Lifeward Announces CEO Transition
CEO Larry Jasinski to Retire
Company Begins Search for New Leader to Drive Next Phase of Growth
Company Provides Preliminary Full-Year 2024 Revenue
Reschedules Virtual Investor Event Until Later in 2025 After Hiring of New CEO
Lifeward Ltd. (NASDAQ: LFWD), a renowned innovator in medical technology dedicated to enhancing the quality of life for people with physical disabilities, has declared that its current Chief Executive Officer, Larry Jasinski, will be retiring after an impactful 13-year tenure. Mr. Jasinski will assist in a smooth transition until the second quarter of the year, ensuring that his successor is well-prepared to take the reins.
The Board of Lifeward has formed a special committee tasked with identifying and vetting potential candidates for the CEO role, considering both internal and external applicants in collaboration with a respected search firm.
This transition has prompted Lifeward to delay their upcoming virtual investor event originally scheduled for February 20. The rescheduled event will take place after the new CEO is appointed, allowing for a fresh direction in leadership. In terms of financial performance, Lifeward anticipates reporting approximately $25.7 million in revenue for the prior year, which sits comfortably within its expected range. The company also projects GAAP operating expenses of about $33.4 million, inclusive of around $5.7 million in restructuring and impairment costs. These figures remain preliminary and unverified, with adjustments expected once final year-end processes conclude.
Joseph Turk, Chairman of the Lifeward Board, expressed profound gratitude to Mr. Jasinski for his steadfast commitment to Lifeward and its mission. "Larry has been instrumental in pursuing our goal of providing transformative technology to those challenged by physical limitations. We are eager to work alongside him during this transition."
In Mr. Jasinski's own words, he highlighted his pride in leading a team that has significantly impacted the lives of the paralyzed community through innovative solutions. He praised the efforts made in transforming concepts into effective devices, gaining essential regulatory approvals, and ensuring access to advanced technologies for patients through various insurance coverages. This dedication underscores Lifeward’s mission of changing lives by continually innovating.
About Lifeward
Lifeward specializes in developing solutions that empower individuals in their rehabilitation journeys, striving to facilitate recovery in both clinical and home settings. Their mission revolves around relentless innovation, creating advanced products like the ReWalk Exoskeleton, AlterG Anti-Gravity System, MyoCycle FES System, and the ReStore Exo-Suit. Established in 2001, Lifeward operates in the U.S., Israel, and Germany, with a steadfast commitment to improving lives through groundbreaking medical technologies.
The company is focused on delivering superior products that afford individuals the freedom to engage in activities they love, a vision that's guided them from inception to their current status as industry leaders.
Frequently Asked Questions
What is Lifeward's primary focus in the medical field?
Lifeward is dedicated to creating innovative medical technologies that improve the quality of life for individuals with physical limitations or disabilities.
Why is Larry Jasinski's retirement significant for Lifeward?
His retirement marks the end of a 13-year influential leadership, during which he helped establish Lifeward as a leader in medical technology innovation.
What can we expect from Lifeward in the future?
With a new CEO on the horizon, Lifeward aims to continue its mission of innovation while expanding its portfolio of life-changing technologies.
What are Lifeward's projected revenues for 2024?
The company expects approximately $25.7 million in revenue for the year ended December 31, 2024, pending final adjustments.
What innovative products does Lifeward offer?
Lifeward's portfolio includes the ReWalk Exoskeleton, AlterG Anti-Gravity System, and MyoCycle FES System, which are designed to assist in rehabilitation and promote mobility.
