rigor, accelerating cash conversion through greater efficiency in reimbursement and collections, herein innovation means continuously refining our internal processes from manufacturing to revenue cycle management. These improvements are designed to extend our financial runway, enhance our profitability and ensure that growth translates into predictable, timely revenue.

第三是卓越營運。我們專注於提高利潤率、嚴格部署資本、透過提高報銷和收款效率來加速現金轉換，這裡的創新意味著不斷改進從製造到收入週期管理的內部流程。這些改進旨在延長我們的財務跑道，提高我們的獲利能力，並確保成長轉化為可預測的、及時的收入。

One highlight and a clear glimpse of what's possible is the performance of our GmbH team in Germany. They're operating profitably, building a strong patient community and using their payer acceleration and market scale to move quickly in rolling out innovative new business models. These models blend accelerated commercial adoption through channel partnerships and distribution growth with disciplined execution and reimbursement, allowing faster order to cash and better DSO.

我們的德國 GmbH 團隊的表現是一大亮點，也是對未來可能性的清晰展現。他們運作獲利，建立了強大的患者社區，並利用付款人加速和市場規模迅速推出創新的新商業模式。這些模型將透過通路合作和分銷成長加速的商業採用與嚴格的執行和報銷相結合，從而實現更快的訂單到現金和更好的 DSO。

At the same time, the team is expanding AlterG sales through targeted channel strategies and local market innovation, proving the value of our portfolio diversification approach. Operational excellence is evident in their ability to test, refine and scale solutions rapidly, ensuring that works in Germany can also adapt to other global markets, including the United States.

同時，該團隊正在透過有針對性的通路策略和本地市場創新來擴大 AlterG 的銷售，證明了我們投資組合多元化方法的價值。卓越的營運體現在其快速測試、改進和擴展解決方案的能力上，確保德國的工作也能適應包括美國在內的其他全球市場。

Germany has become our proving ground. Here, we push the limits of delivery, integrate customer feedback quickly and perfect strategies before a broader rollout. This approach reinforces the strength of our three pillars, delivering tangible results today while chartering the course for sustainable, profitable growth tomorrow.

德國已經成為我們的試驗場。在這裡，我們突破交付的極限，快速整合客戶回饋，並在更廣泛地推廣之前完善策略。這種方法增強了我們三大支柱的力量，在今天取得了切實的成果，同時為明天的可持續盈利增長指明了方向。

Lastly, I know you've already heard from him, but I'm pleased to share earlier this week, we appointed Almog Adar as Lifeward's Chief Financial Officer. Almog is no stranger to Lifeward, having served more than five years in senior finance roles within the company, Almog's proven track record here at Lifeward gives me full confidence in his ability to strengthen performance, improve operating efficiency and progress toward long-term profitability. I'm looking forward to working closely with him to accelerate execution and unlock more of Lifeward's growth potential.

最後，我知道您已經聽說過他，但我很高興在本週早些時候分享，我們任命 Almog Adar 為 Lifeward 的財務長。Almog 對 Lifeward 並不陌生，他在公司擔任高階財務職務已有五年多，Almog 在 Lifeward 的成功經驗讓我完全相信他有能力加強業績、提高營運效率並實現長期盈利。我期待與他密切合作，加快執行並釋放 Lifeward 的更多成長潛力。

Almog, welcome to your new role, and over to you.

阿爾莫格，歡迎擔任你的新職務，現在輪到你了。

Thanks, Mark. I'm pleased to be speaking with you in my first week as Lifeward's Chief Financial Officer. Having spent more than five years in senior finance roles here, I have developed a deep understanding of our products, markets and operations, complemented by prior leadership experience outside Lifeward. This combination enables me to contribute not only as a financial leader but also as a strategic partner in guiding the company's direction.

謝謝，馬克。我很高興在擔任 Lifeward 財務長的第一周與您交談。在這裡擔任高階財務職務五年多來，我對我們的產品、市場和營運有了深入的了解，並結合了在 Lifeward 之外的領導經驗。這種結合使我不僅能夠作為財務領導者做出貢獻，而且能夠作為策略夥伴引導公司的發展方向。

Lifeward has a strong foundation and an innovative product portfolio, a talented team and a mission that is deeply meaningful to me, improving the quality of life for the people we serve. As CFO, my focus will be on maintaining rigorous financial oversight, aligning resource with the highest impact opportunities and managing our cash position prudently to support sustainable long-term growth.

Lifeward 擁有強大的基礎和創新的產品組合、一支才華橫溢的團隊以及對我來說意義深遠的使命，即改善我們服務對象的生活品質。作為財務官，我的工作重點是保持嚴格的財務監督，將資源與最具影響力的機會相結合，並審慎管理我們的現金狀況，以支持可持續的長期成長。

With that, let's turn to our financial results for the quarter. As we review our results. I will cover both GAAP and non-GAAP figures. The non-GAAP results exclude the items detailed in the reconciliation tables in today's earnings release and in our view provide a clear picture of the company's underlying operating performance. I'm encouraging you to refer to the GAAP results and the reconciliation tables.

接下來，讓我們來看看本季的財務表現。當我們回顧我們的結果時。我將涵蓋 GAAP 和非 GAAP 數據。非公認會計準則結果不包括今天收益報告中調節表中詳細列出的項目，我們認為它清楚地反映了公司的基本經營業績。我鼓勵您參考 GAAP 結果和對帳表。

As we go through the second quarter 2025 financials, year-over-year Lifeward reported revenues of $5.7 million in Q2 2025 compared to $6.7 million in the second quarter of 2024, a decrease of $1 million or about 15%. Quarter-over-quarter, revenue increased approximately 14% from $5 million in Q1 2025, driven primarily by higher sales of ReWalk systems in Germany. Now let's break it down by product line on a year-over-year basis.

