Lifeward Ltd.

Good day and welcome to the second quarter 2024 LifeWord, Inc. 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 your telephone keypad. To withdraw your question, please press star 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, Megan. Good morning, and welcome to LifeWord's second 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, and Amal Ghadar, our Vice President of Finance. Earlier this morning, LifeWord issued a press release detailing financial results. The three and six months ended June 30, 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 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 will be available shortly after the completion of the call, 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 the replay or the archived webcast, this call was held and recorded on August 15, 2024. Since that date, 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. With that, I'll turn the call over to LifeWord CEO, Larry Jasinski.

Thank you, Mike. Welcome, everybody, and I appreciate your joining us today. Q2 2021. was entirely a proof of execution quarter. After years of strategic efforts to gain coverage and access, to build an infrastructure and scale to operate, and essentially leading our company and our industry through a door that enables us to create an enduring operating entity, we are succeeding. Revenue has grown to $6.7 million in Q2, an increase of 402% over Q2 2023. We achieved record revenue with 20 Rewalk placements in the quarter. We have now received over $600,000 of our Medicare receivables as the payment system has started flowing. In the first half of 2024, we sold more Rewalk systems than we have in any other prior full year. Our operating loss has stayed level year over year with a much larger commercial footprint in place this year, and multiple waves of cost efficiency will begin to flow into our expense results in the next few quarters to reduce our cash burn. But part one, revenue. Revenue is driven by the successful placement of the Rewalk systems and the addition of anti-gravity technology in Q2. The gate to LifeWords growth was simple achievement of Medicare approvals. We expect another record quarter for rewalking Q3 due to the successful efforts in advocating and establishing a government policy. The anti-gravity technology grew from improved execution as our newly combined sales team gained their footing over Q2 with a significant increase in deliveries. This segment also had some headwinds with high interest rates and consolidation of clinics, which impacted the pace of AlterG placements. Our new product, launched in June, is expected to increase our growth as it offers features and a price point that will allow more clinics access to this innovative technology. Part 2, Rewalk Record Placements and Payment. A great first quarter, with 20 people gaining access to walking and everyday life once again. The infrastructure we established is working and has the capacity to manage our growth targets. Examples of execution that are equally important to our achieved market access is that significant Medicare receivables were paid over the last few weeks and that some of our most recent submissions have made progress in submission to payment in 45 days. The submissions prior to the final establishment of government policies are lagging but are in the process of getting paid. Part three, operating loss trajectory is going the right direction. The combination of revenue growth, margin gains, and a series of operating efficiencies are a requirement with our push to profitable break-even operations. The combination of increased unit sales volumes and improved margin with the new neo-antigravity and operating changes made in late 2023 during 2024 and that will start in 2025 all our key elements in achieving lower operating costs while still growing the company overall. In summary, Q2 has proven our strategy has been well supported by our execution following our achievement with Medicare policies as a part of our mission. We reaffirm our revenue guidance of 28 to 32 million for the year and believe our directional targets for real systems expansion in the coming years will be achieved. We continue to see a path with our models that get us to cash flow break-even and adequate working capital with our current cash. The rate of market growth and uptake is both our opportunity and our risk. I'd now like to turn the call over to Mike for more financial details. Mike?