On November 14, 2025, Lifeward Ltd. (“Lifeward” or the “Company”), a NASDAQ-listed medical‐technology company (Ticker: LFWD) focused on rehabilitation devices for people with physical limitations or disabilities, released its results for the third quarter and nine months ended September 30, 2025.
Lifeward achieved a record quarter for placements of its ReWalk® exoskeleton system for Medicare beneficiaries, marking its second consecutive record quarter since the U.S. Medicare fee schedule came into effect in April 2024.
Operational improvements delivered a reduction in quarterly cash burn: $3.8 million in Q3 2025 versus $4.5 million in Q3 2024.
On the non-GAAP basis, the company reduced its operating loss by 27% year-over-year.
Lifeward entered into a $3.0 million loan agreement with Oramed Ltd. to bolster its liquidity and support ongoing operations.
The company received CE Mark approval for its ReWalk 7 Personal Exoskeleton, enabling commercial sales in Europe (which currently accounts for approximately 40% of its exoskeleton sales).
Additionally, Lifeward secured its first commercial Medicare Advantage plan reimbursement for the ReWalk 7 device, an important milestone in U.S. reimbursement expansion.
Total revenue for Q3 was $6.2 million, up slightly from $6.1 million in Q3 2024 (+1%).
Year-over-year growth was driven by traditional product sales (ReWalk exoskeletons and MyoCycle FES bikes), which rose to $3.1 million (+24% versus prior year). Meanwhile, revenue from AlterG® anti-gravity products decreased by ~15% to $3.1 million, attributed to timing and mix changes.
Gross margin improved to 43.7% (versus 36.2% in Q3 2024), reflecting cost efficiencies including the December 2024 closure of the Fremont, California manufacturing facility.
GAAP operating loss amounted to $3.1 million (50.7% of revenue), a modest improvement over Q3 2024’s $3.2 million (51.8% of revenue). On a non-GAAP basis, the operating loss was $3.0 million compared to $4.1 million a year earlier.
Net loss was $3.2 million or $0.20 per share, compared to a net loss of $3.1 million or $0.35 per share in the prior year quarter. Non-GAAP net loss was $3.0 million or $0.19 per share versus $4.0 million or $0.45 per share.
As of September 30, 2025, Lifeward held approximately $2.0 million in unrestricted cash and cash equivalents, with no debt. Liquidity remains a key focus.
For the full year 2025, Lifeward reaffirmed guidance of revenue in the range $24 – 26 million and a projected non-GAAP net loss of $12 – 14 million.
Lifeward’s Q3 results reflect a company in transition — moving from investment and manufacturing restructuring toward improved operational discipline and reimbursement traction. The record Medicare placements and CE Mark for the ReWalk 7 exoskeleton highlight growing clinical adoption and broader geographic access, which are critical in the complex reimbursement environment for advanced mobility devices.
For stakeholders in the prosthetics & orthotics (P&O) and rehabilitation space, several implications stand out:
The growth of exoskeleton adoption through Medicare signifies increasing acceptance of advanced mobility technologies in clinical and home settings.
Improved gross margins and reduced cash burn point to operational improvements and manufacturing realignment — important for sustainable scaling.
The expansion of reimbursement options (including Medicare Advantage) will have positive downstream effects for clinics, providers, and patients seeking assisted-mobility solutions.
Lifeward’s reaffirmed guidance suggests the company is confident in managing expenditures while focusing on growth, though the path to profitability remains ongoing.
Despite progress, Lifeward continues to face headwinds including:
Sustained net losses and a modest cash balance mean further capital may be required to fully execute growth plans.
Commercialization risk remains tied to regulatory and reimbursement dynamics (especially in the U.S. and Europe).
Adoption of exoskeleton and FES devices depends on clinical training, infrastructure, and provider readiness – factors that vary region to region.
The company highlights in its forward-looking statements the many uncertainties inherent in device manufacturing, regulatory approval, payor acceptance, and supply-chain management.
Lifeward’s Q3 2025 performance offers a cautiously optimistic sign for the future of advanced rehabilitation technology providers. With measurable progress in placements, reimbursement, operational efficiency, and market access, the company is narrowing the gap between innovation and commercial viability.
For rehabilitation professionals, prosthetists, orthotists, and device manufacturers, the evolution of companies like Lifeward underscores the broader shift toward next-generation mobility solutions — signaling that the intersection of medical devices, reimbursement pathways, and patient outcomes is becoming increasingly dynamic. As Lifeward continues its transformation, the key will be sustaining momentum, managing liquidity, and ensuring that the promise of sophisticated mobility technologies translates into real-world benefit for individuals living with mobility impairments.