Lifeward (NASDAQ:LFWD) reported its fourth-quarter and full-year 2025 financial results on Wednesday, March 18, 2026, highlighting a year of significant structural changes and improved reimbursement access.
The Marlborough-based maker of wearable robotic exoskeletons reported a fourth-quarter net loss of $5.3 million, or $3.60 per share, on revenue of $5.1 million.
For the full fiscal year 2025, Lifeward recorded a net loss of $19.9 million, or $17.16 per share, an improvement from the $29.3 million loss reported in the previous year.
Total annual revenue reached $22 million, supported by steady demand for the ReWalk Personal Exoskeleton and the AlterG Anti-Gravity systems, despite a 14% decline in total sales compared to 2024 due to portfolio rebalancing and manufacturing transitions.
Notably, the company’s GAAP gross margin improved to 38.2%, up from 32% in 2024, driven by a move to in-house manufacturing and the closure of its Fremont facility.
A primary driver for the company's 2026 outlook is the recent breakthrough in U.S. reimbursement.
Lifeward confirmed that three of the largest Medicare Advantage insurers—Aetna, Humana, and UnitedHealthcare—now provide coverage for the ReWalk Personal Exoskeleton.
This expansion provides approximately 16 million beneficiaries with potential access to the technology, which is FDA-cleared to enable individuals with spinal cord injuries to stand and walk.
Coinciding with the earnings release, Lifeward announced shareholder approval for a transformative strategic partnership with Oramed.
This transaction integrates Oramed's POD™ oral protein delivery platform into Lifeward's portfolio, repositioning the firm as a diversified biomedical innovation company.
The deal provides Lifeward with a path toward up to $47 million in potential funding, aimed at extending its cash runway as it targets profitability.