Lifeward Ltd (LFWD) 2025 Q3 法說會逐字稿

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

早上好，歡迎參加Lifeward 2025年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Almog Adar, CFO of Lifeward. Please go ahead.

現在我將把會議交給Lifeward的財務長阿爾莫格·阿達爾先生。請開始吧。

Thank you, operator, and thanks to everyone who has joined us on the call today. My name is Almog Adar. I'm Lifeward's Chief Financial Officer. And with me on today's call is our President and Chief Executive Officer, Mark Grant. Earlier this morning, Lifeward issued a press release detailing the financial results for the third quarter, which ended September 30, 2025.

謝謝接線員，也謝謝今天所有參加電話會議的各位。我是阿爾莫格·阿達爾，Lifeward公司的財務長。今天與我一起參加電話會議的還有我們的總裁兼執行長馬克·格蘭特。今天早些時候，Lifeward公司發布了一份新聞稿，詳細介紹了截至2025年9月30日的第三季財務業績。

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

請您審閱新聞稿中所有前瞻性聲明的全文。我們預計在本次電話會議中會做出預測，但實際結果可能因多種因素而與預測有重大差異，這些因素包括我們最近向美國證券交易委員會提交的文件中所述的因素。

And with that, I will turn the call over to Mark.

接下來，我將把電話交給馬克。

Thank you, Almog. Good morning, everyone, and thank you for your time today. Since joining Lifeward in June, I completed a sober and comprehensive assessment of the business. Starting with our strategic direction down to our commercial model and operations. What I found is a company with innovative, powerful technology, deep clinical knowledge and a mission that matters, also a company that needs sharper focus, stronger discipline and rebuilt foundation to unlock its potential.

謝謝Almog。大家早安，感謝各位今天抽出時間。自從六月加入Lifeward以來，我對公司進行了冷靜而全面的評估，從策略方向到商業模式和營運都進行了深入分析。我發現，公司擁有創新且強大的技術、深厚的臨床知識和意義非凡的使命，但同時也需要更明確的目標、更強的紀律和重建基礎，才能真正釋放其潛力。

Over the past few months, we've taken meaningful steps to rebuild those fundamentals. We have simplified how we operate, strengthen the processes that matter most to patients, payers and providers and begun reshaping our go-to-market approach around the global access, distribution scalability and data-driven commercial model.

過去幾個月，我們採取了實際有效的措施來重建這些基本要素。我們簡化了營運方式，加強了對患者、支付方和醫療服務提供者至關重要的流程，並開始圍繞全球准入、分銷規模化和數據驅動的商業模式，重塑我們的市場推廣策略。

The progress we've demonstrated this quarter is encouraging early sign that this work is taking hold. We delivered another record quarter for ReWalk placements for Medicare beneficiaries. This is our second consecutive record since CMS established their fee schedule in April 2024.

本季的進展令人鼓舞，顯示這項工作正在取得成效。我們為聯邦醫療保險受益人提供的ReWalk服務安裝量再次創下新紀錄。這是自美國醫療保險和醫療補助服務中心（CMS）於2024年4月制定收費標準以來，我們連續第二季創下紀錄。

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

我們實施了實際有效的營運效率提升措施，與去年相比，季度現金消耗減少了16%，非GAAP營運虧損減少了27%。此外，我們也擴大了病患就醫管道，包括我們的ReWalk 7個人外骨骼獲得了首筆Medicare Advantage商業收入。

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

憑藉CE認證，我們成功拓展了歐洲市場，該市場約占我們全球外骨骼市場潛在份額的40%。這些成果表明，Lifeward正朝著更專注、更有效率和以患者為中心的方向發展。

Earlier today, alongside our earnings release, we also announced the completion of a $3 million loan with Oramed. This capital enhances our near-term liquidity and supports ongoing execution of our transformation plan. We are still early in a multi-quarter rebuild, understand there is more work ahead. And I have confidence in the commitment and the dedication of our teams across our company to complete this transformation.

