MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel - Lifeward™ (Nasdaq: LFWD), a company recognized for its innovative solutions in the field of rehabilitation and physical disabilities, has announced the retirement of Jeff Dykan, its long-standing Chairman of the Board. Dykan, who has been instrumental in guiding the company from its early stages to a position of industry leadership, will not seek reelection at the 2024 Annual Meeting of Shareholders. Joseph Turk, a current board member, is set to take over the chairman role following the shareholder meeting.
During his tenure, Dykan led Lifeward, formerly known as ReWalk Robotics, through significant milestones including obtaining FDA De Novo approval, conducting an Initial Public Offering (IPO), and securing a policy for exoskeleton coverage for U.S. Veterans. Under his guidance, the company also acquired AlterG, thereby expanding its product portfolio, and most recently achieved reimbursement for personal exoskeletons under Medicare.
Joseph Turk, who joined Lifeward's Board in 2022, acknowledged Dykan's pivotal role in establishing the company and emphasized the focus on continued commercial expansion and market development for the ReWalk and AlterG product lines. Turk expressed gratitude for Dykan's contributions and wished him well in his retirement.
Lifeward's mission is to innovate and deliver products that empower individuals with physical limitations or disabilities to pursue their passions. Their product offerings include the ReWalk Exoskeleton, the AlterG Anti-Gravity systems, the ReStore Exo-Suit, and the MyoCycle FES Systems. With operations in the United States, Israel, and Germany, Lifeward continues to be a pioneer in the physical rehabilitation industry.
This announcement is based on a press release statement and includes forward-looking statements regarding Lifeward's future performance. These statements are subject to uncertainties and changes that may affect actual results differently. Further details on these risks can be found in the company's SEC filings, including its annual report for the year ended December 31, 2023.
In other recent news, Lifeward, the medical device company specializing in physical rehabilitation, has announced the appointment of Mike Swinford to its Board of Directors. Swinford, who is currently the CEO of Numotion, brings a wealth of experience from the healthcare industry, specifically in mobility and independence solutions. During his tenure at Numotion, Swinford has overseen the company's growth to serve over 400,000 individuals annually across a range of mobility-related disabilities. Prior to Numotion, Swinford had a significant 22-year career at GE Healthcare, including serving as President and CEO of GE Healthcare Services (NASDAQ:HCSG). He also holds board positions at CareATC and Aspen Surgical, further demonstrating his wide-ranging expertise in the healthcare sector. Lifeward's Chairman, Jeff Dykan, has commended Swinford's proven track record and dedication to improving access for people with disabilities. These recent developments align with Lifeward's commercialization goals and mission to innovate in the field of physical rehabilitation.
InvestingPro Insights
As Lifeward (Nasdaq: LFWD) transitions leadership, with Joseph Turk set to take the helm as Chairman, investors may be considering the company's financial health and market prospects. According to InvestingPro data, Lifeward currently holds a market capitalization of approximately $32.52 million. Despite facing challenges, analysts have a positive outlook on the company's sales growth in the current year. This optimism is reflected in the company's impressive revenue growth over the last twelve months as of Q1 2024, which stands at 205.32%.
InvestingPro Tips indicate that Lifeward's stock price has been quite volatile and has fared poorly over the last month, with a 17.47% decline. Additionally, while the company is not expected to be profitable this year, it is noteworthy that Lifeward holds more cash than debt on its balance sheet, which may provide some financial flexibility in its operations and growth strategies.
For investors looking to delve deeper into Lifeward's potential and gain access to comprehensive analysis, there are additional InvestingPro Tips available. These tips can provide further insights into the company's financial metrics and market performance. To explore these tips and enrich your investment strategy, visit InvestingPro and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.