當我們瀏覽 2025 年第二季的財務數據時，Lifeward 報告指出 2025 年第二季的營收為 570 萬美元，而 2024 年第二季的營收為 670 萬美元，減少了 100 萬美元，降幅約為 15%。與上一季相比，營收較 2025 年第一季的 500 萬美元成長了約 14%，這主要得益於德國 ReWalk 系統銷量的成長。現在讓我們將產品線按年比進行細分。

Revenue from our traditional products and services, which includes the ReWalk Personal Exoskeleton, the MyoCycle FES bike and the ReStore Exo-Suit totaled $2.5 million in Q2 2025 compared to $3.1 million in Q2 2024, a decrease of about $600,000 or 19%. The prior year period included about $700,000 of Medicare-related revenue recognized for submissions made in 2023 and the first quarter of 2024. Excluding the onetime revenue recognition in Q2 2024, Medicare-related sales grew year-over-year.

2025 年第二季度，我們傳統產品和服務（包括 ReWalk 個人外骨骼、MyoCycle FES 自行車和 ReStore Exo-Suit）的收入總計 250 萬美元，而 2024 年第二季度為 310 萬美元，減少了約 60 萬美元，降幅為 19%。去年同期包括 2023 年和 2024 年第一季提交的醫療保險相關收入約 70 萬美元。除 2024 年第二季的一次性收入確認外，醫療保險相關銷售額年增。

We also continue to improve ReWalk sales, achieving our highest quarterly total of units placed to Medicare beneficiaries since fee schedule established in April 2024. Our pipeline of qualified leads continue to expand and advance with more cases moving into later stages of the claim processes, positioning us for future conversion to sales. Revenue from AlterG products and services was $3.2 million in Q2 2025, down from $3.6 million in Q2 2024, primarily due to the timing of deliveries to international distributors.

我們也持續提高 ReWalk 的銷售額，實現了自 2024 年 4 月制定收費標準以來向 Medicare 受益人提供的季度總單位數的最高水準。隨著越來越多的案件進入索賠流程的後期階段，我們的合格潛在客戶管道不斷擴大和進步，為我們未來轉化為銷售做好了準備。2025 年第二季度，AlterG 產品和服務的收入為 320 萬美元，低於 2024 年第二季的 360 萬美元，主要原因是向國際經銷商交付的時間。

The pipeline of high probability leads remain strong and is expected to support higher deliveries in the second half of the year. Across both product lines, our commercial pipeline remains healthy. For the ReWalk product line, we saw our third consecutive quarter of pipeline growth, ending the quarter with more than 130 qualified leads in process in the US reflecting an 86% increase in our active pipeline since Q3 2024.

高機率線索管道依然強勁，預計將支援下半年更高的交付量。在這兩個產品線上，我們的商業通路都保持健康。對於 ReWalk 產品線，我們連續第三個季度實現了通路成長，本季結束時，美國有超過 130 個合格的潛在客戶正在處理中，這反映出自 2024 年第三季以來我們的活躍通路成長了 86%。

In Germany, we had 46 leads in process at the quarter end, included 34 active rentals, which historically convert to sales within three to six months. For AlterG, we closed the quarter with 15 systems in backlog. The high probability lead pipeline provides visibility into anticipated demand, and we continue to focus on converting these leads into order.

在德國，截至本季末，我們已獲得 46 條銷售線索，其中包括 34 條活躍租賃線索，這些線索通常會在三到六個月內轉換為銷售。對於 AlterG，我們在本季結束時有 15 個系統積壓。高機率的潛在客戶管道提供了預期需求的可見性，我們將繼續專注於將這些潛在客戶轉化為訂單。

Moving to gross profit. In the second quarter of 2025, our GAAP gross profit was $2.5 million or 43.9% of revenue compared to $2.8 million or 41.1% in the second quarter of 2024. On a non-GAAP basis, for the second quarter of 2025, gross profit was $2.5 million or 44% of revenue compared to $3.1 million or 46.9% in the second quarter of 2024.

轉向毛利。2025 年第二季度，我們的 GAAP 毛利為 250 萬美元，佔營收的 43.9%，而 2024 年第二季為 280 萬美元，佔營收的 41.1%。以非公認會計準則計算，2025 年第二季的毛利為 250 萬美元，佔營收的 44%，而 2024 年第二季的毛利為 310 萬美元，佔營收的 46.9%。

The year-over-year change in non-GAAP margin primarily reflects the absence of a onetime benefit from Medicare-related revenue recognized in last year's second quarter, for which the related cost has been recorded in prior periods.

非公認會計準則利潤率的同比變化主要反映了去年第二季度確認的醫療保險相關收入中沒有一次性收益，而相關成本已在前期記錄。

GAAP operating expenses were $9.1 million in the second quarter of 2025 compared to $7.2 million in the second quarter of 2024, the increase was largely driven by $2.8 million goodwill impairment charge, triggered by a significant decline in our share price that created a gap between our market value and book value. This noncash charge has no impact on our liquidity or the ongoing operational performance of the business.

