Ekso Bionics Reports Preliminary Fourth Quarter and Full Year 2017 Financial Results
January 09 2018 - 8:00AM
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), an industry leader in
exoskeleton technology for medical and industrial use, today
announced preliminary top line financial results for the fourth
quarter and fiscal year ended December 31, 2017.
Revenue for the fourth quarter of 2017 was an
estimated $2.5 million, including approximately $2.0 million in
medical revenue. The company shipped 21 Ekso GT systems in the
fourth quarter ended December 31, 2017, 15 of which were new sales
and six of which were new rentals. In addition, four
previously rented units were converted to a sale. Ekso also
recognized revenue of approximately $330,000 on shipments of 56
units of its industrial products in the fourth quarter of 2017.
Other revenue for the fourth quarter of 2017 includes a $150,000
license payment from Ottobock.
A total of 61 Ekso GT units were shipped in
2017, a nearly 50% increase over the 41 units shipped in 2016. This
brings the total number of Ekso GT systems in the field at year end
to 277, including 17 rental units. At the end of the third quarter
2017, Ekso had 256 GT systems, including 15 rental units, in the
field.
Total revenue for fiscal year 2017 was
approximately $7.4 million, compared to $7.7 million in 2016,
excluding a one-time recognition of $6.5 million in 2016 of
deferred revenue on previously shipped units.
“Preliminary results for the fourth quarter
reflect the growing visibility of and interest in our medical
products pipeline in both the United States and EMEA. The growing
awareness of our industrial products is also a positive sign,” said
Thomas Looby, President and Chief Executive Officer of Ekso
Bionics. “As we move into 2018, we remain focused on building a
solid foundation for commercial success. This includes expanding
our customer base with leading rehabilitation centers in China and
Asia-Pacific. Our rental program continues to be an effective
source of sales, and we are working to expand the program and
convert current rentals to sales in the months ahead.”
The Company finished the year with $27.9 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, 2017. As of the date of this press release, the Company
has not completed its financial statement reporting process for the
period ended December 31, 2017. 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 Company
expects to report complete fourth quarter and full year 2017
financial results during the second week of March, 2018.
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.
Forward-Looking StatementsAny
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, 2017, 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
Yamond917-371-2320cyamond@lazarpartners.com
Investor Contact: Matthew Ventimiglia 212-599-1265
investors@eksobionics.com
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