今天早些時候，在發布財報的同時，我們也宣布完成了與Oramed的300萬美元貸款。這筆資金將增強我們的近期流動性，並支持我們轉型計畫的持續推​​進。我們仍處於一項跨越多個季度的重建計劃的初期階段，深知未來還有更多工作要做。但我對公司各團隊完成這項轉型的決心和奉獻充滿信心。

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

令我們倍感鼓舞的是，這些措施實施不久，我們就看到了實際的進展和清晰的發展方向。我們正在重建基礎架構，並調整 Lifeward 的營運模式，使其能夠服務更多人群，更有效率地擴展規模，並創造持久的長期價值。

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

接下來，我將把電話交給我們的財務長阿爾莫格，讓他回顧本季的財務表現。

Thank you, Mark. As we review our results, I will discuss both GAAP and non-GAAP figures. The non-GAAP results excluded the items detailed in the reconciliation tables in today's earnings release and in our view, provide a clear picture of the company's underlying operating performance.

謝謝馬克。在回顧我們的表現時，我將討論GAAP和非GAAP財務數據。非GAAP財務數據剔除了今天財報中調整表所列的項目，我們認為，這能更清楚反映公司的實際經營績效。

I'm encouraging you to refer to the GAAP results and the reconciliation table as we go through the third quarter 2025 financials. And now let's discuss revenue. Lifeward's reported revenue of $6.2 million in the third quarter of 2025 compared to $6.1 million in the third quarter of 2024, an increase of $0.1 million or approximately 1.1%.

我建議大家在分析2025年第三季財務資料時參考GAAP結果和調節表。現在我們來討論一下收入。 Lifeward公司2025年第三季的營收為620萬美元，而2024年第三季為610萬美元，增加了10萬美元，增幅約為1.1%。

On a quarter-over-quarter basis, Q3 revenue increased approximately 8% from $5.7 million in Q2 2025, driven primarily by higher Medicare unit sales in the US. Now let's break it down by product line on a year-over-year basis. Revenue from our traditional products and services, which includes the ReWalk 7 Personal Exoskeleton, the MyoCycle FES bike and the ReStore Exo-suit totaled $3.1 million in Q3 2025 compared to $2.5 million in Q3 2024.

與上一季相比，2025年第三季營收成長約8%，從第二季的570萬美元增至310萬美元，主要得益於美國醫療保險（Medicare）產品銷售的成長。接下來，我們將依產品線年比分析營收情況。包括ReWalk 7個人外骨骼、MyoCycle FES動感單車和ReStore外骨骼套裝在內的傳統產品和服務營收在2025年第三季總計310萬美元，而2024年第三季為250萬美元。

An increase of about $600,000 or 24%. This increase is driven by year-over-year increase in Medicare-related sales. During the third quarter of 2025, we delivered 15 ReWalk units compared to 4 ReWalk units delivered in Q3 2024. Revenue from the AlterG products and services was $3.1 million in Q3 2025, down from $3.6 million in Q3 2024, primarily driven by timing factors and quarterly revenue mix.

成長約 60 萬美元，增幅達 24%。這一增長主要得益於與醫療保險相關的銷售額同比增長。 2025 年第三季度，我們交付了 15 台 ReWalk 設備，而 2024 年第三季僅交付了 4 台。 2025 年第三季 AlterG 產品和服務的收入為 310 萬美元，低於 2024 年第三季的 360 萬美元，主要受時間因素和季度收入結構的影響。

Across both product lines, our commercial pipeline remains healthy. For the ReWalk product line, we closed the quarter with a pipeline of more than 117 qualified leads in process in the United States. In Germany, we had 49 leads in process at the quarter end, including 33 active rentals, which historically convert to sales within three to six months.

兩大產品線的銷售通路均保持良好狀態。 ReWalk產品線方面，截至本季末，我們在美國擁有超過117個正在處理的合格銷售線索。在德國，截至季度末，我們擁有49個正在處理的銷售線索，其中包括33個活躍的租賃訂單，這些訂單通常會在三到六個月內轉化為實際銷售。

For AlterG, we closed the quarter with 23 systems in backlog. Moving to gross profit. In the third quarter of 2025, our GAAP gross profit was $2.7 million or 43.7% of revenue compared to $2.2 million or 36.2% of revenue in the third quarter of 2024.

