EKSO Ekso Bionics Holdings Inc

EDISON EQUITY RESEARCH: EKSO BIONICS - GROWING INTEREST IN NON-MEDICAL APPLICATIONS


Ekso showed continued strength in Q4 both in medical applications and in Engineering services. 18 units were placed in the period, bringing the total number of units in use to 110 with 17m steps taken. Encouragingly, management also reports strong interest in Ekso’s non-powered exoskeleton for industrial applications. We have lowered our forecast ASP from $120k to $110k to be consistent with the implied ASP over FY14, which has reduced our FY15 and FY16 revenue forecasts by 10% and 12% respectively, but we remain optimistic about the outlook. The opportunity in non-medical applications in particular does not appear to be fully priced in. FDA clearance, continued unit sales growth and further development of non-medical devices are key catalysts.

Ekso Bionics is a pioneer in the field of human robotic exoskeletons that augment mobility, strength and endurance. It is a development-stage company based in Richmond, California.



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