Lifeward Ltd.

Good day and welcome to the LifeWord first quarter 2024 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Mike Lawless, Chief Financial Officer. Please go ahead.

Thank you, Dave. Good morning and welcome to LifeWord's first quarter 2024 earnings call. I'm Mike Lawless, LifeWord's Chief Financial Officer, and with me on today's call is Larry Jasinski, our Chief Executive Officer. Earlier this morning, LifeWord issued a press release detailing financial results for the three months ended March 31, 2024. The press release and a webcast of this call can be accessed through the investor relations section of the LifeWord website at golifeword.com. Before we get started, I'd like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation, or intent regarding future events and the company's future performance may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to LifeWord management as of today and involve risks, uncertainties, and uncertainties, including those noted in our press release and our filings with the SEC. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. LifeWord specifically disclaims any intent or obligation to update these forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by law. A replay of this call will be available shortly after completion, accessible from the dial-in information in today's press release. The archived webcast will be available in the investor relations section of our website. For the benefit of those who may be listening to replay or on the archived webcast, this call was held and recorded on May 15, 2024. Since that time, LifeWord may have made subsequent announcements related to the topics discussed, so please reference the company's most recent press releases and SEC filings for the most up-to-date information. And with that, I'll turn the call over to LifeWord CEO, Larry Jasinski. Larry?

Thank you, Mike. Good day to all. Let me start with a quote from Eric Hinberg. Eric is a remarkable young man who became paralyzed and was the first person to have his rewalk system paid for by Medicare. He said, quote, for me, the rewalk exoskeleton is a medical necessity. When I started walking again with my rewalk, my life changed. Increased accessibility of the REWALK personal exoskeleton by way of Medicare reimbursement has the power to change lives. I want people like me to know there is still life to live, unquote. REWALK now is LifeWord, initiated efforts with CMS in 2020. Two occurrences were critical to what I call absolute success. Exoskeletons have been codified in a Medicare benefit category and have an established fee schedule payment. This is achieved with thanks to many. The diligence done by CMS, support from the medical community, society support from leading organizations such as the Item Coalition, which is a nonprofit devoted to Exoskeletons, and MDMA, the Medical Device Manufacturers Association, United Spinal, the Christopher Reeve and Dana Reeve Foundation, the Paralyzed Veterans of America, broad bipartisan support from key members of Congress, and many individual letters from rewalkers and their families. These all made a difference. This absolute success means we can provide access to those who are medically qualified We can change their lives, and we can build a sustainable company and industry. We are proud to have led this effort. Q1 results were sales of 5.3 million, an increase of 340% versus Q1 2023. These were led by the approval of 14 Medicare claims and gaining sufficient information to establish a basis for revenue recognition of our submissions. We had submitted 35 claims and have 21 still pending. Moving forward this calendar year, working with the current market parameters, we plan to deliver 60 to 75 more systems to qualified Medicare patients. Our Alter-G anti-gravity business required a period early in Q1 for training and transition, which limited sales as we were forming the new field organization with 15 U.S. territories. Subsequently, the volume of bookings and sales gained traction to traditional levels by March, which is continuing into Q2. With the enlarged sales organization and a new product introduction at mid-year, we anticipate that the Alter-G anti-gravity offering will grow in parallel with the growth from rewalks penetrating the market for Medicare beneficiaries. As a result, our annual guidance for 2024 with sales of $28 to $32 million remains unchanged. We are pleased to achieve our Q1 guidance of between 5 to 5.5 million with sales of 5.3 million. While we have affirmed our annual guidance, the quarterly patterns of processing with CMS needs more time to emerge, and the uptick from our new altergy anti-gravity system will define the rate of growth for that business. Our focus will be on achieving year-end numbers with the understanding that there will be some lumpiness in the revenue within the quarters. Our guidance on earnings remains a reduction in our operating loss to the low double-digit teams via a quarter-by-quarter reduction of our loss and burn rate. This reduction is driven by revenue growth and leveraging organizational efficiency. The level of investment in obtaining CMS payment and R&D will also lessen over the year. Getting to this juncture has taken a long time. We are incredibly appreciative of the support of our shareholders, our customers, and our internal team. The path we are pursuing is top-line growth with operating efficiency that allows us to reach break-even in 2026 on our current cash. Now I'd like to turn the call over to Mike Lawless for a financial review. Mike?