AlterG方面，本季末積壓訂單為23套系統。接下來談談毛利。 2025年第三季度，我們的GAAP毛利為270萬美元，佔營收的43.7%，而2024年第三季為220萬美元，佔營收的36.2%。

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

以非GAAP準則計算，2025年第三季毛利為270萬美元，佔營收的43.7%，而2024年第三季毛利為260萬美元，佔營收的42.5%。年比成長主要得益於2024年12月關閉位於加州弗里蒙特的製造工廠後生產成本的降低。

Now pivoting to operating expenses. GAAP operating expenses were $5.9 million in the third quarter of 2025 compared to $5.4 million in the third quarter of 2024. The increase was largely driven by $2 million earn-out write-down that we recognized in the prior year quarter. On a non-GAAP basis, adjusted operating expenses were $5.7 million in the third quarter of 2025 compared to $6.7 million in the third quarter of 2024.

現在來看營運費用。以美國通用會計準則（GAAP）計算，2025年第三季的營運費用為590萬美元，而2024年第三季為540萬美元。成長的主要原因是我們在去年同期確認了200萬美元的或有收益減損。以非美國通用會計準則（Non-GAAP）計算，2025年第三季的調整後營運費用為570萬美元，而2024年第三季為670萬美元。

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

這一下降主要反映了報銷流程效率的提高、行銷和銷售營運效率的提升，以及重大研發項目完成後研發支出的減少。我們預計，在各項效率提升措施持續發揮作用的推動下，這一正面趨勢將延續至2025年第四季。

Our GAAP operating loss for the third quarter of 2025 was $3.1 million compared to $3.2 million in the third quarter of 2024. On a non-GAAP basis, operating loss was $3 million compared to $4.1 million in the same period last year. We expect our quarterly operating loss to further reduce in the fourth quarter of 2025 as sales volume continued to grow and efficiency measures continue to take hold.

根據美國通用會計準則（GAAP），我們2025年第三季的營業虧損為310萬美元，而2024年第三季為320萬美元。以非美國通用會計準則（Non-GAAP）計算，營業虧損為300萬美元，去年同期為410萬美元。我們預計，隨著銷售量的持續成長和效率提升措施的持續實施，2025年第四季的季度營業虧損將進一步減少。

Let's talk balance sheet and cash flow. We ended the third quarter of 2025 with $2 million in cash and cash equivalents and no debt. This amount includes the full gross proceeds raised through our ATM facility, which totaled approximately $1.2 million. Our operating cash usage in the third quarter of 2025 was $3.8 million compared to $4.5 million in the third quarter of 2024.

我們來談談資產負債表和現金流量。截至2025年第三季末，我們持有現金及現金等價物200萬美元，且無任何債務。該金額包括透過我們的ATM機籌集的全部資金，總額約為120萬美元。 2025年第三季度，我們的經營現金流出為380萬美元，而2024年第三季為450萬美元。

The improvement reflects the benefits of operational efficiencies and the consolidation of our manufacturing facilities. Following the end of the quarter, we entered into a $3 million loan agreement with Oramed, providing additional capital support to further strengthen our liquidity position.

這項改善反映了營運效率提升和生產設施整合的益處。季度末，我們與Oramed公司簽訂了300萬美元的貸款協議，為公司提供額外的資金支持，進一步增強了我們的流動性。

Based on our current plan, we remain going concern with sufficient cash to fund operations into the first quarter of 2026, and we continue to evaluate all opportunities to support our operations and growth plans while continuing to implement cost management initiatives to preserve resource and maintain focus on our core businesses.

根據我們目前的計劃，我們仍能持續經營，擁有足夠的現金來維持營運至 2026 年第一季度，我們將繼續評估所有支持我們營運和成長計劃的機會，同時繼續實施成本管理措施，以保護資源並專注於我們的核心業務。

Lastly, financial guidance. Lifeward is reaffirming its full year 2025 guidance, including expected 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.