2025 年第二季的 GAAP 營運費用為 910 萬美元，而 2024 年第二季為 720 萬美元，成長的主要原因是 280 萬美元的商譽減損費用，該費用是由於我們的股價大幅下跌導致我們的市值與帳面價值之間出現差距而引發的。這筆非現金費用不會影響我們的流動性或業務的持續營運績效。

On a non-GAAP basis, adjusted operating expenses were $6 million in the second quarter of 2025 compared to $6.9 million in the second quarter of 2024. The decrease primarily reflects greater efficiency in reimbursement activities, improved efficiency in marketing and sales operation and lower R&D spending after the completion of major development programs. We expect this positive trend to continue into the second half of 2025 supported by the ongoing impact of our efficiency measures.

以非公認會計準則計算，2025 年第二季調整後的營運費用為 600 萬美元，而 2024 年第二季為 690 萬美元。這一下降主要反映了報銷活動效率的提高、行銷和銷售營運效率的提高以及主要開發項目完成後研發支出的減少。我們預計，在我們效率措施的持續影響下，這一積極趨勢將持續到 2025 年下半年。

Our GAAP operating loss for the second quarter of 2025 was $6.6 million compared to $4.4 million in the second quarter of 2024. On a non-GAAP basis, operating loss was $3.5 million compared to $3.7 million in the same period last year. We expect our quarterly operating loss to narrow further in the second half of 2025 as sales volume continues to grow and efficiency measure take hold.

我們 2025 年第二季的 GAAP 營業虧損為 660 萬美元，而 2024 年第二季為 440 萬美元。以非公認會計準則計算，營業虧損為 350 萬美元，去年同期為 370 萬美元。隨著銷售量的持續成長和效率措施的實施，我們預計 2025 年下半年我們的季度營運虧損將進一步收窄。

We ended the second quarter of 2025 with $5.1 million in cash and cash equivalents and no debt including approximately $1.2 million in gross proceeds from our ATM facility and approximately $2.6 million from our public offering completed during the quarter.

截至 2025 年第二季度，我們擁有 510 萬美元的現金和現金等價物，且沒有債務，其中包括來自 ATM 設施的約 120 萬美元的總收益和本季度完成的公開發行的約 260 萬美元。

Our operating cash usage in the second quarter of 2025 was $3.9 million compared to $5.6 million in the second quarter of 2024 and $5.5 million in the first quarter of 2025. The improvement reflects the benefit of operational efficiencies and the closure of our Fremont facility.

我們 2025 年第二季的營運現金使用量為 390 萬美元，而 2024 年第二季為 560 萬美元，2025 年第一季為 550 萬美元。這項改善反映了營運效率的提高和弗里蒙特工廠關閉帶來的好處。

Our cash usage was still higher than expected due to two main factors. First, Medicare collection remains slower than anticipated while we continue to submit claims and build our receivables, payments from Medicare administrative contractors are still not occurring on a regular cycle. We are actively working with the MACs to improve processing times and expect to see progress in the second half of 2025.

由於兩個主要因素，我們的現金使用量仍然高於預期。首先，醫療保險收款速度仍然比預期的要慢，雖然我們繼續提交索賠並建立應收帳款，但醫療保險管理承包商的付款仍然沒有按正常週期發生。我們正在積極與 MAC 合作以縮短處理時間，並預計在 2025 年下半年取得進展。

Second, inventory increased due to our transition to in-house manufacturing following the conclusion of our agreement with Sanmina, which required us to secure long lead time components internally. In addition, we are simultaneously supporting production for both the ReWalk 6 and the ReWalk 7 as we await CE approval in Europe for the ReWalk 7. Over time, we expect inventory levels to decline and for this transition to drive improved gross margin and enhanced product quality.

其次，由於我們與 Sanmina 達成協議後轉向內部製造，庫存增加，這要求我們在內部確保長交貨期組件。此外，我們正在同時支援 ReWalk 6 和 ReWalk 7 的生產，同時等待 ReWalk 7 在歐洲獲得 CE 認證。隨著時間的推移，我們預計庫存水準將會下降，而這種轉變將推動毛利率的提高和產品品質的提升。

Based on our current plan, we remain a going concern with sufficient cash to fund operations into the fourth quarter of 2025. We are considering both debt and equity opportunities to support our operations and growth plans, while implementing cost management plans to preserve resource and maintain focus on our core business.

根據我們目前的計劃，我們仍將持續經營，並擁有足夠的現金來支持 2025 年第四季的營運。我們正在考慮債務和股權機會來支持我們的營運和成長計劃，同時實施成本管理計劃以節省資源並保持對核心業務的關注。

Lifeward is resetting its full 2025 guidance under the new management team, focusing on revenue and non-GAAP net loss as our key performance indicators. For 2025, the company now expects full year revenue in the range of $24 million to $26 million and the projected non-GAAP net loss in the range of $12 million to $14 million.

Lifeward 正在新管理團隊的領導下重新設定其 2025 年的完整指導方針，重點關注收入和非 GAAP 淨虧損作為我們的關鍵績效指標。對於 2025 年，該公司目前預計全年收入將在 2,400 萬美元至 2,600 萬美元之間，預計非 GAAP 淨虧損將在 1,200 萬美元至 1,400 萬美元之間。

While we have adjusted our near-term outlook to reflect the current environment, our long-term growth drivers remain firmly intact. We are executing with focused discipline to capture these opportunities and position the company for sustained value creation.

雖然我們已經調整了短期前景以反映當前環境，但我們的長期成長動力仍然穩固。我們正在以專注的紀律執行，以抓住這些機會並使公司能夠持續創造價值。

With that, I would like to turn the call back to Mark for further remarks.

