ReWalk Robotics Ltd.

Hello, and welcome to the Q2 2023 Rewalk Robotics Limited 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 will press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note, today's event is being recorded. I now turn the conference over to Mike Wallace, Chief Financial Officer. Please go ahead.

Thank you, Keith. Good morning and welcome to Rewalk Robotics' second quarter 2023 earnings call. I'm Mike Wallace, Rewalk Robotics' chief financial officer, and with me on today's call is Larry Jasinski, Rewalk's chief executive officer. Earlier this morning, Rewalk issued a press release detailing financial results for the three and six months ended June 30, 2023. The press release and a webcast of this call can be accessed through the investor relations section of the Rewalk website at rewalk.com. Before we get started, I would like to remind everyone that any statements made on today's 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 Rewalk Management as of today. It involved risks and uncertainties, including those noted in our press release and REWOC's filings with the Securities and Exchange Commission. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. REWOC 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 the company's website. For the benefit of anyone who's going to be listening to the replay or the archived webcast, this call was held and recorded on August 11, 2023. Since that date, Rewalk 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 Rewalk's CEO, Larry Jasinski. Thanks, Mike.

Welcome, everyone, and thank you for joining us today. Q2, along with subsequent events, was an excellent period for the company, and specifically in regard to the milestones we have been pursuing. In the last few weeks, we have hosted two public calls on the subject of the proposed Medicare rule that would formally define a benefit category for personal exoskeletons and a call on our pending acquisition of Alter-G. In parallel, we achieved revenue guidance for the quarter and submitted 11 new Medicare claims in Q2 exceeding our original goal. We believe these factors will continue to drive our business, allowing us to conserve capital in 2024 and 2025 and achieve profitability in 2026, relying solely on current cash reserves. Though our call today is to report on financial performance and provide a business update on the second quarter of 2023, I'd be remiss if I didn't start today's call revisiting our exciting and transformative acquisition of Alter-G that was announced on August 8th, with closing planned for later today. Alter-G is a leader in transformative technology that empowers people to recover mobility, improve wellness, and enhance physical performance. The Differential Air Pressure, or DAP, technology serves to reduce the effects of gravity allow movement in new ways with finely calibrated support and reduced pain. We believe the technology is unique, well-accepted with placement in over 4,000 clinics around the world, and has excellent growth potential to expand in a segment that has 40,000 U.S. clinics which can benefit from DAP technology. Rewalk's stated strategy has for some time been and continues to be to add adjacent and creative technologies via acquisition and organic development. Now, what we're seeking to do is to increase our scale, to build our strategic position in the clinic, to expand our organizational skills, and add depth for commercialization. We believe the acquisition of Alter-G with its patented NASA-derived DAP anti-gravity system for use in physical and neurological rehabilitation is a prime example of of executing on this strategy. We believe the Altergy acquisition leverages a shared market presence and creates efficiencies across all product lines. Further, we believe combining Altergy's strong track record, assets, and skilled team with Rewalk's innovative leadership in exoskeleton technology and established infrastructure will create a formidable development, production, and commercial enterprise poised to maximize the opportunity across the product portfolio and drive towards profitability. The addition of Charles Ramsburg as our Chief Sales Officer is the right step in developing a larger organization that is highly capable of capital equipment sales and placement of systems to those that come through the clinics to be trained on home systems. Clearly you can tell we are very excited about this event and eager to update investors over the months ahead as we build up and realize benefit from our joint operations. With that recap complete, I will now provide a quick summary of figures from Q2. Sales in Q2 were 1.3 million in line with prior financial guidance. For 2023, our active case exoskeleton submissions are expected to convert to achieve year-over-year growth driven over the second half of 2023. This is spread over the VA, Germany, and the U.S. The revenue contribution for the addition of the Altergy anti-gravity systems is also expected to be added once that transaction closes. Expenses were also in line with internal expectations, and excluding the expenses related to acquisition activity declined by $300,000 from Q2. Mike will address this further in the financial results section. Our efforts with the Center for Medicare and Medicare Services, CMS, to expand the access of exoskeletons to Medicare beneficiaries is a key element of our strategic path and will be, we believe, a defining point for the exoskeleton industry. The process with the proposed rule to codify the definition of brace to include personal exoskeletons is in a public comment period until August the 29th. final rule will be developed from the base proposal and the comments provided. This final rule is expected to be issued in the November-December cycle and become effective January 1, 2024. Parallel considerations on price should occur in the HCPCS process with a proposed price in late 2023 that may have a public comment period to follow. Finalization may occur in early 2024. After several years of effort, a code, a benefit category, and a price point are the foundation to facilitating Medicare beneficiaries' access to exoskeletons. Rework is highly supportive of the CMS proposed rule, and we are working extensively to support this process. The placing of 11 CMS beneficiary claims during Q2 and continuing submissions during Q3 and Q4 supports our target to place at least 35 submissions during 2023. Creating a repeatable process to secure payment for the Rewalk device for Medicare beneficiaries is an essential priority. The Medicare SCI population is the largest population segment of individuals who could benefit from this technology and therefore our single largest potential market segment in our single largest potential market, the United States. I am confident that our efforts will positively shape the industry in the long term. I'd now like to turn the call over to Mike for review of financial details. Mike?