Ekso Bionics Announces Preliminary Results for Fourth Quarter and Full Year 2016 and Update on WISE Study; Record Ekso GT Sys...
January 09 2017 - 7:30AM
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), a robotic exoskeleton
company, announced today that it recognized revenue from the sale
of 16 Ekso GT systems in the fourth quarter ended December 31,
2016, an increase of 33% compared to 12 systems for the third
quarter of 2016. Total systems sold in the fourth quarter of
2016 include the sale of 12 new units, the conversion of two rental
units to a sale and the recognition of revenue on two units
previously deferred. The Company also recognized revenue from
the sale of 58 industrial units in the fourth quarter of 2016, an
increase of 29% compared to 45 units for the third quarter of 2016.
For the full year ended December 31, 2016, the Company sold 41 Ekso
GT systems and 142 industrial units.
Based on currently available operating and financial information,
Ekso Bionics expects to report revenue of over $2.5 million for the
fourth quarter ended December 31, 2016, an increase of more than
50% compared to revenues of $1.6 million for the third quarter of
2016. For the full year, Ekso expects to report revenue of over
$14.0 million compared to revenue of $8.7 million in 2015.
The 2016 revenue includes $6.5 million resulting from the one-time,
non-cash recognition of previously deferred medical device revenue
due to a change in the Company’s accounting policy for medical
device revenue. The 2015 revenue included $4.4 million from
Engineering Services, whose resources Ekso Bionics has since
redeployed to further the development of its next-generation
medical device and industrial products. The Company finished
the year with approximately $16.8 million of cash on its balance
sheet. The anticipated results in this press release are
based on management’s preliminary unaudited analysis of financial
results for the period and year ended December 31, 2016. As
of the date of this press release, the Company has not completed
its financial statement reporting process for the period ended
December 31, 2016. During the course of that process, the Company
may identify items that would require it to make adjustments, which
may be material, to the information presented above. As a result,
the estimates above constitute forward-looking information and are
subject to risks and uncertainties, including possible adjustments
to preliminary operating results.
“The sales, marketing and clinical traction our team is gaining,
now that we have a few quarters under our belt with an FDA
clearance, is evidenced by our results this quarter, which
represents our strongest quarter for the North American medical
device business since the inception of Ekso Bionics. This
progress supports the excitement and optimism we have for our
potential in the rehabilitation market,” commented Thomas Looby,
President and Chief Executive Officer. “We see similar momentum
building in our industrial business, as pilot programs are readily
transitioning to commercial opportunities. I believe that the
continued execution of our solid growth strategies, the large
target market opportunities, and the value proposition of our
technologies will continue to bolster the market’s embracing of our
products.”
The Company also has received IRB approvals from three of the
eight centers that are actively involved with Ekso’s previously
announced WISE study. Two of the IRB-approved centers are actively
enrolling patients. WISE is the Ekso-sponsored study, led by
Burke Rehabilitation Institute, that is evaluating improvement in
independent gait speeds of incomplete spinal cord injury patients
undergoing rehabilitation with the Ekso GT™.
“Together, these significant achievements position Ekso Bionics
to accelerate the adoption of the Ekso GT as the standard of care,
and for 2017 to be a really impactful year for our company and our
customers,” added Looby.
About Ekso Bionics® Ekso Bionics is a leading
developer of exoskeleton solutions that amplify human potential by
supporting or enhancing strength, endurance and mobility across
medical, industrial and defense applications. Founded in 2005, the
company continues to build upon its unparalleled expertise to
design some of the most cutting-edge, innovative wearable robots
available on the market. Ekso Bionics is the only exoskeleton
company to offer technologies that range from helping those with
paralysis to stand up and walk, to enhancing human capabilities on
job sites across the globe, to providing research for the
advancement of R&D projects intended to benefit U.S. defense
capabilities. The company is headquartered in the Bay Area and is
listed on the Nasdaq Capital Market under the symbol EKSO. For more
information, visit: www.eksobionics.com.
About Ekso™ GT
Ekso™ GT is the first exoskeleton cleared by
the FDA for use with stroke and spinal cord injuries from
L5 to C7. The Ekso GT with smart Variable Assist™ (marketed as
SmartAssist outside the U.S.) software is the only exoskeleton
available for rehabilitation institutions that can provide adaptive
amounts of power to either side of the patient’s body, challenging
the patient as they progress through their continuum of care. The
suit’s patented technology provides the ability to mobilize
patients earlier, more frequently and with a greater number of high
intensity steps. To date, this device has helped patients take more
than 55 million steps in over 120 rehabilitation institutions
around the world.
Forward-Looking Statements Any statements
contained in this press release that do not describe historical
facts may constitute forward-looking statements. Forward-looking
statements may include, without limitation, statements regarding
(i) the plans and objectives of management for future operations,
including plans or objectives relating to the design, development
and commercialization of human exoskeletons, (ii) estimates or
projection of financial results, financial condition, capital
expenditures, capital structure or other financial items, (iii) the
Company's future financial performance and (iv) the assumptions
underlying or relating to any statement described in points (i),
(ii) or (iii) above. Such forward-looking statements are not meant
to predict or guarantee actual results, performance, events or
circumstances and may not be realized because they are based upon
the Company's current projections, plans, objectives, beliefs,
expectations, estimates and assumptions and are subject to a number
of risks and uncertainties and other influences, many of which the
Company has no control over. Actual results and the timing of
certain events and circumstances may differ materially from those
described by the forward-looking statements as a result of these
risks and uncertainties. Factors that may influence or contribute
to the inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, changes resulting from the Company’s
finalization of its financial statements for and as of the period
and year ended December 31, 2016, information or new changes in
facts or circumstances that may occur prior to the filing of the
Company’s Annual Report on Form 10-K that are required to be
included therein, the Company's inability to obtain adequate
financing to fund the Company's operations and necessary to develop
or enhance our technology, the significant length of time and
resources associated with the development of the Company's
products, the Company's failure to achieve broad market acceptance
of the Company's products, the failure of our sales and marketing
organization or partners to market our products effectively,
adverse results in future clinical studies of the Company's medical
device products, the failure to obtain or maintain patent
protection for the Company's technology, failure to obtain or
maintain regulatory approval to market the Company's medical
devices, lack of product diversification, existing or increased
competition, and the Company's failure to implement the Company's
business plans or strategies. These and other factors are
identified and described in more detail in the Company's filings
with the SEC. To learn more about Ekso Bionics please visit us
at www.eksobionics.com. The Company does not undertake to
update these forward-looking statements.
Media Contact:
Carrie Yamond/Rajni Dhanjani
212-867-1788
cyamond@lazarpartners.com
Investor Contact:
Debbie Kaster
415-937-5403
investors@eksobionics.com
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