最後，是財務展望。 Lifeward重申其2025年全年業績展望，包括預計收入在2,400萬美元至2,600萬美元之間，以及預計非GAAP淨虧損在1,200萬美元至1,400萬美元之間。

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

這樣，我就把電話轉回馬克了。

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

謝謝你，Amar。自六月以來，我們一直致力於重建Lifeward的基礎架構，明確策略方向，完善商業模式，提升營運效率，並使組織圍繞更具可擴展性和數據驅動的方法進行調整。

The progress we delivered this quarter shows that the foundation we are putting in place is working. We are executing with more consistency, more focus and greater alignment across the company. As you heard from Almog, part of this transformation is that we're consistently assessing opportunities to enhance our financial position.

本季度取得的進展表明，我們正在建立的基礎正在發揮作用。我們執行力更強，目標更明確，公司上下也更協調一致。正如您從阿爾莫格那裡聽到的，這項轉型的一部分在於，我們一直在評估各種機會，以提升我們的財務狀況。

We've had a number of productive conversations across the landscape, and we'll continue evaluating all options that could support long-term strategy. We're also not dependent on any single path. Our focus remains on making decisions that position Lifeward for durable value creation.

我們已就各個方面進行了多次富有成效的對話，並將繼續評估所有可能支持長期戰略的方案。同時，我們也不依賴任何單一路徑。我們的重點仍然是做出能夠使Lifeward實現持久價值創造的決策。

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

我們在現有市場、全球擴張以及正在探索的策略途徑中都擁有意義非凡的機會。我們致力於打造一個更強大、更有效率、更具影響力的未來Lifeward。

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

感謝您今天參加我們的電話會議，也感謝您一直以來的支持。接線員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Yale Jen, Laidlaw & Company.

耶魯‧詹，萊德勞公司。

Good morning and thanks for taking the questions. And just a little bit sort of detailed things here. First of all, I just want to confirm that you mentioned that there's 23 systems in rental. Is that correct? If so, what's the breakdown between the United States and Germany?

早上好，感謝您回答問題。這裡還有一些細節問題。首先，我想確認一下，您有提到有23套系統在出租，是這樣嗎？如果是的話，美國和德國的租賃系統數量分別是多少？

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

耶魯，請您再重複問題好嗎？具體細分是什麼？

The rental, how many rental system for the -- I'm sorry, for the ReWalk of the quarter? And what's the breakdown between the United States and Germany?

本季ReWalk租賃系統的數量是多少？美國和德國的租賃數量分別是多少？

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

正如我在電話會議中提到的，我們在德國共有 33 套活躍的出租房產。

In Germany. Okay. Great. That would be great. Okay. And my second question is that in the previous quarter, you have a collaboration with CorLife. Just curious what kind of impact that you may felt in the third quarter or even going forward?

在德國。好的。太好了。那真是太好了。好的。我的第二個問題是，上個季度你們和CorLife有合作。我只是好奇，你們在第三季甚至未來幾年可能感受到了什麼樣的影響？

Yeah, Yale, thank you for the question, and good to hear your voice today. So the partnership with CorLife has been going well. And so we've both been diligently and meticulously working into this partnership and building the pipeline over time. It's grown each quarter, and we're learning the training processes and what it takes to reach those patients for marketing efforts. So we're excited about that partnership and looking through it to expand in the future.

是的，耶魯，謝謝你的提問，很高興今天能聽到你的聲音。我們與CorLife的合作進展順利。我們雙方都一直認真、細緻地推進這項合作，並逐步建立起客戶管道。每個季度都有成長，我們也在學習培訓流程，以及如何有效地觸及目標患者，並進行行銷活動。我們對這項合作感到非常興奮，並期待未來能夠進一步拓展合作。

Okay. Maybe the last question here is that you mentioned that you have the highest percentage of ReWalk from the Medicare, which is a great development. Just curious, do you guys have any color in terms of what percentage, I guess, from the dollar sales that were from the Medicare versus others? thank you.

好的。最後一個問題是，您提到你們的ReWalk產品來自Medicare的銷售額佔比最高，這真是個好消息。我很好奇，你們能否提供一些數據，例如Medicare的銷售額佔總銷售額的百分比，以及其他通路的銷售額佔比是多少？謝謝。

Approximately 50% of our total revenue. For ReWalk products only, not take into account the other product.