說完這些，我想把電話轉回給馬克，請他進一步發言。

Thank you, Almog. We're committed to setting expectations responsibly. While our long-term opportunity remains significant, it's important to acknowledge that some revenue cycles in our markets are inherently extended, particularly those dependent on payer approvals and coverage decisions. At the same time, we are deliberately pacing our investments to preserve cash, sustain operational discipline and support long-term value creation.

謝謝你，阿爾莫格。我們致力於負責任地設定期望。雖然我們的長期機會仍然很大，但必須承認，我們市場中的一些收入周期本質上是延長的，特別是那些依賴付款人批准和承保決策的收入週期。同時，我們正在謹慎地調整投資步伐，以保留現金、維持營運紀律並支持長期價值創造。

As a result, we expect to grow the next few quarters to be more gradual than some might anticipate with meaningful acceleration weighted toward the back half of our strategic plan and beyond. This measured approach reflects disciplined execution, ensuring every step we take advances our mission, strengthens our financial foundation, and positions Lifeward for durable profitable growth.

因此，我們預計未來幾季的成長速度將比一些人預期的更加緩慢，而有意義的加速將集中在我們策略計畫的後半部分及以後。這種審慎的方法體現了嚴謹的執行力，確保我們採取的每一步都能推進我們的使命，鞏固我們的財務基礎，並使 Lifeward 實現持久的盈利增長。

As your new CEO, I bring a different kind of rigor, one, shape by a track record of transformative commercial execution, relentless innovation and operational discipline. This approach will define how we operate, how we compete and ultimately how we win. You should expect the same high standards I have consistently upheld, standards that our patients, providers and shareholders rightly deserve.

作為你們的新任首席執行官，我帶來了一種不同的嚴謹性，其一，透過變革性的商業執行、不懈的創新和營運紀律的記錄來塑造。這種方法將決定我們如何運作、如何競爭以及最終如何獲勝。您應該期待我始終堅持的同樣高標準，這些標準是我們的患者、供應商和股東應得的。

We remain committed to developing solutions that provide, restore and enhance independence, confidence and quality of life for the people we serve. I look forward to sharing our continued progress with you next quarter. In closing, I want to thank the employees, customers, shareholders for your ongoing trust and support. I'm confident that Lifeward is on the right path, one that balances bold innovation with disciplined patient-centered execution.

我們始終致力於開發解決方案，為我們服務的人們提供、恢復和提高獨立性、信心和生活品質。我期待著下個季度與大家分享我們持續取得的進展。最後，我要感謝員工、顧客和股東一直以來的信任與支持。我相信 Lifeward 走在正確的道路上，在大膽創新和以病人為中心的嚴格執行之間取得平衡。

Operator, let's now open the line for questions.

接線員，現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Yale Jen, Laidlaw & Co.

耶魯仁萊德勞公司

Almog congrats for being the new CFO. A couple of quick ones here. The first one is in terms of the Medicare revenue for the quarter, I didn't hear any specific, maybe I missed it. Could you provide some color on that?

恭喜 Almog 成為新任財務長。這裡有幾個簡短的。第一個是關於本季度醫療保險收入的問題，我沒有聽到任何具體信息，也許我錯過了。您能對此提供一些說明嗎？

Yes, sure. Thanks, first, Jen. So in Q2 2024, we had a onetime revenue recognition that's related to submissions that we made during 2023 and Q1 2024, approximately worth $700,000. So as I explained, excluding this portion of onetime item in Q2 2024, we have a growth like for the submit -- the original submission that we made in Q2 2025 compared to Q2 2024 for Medicare. And in addition, this is our highest quarterly revenues with the placed unit with CMS since we launched the plan.

是的，當然。首先感謝你，Jen。因此，在 2024 年第二季度，我們確認了一次性收入，該收入與我們在 2023 年和 2024 年第一季提交的內容有關，價值約 70 萬美元。因此，正如我所解釋的那樣，排除 2024 年第二季度的這部分一次性項目，我們的提交金額有所增長——與 2024 年第二季度的醫療保險相比，我們在 2025 年第二季度提交的原始提交金額有所增長。此外，這是我們自推出該計劃以來，CMS 投放單位所獲得的最高季度收入。

Okay. Great. That's very helpful. And you mentioned there's a number of leads in the United States as well in German. Could you -- I'm not sure I catched that precisely, I thought that it was 130, but could you clarify that for me?

好的。偉大的。這非常有幫助。您提到，美國和德國也有很多線索。你能——我不確定我是否準確地理解了這一點，我以為是 130，但你能為我澄清一下嗎？

Yes. Thank you for the question. Yes, the Medicare leads are greater than 130 right now and the pipeline continues to build quarter-over-quarter as you would imagine, as you've alluded to and as these questions are kind of digging into, the revenue is a bit lumpy just because we're still expanding the coverage and understanding the timing. So -- but things continue to grow quarter-over-quarter.

是的。謝謝你的提問。是的，目前醫療保險的線索已經超過 130 條，而且正如您所想像的，渠道還在逐季度建設中，隨著這些問題的深入，收入有點不穩定，因為我們仍在擴大覆蓋範圍並了解時機。所以——但情況仍逐季成長。

And I would add to that. It's 130 -- sorry. Yes. So -- we have more than 130, and it's combined -- it's a combination. It's not only CMS, it's also workers' comp and VA opportunities, correct.

我想補充一點。是 130 —— 抱歉。是的。所以 — — 我們有 130 多個，而且它們結合在一起 — — 這是一種組合。這不僅是 CMS，也是工人補償和 VA 機會，正確。

Okay. Great. That's very helpful. Maybe my last question, it's a little bit in two parts. The first one is, is the current sort of tariff situation has any impact on you?

