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Lifeward expects these actions to result in annual operating expense savings of approximately $3 million and gross margin improvement of 200 basis points during 2025
Consolidated real estate footprint will close two U.S. facilities to focus on operations in Massachusetts, Israel, and Germany
MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) (“Lifeward” or the “Company”), announced plans today to streamline its U.S. operations including the closing of two U.S. facilities to complete the integration that has followed the acquisition of AlterG in August 2023. The consolidation is expected to save the Company approximately $3 million in operating expenses and improve gross margins by approximately two percentage points when the full impact is achieved.
Following the consolidation, Lifeward will have reduced its total headcount by greater than 35% since the closing of the AlterG acquisition. Key functions located at the affected facilities will be integrated into the operations of the Marlborough, Massachusetts facility, and manufacturing of the AlterG Anti-Gravity Systems will be assumed by Cirtronics Corporation, a nationally recognized contract manufacturer specializing in the manufacture of precision medical devices and instrumentation.
“Lifeward continues to undergo a significant and rapid evolution to a company focused on commercial execution,” said Larry Jasinski, Chief Executive Officer. “This latest phase of integration will contribute to a more profitable, resilient company in the coming years by substantially reducing our operating structure and improving efficiencies and coordination across the Company.”
For more information, please visit GoLifeward.com.
About Lifeward
Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity System, the MyoCycle FES System, and the ReStore Exo-Suit.
Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward product portfolio, please visit GoLifeward.com.