約占我們總收入的50%。僅指ReWalk產品，不包括其他產品。

Understood. Understood. And maybe just take one more. What's the actual sort of rough revenue of ReWalk within the $3.1 million of the traditional product sales?

明白了。明白了。或許再來一個。在310萬美元的傳統產品銷售額中，ReWalk的實際收入大概是多少？

$2.9 million is related to the ReWalk product and the other is mainly cycle.

其中 290 萬美元與 ReWalk 產品有關，其餘的主要用於週期管理。

Okay, great. Thanks, and I really appreciate it and the best of luck for you guys.

好的，太好了。謝謝，我非常感激，祝你們一切順利。

Yale, thank you for the questions.

耶魯大學，謝謝你們的提問。

(Operator Instructions)

（操作說明）

Swayampakula Ramakanth, H.C. Wainwright.

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

Thank you, and this is RK from H.C. Wainwright. A few questions from me. So starting off from the top, Mark, as you said, you look down through the different aspects of the company and did a review. What have you learned in that compared to when you did your due diligence coming into the company? And what sort of -- what aspects of the operations do you think requires changes so that we get to the -- not only to the inflection point, but also the growth stage of the company?

謝謝，我是H.C. Wainwright的RK。我有幾個問題。首先，Mark，正如你所說，你會審視公司的各個方面並進行評估。與你當初接手公司時所做的盡職調查相比，你從中獲得了哪些新的發現？你認為公司營運的哪些方面需要改進，才能使公司不僅達到轉折點，而且進入成長階段？

RK, thank you for the question. So quickly, I think, first and foremost, are the fundamentals of the business really have to be established from ground up, good visibility into KPIs, understanding data and deploying the resources where data supports it. And that's number one is kind of the first thing.

RK，謝謝你的提問。簡單來說，我認為首先也是最重要的是，業務的基本要素必須從零開始打好，關鍵績效指標（KPI）要清晰可見，要理解數據，並根據數據部署資源。這才是最重要的。

I saw a little bit of that coming into the role, but not as much as I got into as I got in here a little deeper. Secondarily is we have the opportunity for some great strategic partnership and channel management. And that comes in two flavors.

我剛上任時就略有察覺，但隨著工作深入，這種感覺越來越強烈。其次，我們有機會建立一些重要的策略夥伴關係和通路管理機制。這體現在兩個方面。

One is it allows us to gain broader access to patients through all the payers across the US. And secondarily, it's a population of patients that are really targeted in our environment. So I'm excited because I've got roughly 20 years or 25 years of experience in that channel management and also across payer access.

首先，它使我們能夠透過全美所有支付方更廣泛地接觸到患者。其次，這部分患者群正是我們商業環境中真正需要的目標群。所以我很興奮，因為我在通路管理以及支付方准入方面擁有大約20到25年的經驗。

And so the channel partnerships coupled with payer access and payer policy development are key for our success going forward. And then the last piece around operations is, frankly, just scale. We've got a good growth plan in front of us, but we've got to make sure we can keep up with it and be reproducible of high quality.

因此，通路合作、支付方准入以及支付方政策制定，對我們未來的成功至關重要。而營運方面的最後一點，坦白說，就是規模化。我們制定了良好的成長計劃，但必須確保能夠持續推進並維持高品質的複製性。

So I think if I boil it down to four different pieces, one of which is establishing true and solid fundamentals. The second is making sure we're leveraging channel partners as strongly as we can and ensuring access for everybody. The third is access across all payers across the globe, so no patient is left behind. And the fourth is ensuring we scale for the future with good COGS.

所以我覺得可以歸納為四個面向：第一，建立穩固的基礎；第二，確保我們盡可能有效地利用通路夥伴，保障所有人都能獲得服務；第三，確保全球所有支付方都能獲得服務，不讓任何患者掉隊；第四，確保我們能夠以合理的成本控制實現未來的規模化發展。

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

謝謝你，馬克。那麼，說到通路管理，是什麼促成了本季（第三季）Medicare銷售額的成長？這種成長動能又能持續到未來幾季呢？

The good news is the channel management is just starting. So as we go into Q1 of next year is when you'll see the reflection of that. So right now, we're just cleaning up the fundamentals. The channel partnerships take a bit to develop. And so you're not seeing a reflection of it at all.