好的。偉大的。這非常有幫助。也許這是我的最後一個問題，它分為兩個部分。第一個問題是，目前的關稅狀況​​對您有什麼影響嗎？

And the second part of that is, given your guidance for the 2025 guidance, you were -- sort of you will expect to grow -- have the revenue, particularly in the ReWalk side have the highest so far in history, was something that you guys feel that achievable?

第二部分是，根據您對 2025 年的指導，您是否預計收入會成長，特別是 ReWalk 方面的收入是否達到歷史最高水平，您覺得這是可以實現的嗎？

Okay. So related to -- the first question related to the tariff, we don't have this -- we are not facing with any -- with issues with the tariffs because our ReWalk Exoskeleton is a medical device that has some exemptions. And we are facing with some tariff situation with China and Taiwan for our AlterG product, what -- while we are working towards to find some solution here in the US, but the effect is immaterial at this stage for us.

好的。因此，關於第一個與關稅相關的問題，我們沒有遇到任何關稅問題，因為我們的 ReWalk Exoskeleton 是一種享有一些豁免的醫療設備。我們的 AlterG 產品面臨來自中國大陸和台灣的關稅問題，雖然我們正在努力在美國找到解決方案，但目前對我們來說影響並不大。

Related to the second question and the guidance update. Yes, we are expecting some growth in ReWalk revenues also in Q3 and Q4 for the ReWalk product.

與第二個問題和指導更新相關。是的，我們預計 ReWalk 產品的營收在第三季和第四季也會有所成長。

Swayampakula Ramakanth, H.C. Wainwright.

拉瑪坎特 (Swayampakula Ramakanth)，H.C. 溫賴特。

Mark, and Almog, congratulations to both of you for your positions here. And Mark, it's great. It's nothing like having a personal interest when you're coming into a new position. So starting off, you were saying in the opening remarks about 20 units of ReWalk 7 having placed since approval. So are these units primarily through Medicare, private payers, VA, I'm just trying to see how well distributed these 20 units are.

馬克和阿爾莫格，祝賀你們二位獲得此職位。馬克，這太棒了。當你擔任一個新職位時，這與擁有個人興趣完全不同。首先，您在開場白中提到，自從批准以來，ReWalk 7 已投放了 20 個單元。那麼這些單位主要透過醫療保險、私人付款人、退伍軍人事務部，我只是想看看這 20 個單位的分佈如何。

Yes. They're just -- that's a good question. They're distributed across all channels. But yes, we have a high focus on CMS Medicare.

是的。他們只是──這是個好問題。它們分佈在所有渠道。但是，是的，我們高度關注CMS醫療保險。

Okay. And then regarding the ALJ ruling, how does it benefit, does it help in the CMS processing it, does it improve on the timing? Does it improve on getting less number of questions and pushback from the CMS. How does that ALJ ruling really help you?

好的。那麼關於 ALJ 裁決，它有什麼好處，它有助於 CMS 處理它嗎，它是否改善了時間安排？它是否會減少來自 CMS 的問題數量和阻力？行政法官的裁決對您有何實際幫助？

Yes. Based on my previous experience, and I think you remember, I've managed hundreds of payer contracts and government contracts across the globe and thousands of variants. And so as ALJ decisions come forward, they do, they shape how the policies are written, they shape coverage determination. They also shape how the processes are actually built, and so it's been helpful to have those rulings even though it's painful for patients and for everybody involved, it's an important process and step in how we secure our current coverage.

是的。根據我以前的經驗，我想你還記得，我已經管理了全球數百份付款人合約和政府合約以及數千種變體。因此，隨著 ALJ 的裁決出台，它們確實會影響政策的製定方式，影響覆蓋範圍的確定。它們也決定了流程的實際建構方式，因此，儘管這些裁決對患者和所有相關人員來說都很痛苦，但它仍然是有幫助的，這是我們確保當前覆蓋範圍的重要流程和步驟。

Okay. And then on the reimbursement itself. During that process, there was a lot of going back and forth on the dollar amount and whatnot. And now that you're introducing ReWalk 7, is the reimbursement dollar amount -- has it gotten better because this is an advanced mission? Or you're trying to first make sure that you have more installations before worrying about reimbursement price.

好的。然後是報銷本身。在此過程中，我們針對金額等問題進行了多次反覆討論。現在您介紹了 ReWalk 7，由於這是一項高級任務，因此報銷金額是否有所改善？或者您首先要確保有更多的安裝，然後再擔心報銷價格。

That's actually a really unique question because the payment is differing across all payer channels, right? So whether that's workers' comp, whether it's VA, whether it's private, managed or Medicare. And so for Medicare, the ReWalk 6 and ReWalk 7 are the same ASP, but across the other payers, it's actually completely different.

這其實是一個非常獨特的問題，因為所有付款管道的付款方式都是不同的，對嗎？無論是工傷賠償、退伍軍人事務部賠償、私人賠償、管理賠償或醫療保險。因此，對於 Medicare 來說，ReWalk 6 和 ReWalk 7 是相同的 ASP，但對於其他付款人來說，它實際上是完全不同的。

So we intend to expand the reimbursement over time as we bring additional innovation forward. But right now, as you alluded to, we're really trying to penetrate the market and understand all the payer environments. So I don't know that I have a comprehensive picture to be able to tell you that we could officially go change pricing right now. I think more it's about establishing this novel technology and making sure that it's got a forward solidified place in the marketplace.

