ReWalk Robotics Ltd. LFWD (DBA Lifeward) reported fourth-quarter adjusted earnings per share of $(0.05), missing the analyst consensus of $(0.10).
The quarterly revenue is $6.9 million, missing the analyst consensus of $7.22 million.
Adjusted gross margin was 47% in the quarter under review, compared to 52.8% a year ago.
The decline in non-GAAP gross margin was primarily attributable to an absence of more favorable mix of product sales and favorable material costs as a percentage of revenue that boosted the prior year’s quarter.
Total operating expenses in the fourth quarter of 2023 were $8.6 million, compared to $5.7 million in the year-ago period.
As of December 31, 2023, ReWalk had $28.1 million in unrestricted cash and cash equivalents on its balance sheet with no debt.
Outlook: For the full year 2024, Lifeward expects revenue of $28 million to $32 million versus $33.08 million estimate, non-GAAP gross margin to expand to the high 40%s.
Lifeward sees first-quarter revenue of $5.0 million to $5.5 million versus $7.6 million estimate.
Price Action: LFWD shares are trading lower by 3.89% to $0.8911 on the last check Tuesday.
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