好消息是，通路管理才剛起步。明年第一季您就能看到成效。目前，我們正在夯實基礎。通路合作關係的建立需要時間，所以您現在還看不到任何成效。

What you're seeing right now is a focused sales force where we divided the sales force into two pieces. We have one that's focused on capital sales and one that's focused on the patient, payer and access. So more to come on that one.

現在您看到的是一支精簡且有效率的銷售團隊，我們將其分為兩部分。一部分專注於資本銷售，另一部分專注於患者、支付方和市場准入。關於這一點，我們稍後會詳細介紹。

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

沒錯。 Almog，你重申了2025年2400萬美元至2600萬美元的業績預期，這意味著你希望比第三季度增長21%，如果我的計算沒錯的話。而根據你自己的新聞稿，第二季到第三季成長了8%。那麼，是什麼讓你有信心達到21%的成長呢？

First RK, thanks for the question. As you know, Q4 is usually the strongest quarter for us at ReWalk for both products, AlterG and ReWalk. And what gives me the confidence that we will achieve our guidance is the existing backlog for both products and the strong pipeline that we are managing.

首先，RK，感謝你的提問。如你所知，第四季通常是ReWalk旗下兩款產品（AlterG和ReWalk）業績最好的季度。讓我有信心實現業績預期的是，這兩款產品目前都擁有充足的訂單儲備，而且我們正在積極推動後續產品的銷售。

Okay. And then on the AlterG, what happened there? Because it looks like there was a 15% decline. What needs to be done so that we can kind of just stabilize the ship and get it sail again?

好的。那麼AlterG號上發生了什麼事？看起來下降了15%。我們需要做些什麼才能穩定局面，讓它重新啟航？

Yeah, RK, this is really about the core focus of the sales teams. We have a neuro rehab team that has been selling capital and also selling into neuro rehab space. And frankly, what that does is that loses some of the focus that you really need.

是的，RK，這確實關乎銷售團隊的核心關注。我們有一個神經復健團隊，他們既銷售資金，也向神經復健領域銷售產品。坦白說，這樣做會分散我們真正需要的專注力。

So we've started a couple of beta programs, which will expand out to the broader community as we go into the next year, but where we have a dedicated capital team that will be selling AlterG, and we'll have a highly focused neuro rehab team that will be selling ReWalk, and this is in particular to the US.

因此，我們已經啟動了幾個測試項目，這些項目將在明年擴展到更廣泛的社區，但我們有一個專門的資本團隊來銷售 AlterG，我們還將有一個高度專注的神經復健團隊來銷售 ReWalk，這尤其針對美國市場。

Just as a comment, Germany continues to be very successful in both efforts. We're really refocusing the strategy here in the US.

順便提一下，德國在這兩項工作中都繼續取得了巨大成功。而我們美國這邊，正在重新調整戰略。

Okay. And talking about Germany, you were commenting a little bit on ReWalk 7 and Europe could be -- opportunity could be as much as a 40% of your total sales. So to that end, what -- how is ReWalk 7 being introduced? And is it still the workers' comp insurance that you're looking into? Or is it outside of that insurance segment, you have any visibility or actually could actually gain some adoption in other segments of the market?

好的。說到德國，您剛才提到了ReWalk 7，歐洲市場可能占到您總銷售額的40%。那麼，ReWalk 7是如何推廣的呢？您目前關注的還是工傷保險市場嗎？還是說，除了工傷保險領域，您是否也考慮過其他市場領域，或者說，您是否有可能在其他細分市場獲得應用？

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

是的，當你觀察德國時，我認為有一點，關鍵指標，而且我要再次強調我們最初的觀點，就是目前處於租賃期內的33名活躍患者，其中轉化率很高，而且在三到六個月內轉化率也很高。

And so for me, that's really the health of their pipeline and looking at how that business is growing. So it's a solid pipeline. Secondarily, we do have good coverage, about 40% we have coverage directly, but we have 100% access to all patients. So the good news is when you look at Germany in particular, not the total European nation, when you look at Germany, we've got exceptional access.