因此，隨著我們不斷推出更多創新，我們打算逐步擴大報銷範圍。但現在，正如您所提到的，我們確實正在努力滲透市場並了解所有付款人的環境。所以我不知道我是否有一個全面的情況可以告訴你我們現在可以正式改變定價。我認為更重要的是建立這項新技術並確保它在市場上佔有一席之地。

Okay. Just a couple more. I'm sorry, I'm taking too much of your time there. On the AlterG commercialization, since quarter after quarter, we are seeing AlterG contribution getting better. How do you -- what are your plans to ensure that you actually maintain that sustainability of growth?

好的。再來幾個。很抱歉，我佔用了您太多時間。關於 AlterG 商業化，自一個季度以來，我們看到 AlterG 的貢獻越來越好。您如何—您有什麼計劃來確保您真正保持這種可持續的成長？

And what are the near-term milestones for that to happen?

那麼，實現這目標的近期里程碑是什麼？

Yes, a couple of things. One of which it's an exceptional product, right? So I actually had the chance to use it as I came on board. As I mentioned earlier in the call, I have left leg deficiency. And so it immediately picked up on that left leg deficiency to the point where they thought the system was off because I didn't disclose that I had actually had some previous injuries.

是的，有幾件事。其中之一就是它是一款出色的產品，對嗎？因此，當我加入時，我實際上就有機會使用它。正如我之前在通話中提到的，我的左腿有缺陷。因此，他們立即發現了左腿的缺陷，以至於他們認為系統出了問題，因為我沒有透露我之前確實受過傷。

So I love the product. I could have used it in my therapy and healing along the way. There is a definite resurgence of growth that can happen with the AlterG product.

所以我很喜歡這個產品。我本可以將其用於我的治療和康復中。AlterG 產品肯定會帶來成長復甦。

We're looking at channel partners across the globe right now to figure out how to best expand that product. Also, we're looking at a renewed focus on how we actually go to market with it. It fits well within our portfolio, but our portfolio doesn't expand to all of the professional athletics and high school sports and elites. And so really having some hyper focus around those particular markets is important for us to do going forward. So I think it's a really key part of our portfolio, and I do see its acceleration as we go forward.

我們目前正在尋找全球的通路合作夥伴，以找出最佳擴展產品的方法。此外，我們正在重新關注如何將其真正推向市場。它非常適合我們的投資組合，但我們的投資組合並未擴展到所有的職業運動、高中體育和精英。因此，高度關注這些特定市場對於我們未來的發展至關重要。所以我認為它是我們投資組合中非常關鍵的一部分，而且我確實看到它隨著我們前進而加速發展。

Okay. And then the last question is actually on the guidance, on the margins. The guidance came down a bit. Obviously, it's not huge numbers, but in general, what's the thinking behind lowering the guidance that bit? And then Almog, as you said, you're bringing manufacturing in-house.

好的。最後一個問題實際上是關於指導和邊際的。指導意見略有下降。顯然，這個數字並不大，但總的來說，降低這項指導背後的想法是什麼？然後，正如您所說，Almog 正在將製造業務轉移到公司內部。

I know you said there is going to be some impact on the inventory at the beginning. But overall, what sort of margin expansion could we expect by bringing that in-house.

我知道您一開始就說過這會對庫存產生一些影響。但總體而言，透過將其納入內部，我們可以預期利潤率會有什麼樣的擴大。

Okay. So I will start first with the margins. So as you mentioned, we make the transition during Q2 from Sanmina to our facility in Yokneam. And this change brings with him a lot of efficiency and improvement from a lot of aspects. Some of them is in the margin area, some of them in the quality area, so we are expecting the margin to be improved for sure.

好的。因此我將首先從邊緣開始。正如您所說，我們在第二季從 Sanmina 轉移到了位於 Yokneam 的工廠。而這項改變為他帶來了許多方面的效率提升和進步。其中一些處於利潤區域，一些處於品質區域，因此我們預計利潤率肯定會提高。

I mean I cannot provide right now a number, but there is an improvement in terms of the margin.

我的意思是我現在無法提供一個數字，但利潤率確實有所提高。

Okay. And then on the -- any comments on guidance.

好的。然後關於——對指導的任何評論。

I'm sorry. I think it's important to note as we moved the facility internally. We took on quite a bit of inventory, which we didn't have on our books. So this is actually going to impede the margin in the short term, but that will improve over time as well. So not only do we have value engineering in place to make sure that we actually improve the true COGS of the product. We also are just battling a little bit of inventory in the short term.

對不起。我認為這一點很重要，因為我們將設施轉移到了內部。我們接收了相當多的庫存，而這些庫存在我們的帳簿上是沒有的。因此，這實際上會在短期內阻礙利潤率，但隨著時間的推移也會改善。因此，我們不僅實施了價值工程來確保我們確實改善了產品的真實 COGS。短期內我們也在努力解決一些庫存問題。

Yes, and then there is another reason to the inventory increase. We are right now delivering two products. In Germany, we are still providing the six and in the US, we are in the seven. We need to maintain parallel. Hopefully, during Q3, we'll get the CE approval, and this will affect also the inventory from this aspect.

是的，庫存增加還有另一個原因。我們目前正在交付兩種產品。在德國，我們仍然提供六種服務，而在美國，我們提供七種服務。我們需要保持平行。希望在第三季度，我們能夠獲得 CE 認證，這也將從這方面影響庫存。

Related to your question to the guidance, can you remind me the question again?

