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MARLBOROUGH, Mass. and BERLIN, Germany - Lifeward Ltd. (NASDAQ:LFWD), a medical technology company valued at $14.1 million, has finalized a contract with BARMER, the second-largest health insurer in Germany, to establish a reimbursement process for its ReWalk Personal Exoskeletons for eligible beneficiaries. This agreement potentially benefits nearly half of those with statutory health insurance in Germany. According to InvestingPro data, the company has demonstrated remarkable revenue growth of 173% over the last twelve months, though it currently trades near its 52-week low.
The partnership aims to streamline access to Lifeward’s exoskeleton technology for individuals with spinal cord injuries who are insured by BARMER. With over 8.5 million people covered by BARMER, the insurer has already facilitated the provision of 20 ReWalk Personal Exoskeletons in recent years. InvestingPro analysis shows the company maintains a healthy balance sheet with more cash than debt, and a strong current ratio of 2.65x, indicating solid short-term financial stability. InvestingPro subscribers have access to 14 additional key insights about Lifeward’s financial health and growth prospects.
Lifeward’s CEO, Larry Jasinski, expressed optimism that the agreement with BARMER will encourage broader insurance coverage for exoskeletons in Germany and internationally. The company is also looking to expand access in the U.S. by engaging with Medicare Advantage Programs and other commercial payers.
BARMER has acknowledged the high-quality standards Lifeward adheres to and sees the agreement as a step toward sustainable supply structures for exoskeletons. The defined reimbursement process will now make it easier for medically eligible beneficiaries to receive a ReWalk Personal Exoskeleton for daily use.
Lifeward, established in 2001, focuses on developing solutions that aid individuals with physical limitations or disabilities. Their product range includes the AlterG Anti-Gravity System, the MyoCycle FES System, and the ReStore Exo-Suit, alongside the ReWalk Exoskeleton.
While Lifeward’s announcement includes forward-looking statements about its performance and regulatory interactions, these are subject to changes and risks that may differ from current expectations. The company has stated that it does not undertake any obligation to publicly update any forward-looking statements, except as required by law.
This partnership marks a significant development in the health insurance coverage of medical exoskeletons in Germany, as detailed in a press release statement from Lifeward. Despite the stock currently trading 83% below its 52-week high of $7.70, analysts maintain optimistic price targets ranging from $6 to $13, suggesting potential upside from current levels. For comprehensive analysis and detailed financial metrics, visit InvestingPro.
In other recent news, Lifeward Ltd. announced a registered direct offering aiming to raise approximately $5 million. The company plans to sell over 1.8 million ordinary shares at a price of $2.75 per share. This initiative is in addition to the issuance of warrants in a private placement, allowing for the purchase of an equivalent number of shares at the same price. The company intends to use the proceeds for commercial efforts, working capital, and general corporate purposes.
In another development, Lifeward appointed Robert J. Marshall Jr., a financial executive with over 30 years of experience, as a new director and Chairman of the Audit Committee. The addition of Marshall, who is also the CFO and Treasurer of Lantheus (NASDAQ:LNTH) Holdings, Inc., is part of Lifeward’s ongoing efforts to strengthen its governance capabilities and strategic oversight.
These recent developments indicate Lifeward’s continued commitment to its mission of advancing rehabilitation technologies for individuals with physical and neurological disabilities.
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