所以對我來說，這真正反映了他們產品線的健康狀況，以及業務的成長。他們的產品線非常穩健。其次，我們的覆蓋範圍也相當不錯，約40%的地區我們直接覆蓋，但我們對所有患者都具有100%的覆蓋率。所以好消息是，尤其是在德國，而不是整個歐洲，我們在德國的覆蓋率非常高。

We have opportunities to expand outside of Germany as the NDD listings and other things come together. So we still have to actually get ReWalk 7 across all the payer entities and countries, but it gives us great access because of the CE mark.

隨著NDD認證和其他相關事宜的推進，我們有機會將業務拓展到德國以外的地區。雖然我們仍需努力讓ReWalk 7涵蓋所有支付方和國家，但CE認證為我們提供了極大的市場准入優勢。

So more work to do on access, but structurally, we're doing really well.

所以，在無障礙設施方面還有很多工作要做，但從結構上看，我們做得非常好。

Okay. The last question from me. I have been watching Lifeward for a long time. And the company did have a few situations where it became -- the financial overhang became quite a bit to bear. But again, we are in that position now. And from your experience and from how you see it, how comfortable are you to get over this hump? And hopefully, this is the last time we do that.

好的，這是我的最後一個問題。我關注Lifeward很久了。這家公司確實遇到過幾次財務困境，一度難以承受。但現在，我們又面臨同樣的困境。根據您的經驗和看法，您認為我們有多大信心能夠渡過難關？希望這是我們最後一次遇到這種情況。

Yeah, RK, look, I'm not naive, right? So this is a tough place for any company to be. But as you can tell from my voice and the plan that we put together and also my experience, I'm actually excited to be standing where I'm standing.

是啊，RK，聽著，我可不是天真無知的人，對吧？所以，對任何公司來說，這都是個艱難的處境。但正如你從我的語氣、我們所製定的計劃以及我的經歷中聽出來的，我其實很興奮能站在這裡。

And so it may feel and look like the bottom, but the reality of it is those in business actually feel like this is a great place. What I'm excited about is we have a good turnaround story. The fundamentals of the business are repairable and short order. There wasn't really anything broken. And so I'm excited about that. Secondarily, the innovation is exceptional.

所以，雖然現在看起來像是跌到了谷底，但實際上，商界人士都認為這是一個絕佳的時機。讓我感到興奮的是，我們有一個不錯的扭虧為盈的故事。業務的基本面是可以修復的，而且很快就能解決。實際上，並沒有什麼根本性的問題。所以我對此感到很興奮。其次，創新能力非常優秀。

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

因此，如果你看看 ReWalk 7 的產品組合，你會發現它的硬體非常強大，軟體迭代也非常容易；AlterG 也是如此，它是同類產品中的佼佼者，擁有同類品牌，你也可以從中獲得創新優勢；此外，該領域還有其他產品可以以優惠的價格進行聚合。

I'm excited about where we are. But again, I want to start off. I'm not naive. This is not going to be an easy path. Hence, why we've been having so many conversations across the landscape to make sure we can find the best partner to suit with. And I'm optimistic that we're going to find the right one.

我對我們目前的進展感到興奮。但我想再次強調，一切都要從頭開始。我並非天真，這條路注定不會平坦。正因如此，我們才與各方進行了廣泛的溝通，以確保找到最合適的合作夥伴。我對找到合適的合作夥伴充滿信心。

I am very optimistic, too, because I have seen this company go through a lot of things and they've always come out better than the situation that they were at.

我也非常樂觀，因為我見證了這家公司經歷的許多事情，而他們最終總是比當時的處境更好。

Yeah, thank you. We'll talk to you soon.

好的，謝謝。我們很快再聯絡。

(Operator Instructions)

（操作說明）

Yale Jen, Laidlaw & Company.

耶魯‧詹，萊德勞公司。

Thanks for taking my follow-up questions, and in terms of AlterG, I remember last quarter, you guys talking about expanding to the sports arena versus just in the medical space. I'd just like to get some updates on that effort thanks.