關於您對指導的疑問，您能再提醒我這個問題嗎？

No, I'm just saying the reasoning behind lowering the guidance because at one level, you're saying you expect better revenues going forward in the second half. But at the same time, you're kind of lowering the guidance. So is there something that you're concerned about?

不，我只是說了降低預期背後的原因，因為在某種程度上，你是說你預計下半年的收入會更好。但同時，你也降低了指導。那麼，您擔心什麼嗎？

There's nothing we're concerned about. The trajectory of growth that was in the previous plan is just different, right? As we start to navigate all these different payers across the globe, the timing has not been what we've expected. As you can see from our numbers, the pipelines are growing, right?

我們沒有什麼好擔心的。這與先前計劃的成長軌跡有所不同，對嗎？當我們開始與全球各地的不同付款人打交道時，時機卻不如我們所預期。從我們的數據中可以看出，管道正在成長，對嗎？

The products are expanding. The innovation is being approved, but the timing is something yet to be understood. And frankly, that's why I'm here. The expertise that I've had over the last 20 years of delivering in this exact environment, is the rigor that I'm going to bring to hopefully speed this up. But I want to be realistic in my initial overview of the organization set expectations correctly.

產品範圍不斷擴大。這項創新正在獲得批准，但具體時間尚不清楚。坦白說，這就是我來這裡的原因。過去 20 年來，我一直致力於在這種環境下提供服務，並累積了豐富的專業知識，我希望能夠憑藉這種專業知識加快這一進程。但我希望在組織的初步概述中保持現實，並正確設定期望。

Benjamin Haynor, Lake Street Capital Markets.

班傑明‧海諾 (Benjamin Haynor)，Lake Street Capital Markets。

First off for me, Mark, in your experience, obviously, great to see that ALJ decision, but just thinking kind of through that, I mean, I know these things are kind of one-offs individually, but does it take kind of a handful of these things to go your way? Is it more about undefeated win rate or a high win rate to get people to kind of get the policies in place that make these things go more smoothly in the future. What really trips that trigger.

首先，馬克，以你的經驗來看，顯然很高興看到 ALJ 的決定，但仔細想想，我的意思是，我知道這些事情都是一次性的，但是否需要處理很多事情才能如你所願？是否更多的是關於不敗的勝率或高勝率，以便讓人們制定政策，使這些事情在未來更加順利地進行。真正觸發這觸發因素的是什麼？

Yes. I mean I am definitely going to give you based on my experience because this market is a little different just from a size wise. But yes, it's a heavy lift for everyone, right? So it brings people together to solution. And you're correct, you need to have a high hit rate. So the product needs to be the right patient at the right time. So both of those combined actually really work well.

是的。我的意思是，我肯定會根據我的經驗給你建議，因為這個市場從規模上來說有點不同。但確實，這對每個人來說都是很沉重的負擔，對吧？因此，它讓人們團結起來尋求解決方案。你說得對，你需要有很高的命中率。因此，產品需要在正確的時間針對正確的患者。因此，兩者結合起來確實效果很好。

In this type of market, I don't actually think it takes a bunch because it's a heavy lift around everyone. My previous experience is, it has not taken a lot of ALJ cases to bring everybody to the table. I think everybody just wants to make sure that we're spending the health care dollars appropriately. So I understand the process. I'm not a fan of it, but I understand it.

在這種類型的市場中，我實際上並不認為需要花費太多，因為這對每個人來說都是一項沉重的負擔。我以前的經驗是，不需要很多 ALJ 案件就能讓每個人都參與其中。我認為每個人都只是想確保我們合理地花費醫療保健費用。所以我了解這個過程。我不喜歡它，但我理解它。

And so I think your summary of it, no, it just takes a high win rate. We got to make sure we have the right patients and the right therapies. We need to actually go through the lift to get through to understand that we have the right patients for the right technologies. And then as we do that, we can formulate the processes with the governing bodies as well as the private payers.

所以我認為你的總結是，不，它只是需要很高的勝率。我們必須確保我們有合適的病人和合適的治療方法。我們需要真正地透過這個過程來了解我們是否有適合的患者並採用合適的技術。然後，當我們這樣做時，我們可以與管理機構和私人付款人制定流程。

Okay. Got it. And you get -- do you get the sense that folks are moving more closely to putting kind of a decision in place where it's just like here's what we need and that -- these are the criteria? Or is that still a little bit of amorphous.

好的。知道了。您是否感覺到——人們正在更接近做出某種決定，就像我們需要的和標準一樣？或者這仍然有點不定形。

I'll give you one point, and that's probably as far as I can elaborate, is near-term claims are being processed. The further out claims that we processed a long time ago were still in the works. So that would tell me that we're figuring it out both sides, right, payer and internally here at Lifeward.

我要指出一點，這可能也是我能闡述的全部內容，那就是近期的索賠正在處理中。我們很久以前處理的更遠的索賠仍在處理中。所以這告訴我，我們正在解決雙方的問題，對吧，在 Lifeward 在這裡，付款人和內部人員。

Okay. That's helpful color. And I appreciate the commentary on kind of the time lines not being nailed down completely yet. But maybe can you talk about to the extent that cost per pipeline addition, attrition in the pipeline, ultimate cost to successfully acquire a ReWalk patient and then does time line shortening hopefully, over time, does that, in your view, ultimately impact kind of everything in that, the cost of the additions, the attrition and all that, all those sorts of metrics.