感謝您回答我的後續問題。關於 AlterG，我記得上個季度你們討論過將業務拓展到體育領域，而不僅限於醫療領域。我想了解這方面的最新進展，謝謝。

Yeah, you got a great memory, and I'm glad you brought that up. That is part of the broader transformation. So we have two beta regions right now within the US. where we've actually switched to having a capital sales team and to having a neuro rehab specialist. So the capital sales team focused on AlterG, the rehab specialists and the other focused on ReWalk 7.

是的，你的記憶力真好，很高興你提到了這一點。這是整體轉型的一部分。目前我們在美國有兩個測試區域，我們已經調整了團隊配置，一個是資本銷售團隊，另一個是神經復健專家團隊。資本銷售團隊專注於 AlterG，復健專家團隊專注於 ReWalk 7。

And so those efforts have just started. So I would expect that you're going to see some stronger results as we turn into the new year. But we've already made those fundamental changes. We do know from our customers and from our pipeline that we're seeing good growth, but we also haven't rolled it out across the entire US.

因此，這些努力才剛開始。我預計，隨著新年的到來，你會看到更顯著的成果。但我們已經做出了這些根本性的改變。我們從客戶和銷售管道了解到，我們正看到良好的成長，但我們尚未在美國全境推廣。

So more to come on that as we actually execute against the transformation. But we were opportunistic as we had changes in the space, we went ahead and put it into play. So we are going to have a team that's focused on high school sports elites and up.

隨著我們實際推進轉型，後續還會公佈更多資訊。但我們抓住了機遇，並利用市場變化迅速實施了相關計畫。因此，我們將組建一支專注於高中及以上級別運動精英的團隊。

And they're also going to be focused on rehab facilities, but they're going to get the support of the neuro rehab specialists that call on ReWalk. So you kind of get the double dip. So we're going to cover the rehab centers explicitly with two different people, and then you're going to have a dedication of a capital goods sale and then also someone who can work with patients payer and providers in the neuro rehab space.

他們也將專注於復健機構，但同時也會得到與ReWalk合作的神經復健專家的支持。所以，您相當於獲得了雙重收益。我們將安排兩位不同的人員專門負責復健中心，同時也安排專人負責資本貨物銷售，以及與神經復健領域的患者、支付者和醫療服務提供者合作。

So bifurcating the space, we know from outside the US. Also I know from my history is really important for the end user and for the customer and the buyer. And so bifurcating the sales force will give us the focus needed to deliver against better fundamentals and also the growth you expect.

因此，我們從美國以外的市場了解到，將業務領域細分至關重要。而且，根據我的經驗，這對最終用戶、客戶和買家來說都非常重要。因此，銷售團隊的細分將使我們能夠集中精力，從而更好地實現基本面改善和預期成長。

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

或許可以在這裡補充一點，就體育場館而言，是否實際上都是自費，而不是透過其他任何方式報銷？

For sports, yes. But we do get a tremendous amount of the business from government and grants outside the US. So there is a good blend, right? So it's all not just self-pay.

對體育來說確實如此。但我們也從美國以外的政府和撥款中獲得了大量業務收入。所以各種收入來源比較均衡，對吧？所以並非完全是自費。

So the DoD and others support us very well with all of our products. And then it's likewise outside the US. We get tenders for these products on a daily basis.

因此，美國國防部和其他機構對我們的所有產品都給予了大力支持。在美國以外，情況也是如此。我們每天都能收到這些產品的招標邀請。

Okay, great. That, that's very helpful and thanks a lot and best of luck going forward.

好的，太好了。這很有幫助，非常感謝，祝你未來一切順利。

Yeah, thank you I appreciate it yale.

是的，謝謝，我很感激耶魯大學。

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

問答環節到此結束。現在我把會議交還給馬克·格蘭特，請他作總結發言。

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

再次感謝各位今天參加電話會議，也想告訴大家，Lifeward 正處於一個獨特的轉折點，我們為此感到無比興奮。我們感謝大家的支持，並期待不辜負大家在市場上的期待。

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

通話到此結束，感謝大家的寶貴時間。下次再聊。

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

會議已結束。感謝您參加今天的報告。您可以斷開連線了。