好的。這是很有幫助的顏色。我很欣賞關於時間線尚未完全確定的評論。但是也許您能否談談每條管道增加的成本、管道中的損耗、成功獲得 ReWalk 患者的最終成本，然後希望隨著時間的推移縮短時間線，在您看來，這最終會影響其中的一切，增加的成本、損耗等等，所有這些指標。

Then I'll back up a step and then I'll attempt to answer the question. First for me, there's three areas that are core to the business. Access is key and that's across the patient and payer market. The next is innovation is really still at our core, and we need to make sure that we capitalize on that by delivering a high-quality product and moving on into next iterations. And then operational excellence, which is frankly where you're landing, that needs to be our fabric.

然後我會退一步，然後嘗試回答這個問題。首先，對我來說，有三個領域是業務的核心。訪問是關鍵，這涉及患者和付款人市場。其次，創新仍然是我們的核心，我們需要確保透過提供高品質的產品並進入下一輪迭代來充分利用這一點。然後是卓越運營，坦白說，這就是你的目標，這需要成為我們的基礎。

So we're seeing the pipelines actually. When you speak to attrition and everything else, I see this organization as a start-up, the pipelines are growing. There's not a lot of attrition as we're finding the patients. What's actually we're trying to find is how do we find partners or build ourselves to make sure we can access all the payer needs. And so right now, there's not a lot of attrition in the pipeline.

所以我們實際上看到了管道。當你談到人員流失和其他一切問題時，我認為這個組織是一個新創企業，其人才儲備管道正在不斷成長。由於我們正在尋找病人，因此人員流失並不嚴重。我們實際上試圖尋找的是如何找到合作夥伴或建立自己以確保我們能夠滿足所有付款人的需求。因此，目前，管道中的人員流失並不嚴重。

What's happening is we actually need to pull these pipelines through and formalize the processes, so it's cleaner. So there's not a lot of time for me to base on attrition metrics at this point. It's definitely something we should talk about in the future.

實際情況是，我們需要將這些管道貫通，並使流程正規化，這樣會更加清晰。因此，目前我沒有太多時間根據人員流失指標進行評估。這絕對是我們將來應該談論的事情。

Okay. That's helpful. Fair enough. And then I appreciate the commentary on what you guys have grown in Germany. What kind of needs to happen here in the US to duplicate some of the things -- the positive things that you've seen in Germany?

好的。這很有幫助。很公平。我很欣賞你們對德國所取得的成就的評論。美國需要採取哪些措施來複製您在德國看到的一些積極成果？

Yes. So one is focused execution, right? So AlterG has a very specific call point in the sports arena, and we need to make sure that we're highly focused on that and getting back to those roots. Secondarily, the portfolio sale is really good. We have highly skilled clinical reps, I'm comfortable with having ReWalk and the MYOLYN products and AlterG in their portfolio.

是的。那麼，一個是集中執行，對嗎？因此，AlterG 在體育領域有一個非常具體的呼叫點，我們需要確保高度關注這一點並回歸其根源。其次，投資組合銷售確實很好。我們擁有高技能的臨床代表，我很高興看到他們的產品組合包含 ReWalk、MYOLYN 產品和 AlterG。

So I think a focused effort here in the US. I think secondarily, we've got to find some different channel partners. I've been exploring some things out of my past and looking forward to make sure we're using the right delivery model. Ultimately, it's all about reach. We have excellent products. They're all under penetrated.

所以我認為美國需要集中精力。我認為其次，我們必須找到一些不同的通路合作夥伴。我一直在探索過去的一些事情，並期待確保我們使用正確的交付模式。歸根究底，一切都與影響力有關。我們有優秀的產品。它們都被低估了。

They're all of exceptional quality. It's all about the reach, penetration. So again, I'll go back to the four tenets, three tenets. Its access is going to be key. It's across all portfolios, our innovation, but I am just picking on what it is today, they are great products, they are excellent in the marketplace, incredibly relevant and still forging past with the best names and then the operational excellence is just where it's coming down to.

它們都具有卓越的品質。一切都與覆蓋範圍和滲透力有關。因此，我再次回顧這四個原則，三個原則。它的訪問將是關鍵。它涵蓋了我們所有的產品組合，我們的創新，但我只是選擇今天的內容，它們是很棒的產品，它們在市場上表現優異，具有令人難以置信的相關性，並且仍然在與最好的品牌競爭，然後卓越的運營才是關鍵所在。

And I'm going to lean on that third one because that's the question you asked. It's really about the rigor and discipline that we take into the marketplace. That's actually what's required for us to excel.

我將傾向於第三個問題，因為這是你提出的問題。這實際上與我們進入市場時的嚴謹性和紀律性有關。這實際上就是我們取得成功所需要的。

Okay. Got it. And then lastly for me, just on the MYOLYN products and AlterG. What is kind of embedded in the guidance for that? I mean do you expect growth from last year?

好的。知道了。最後，對我來說，只討論 MYOLYN 產品和 AlterG。指導中對此有何規定？我的意思是，您預計去年會有成長嗎？

We expect growth from last year on both product lines, yes.

是的，我們預期這兩條產品線都會比去年有所成長。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Mark Grant for any closing remarks.

我們的問答環節到此結束。我想將會議交還給馬克·格蘭特先生，請他致閉幕詞。

Okay. If no more questions, we'll go ahead and conclude the call. I appreciate everybody's attendance today. Thank you, and we're looking forward to next quarter.

好的。如果沒有其他問題，我們將繼續並結束通話。我感謝大家今天的出席。謝謝，我們期待下個季度。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。