Ekso Bionics Reports Preliminary Fourth Quarter and Full Year 2019 Financial Results; Company Achieves Record Fourth Quarter ...
January 10 2020 - 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, 2019.
Total revenue for the fourth quarter of 2019 is
an estimated $3.7 million, reflecting year-over-year growth of
12.1% compared to total revenue of $3.3 million in the fourth
quarter of 2018, and the highest quarterly revenue ever recorded by
the Company. Estimated total revenue for the fourth quarter of 2019
includes approximately $3.2 million in medical revenue. The Company
also estimates recognized revenue of approximately $0.5 million on
shipments of its industrial products in the fourth quarter of
2019.
Total revenue for fiscal year 2019 is estimated
to be approximately $13.9 million, compared to $11.3 million in
2018. This reflects estimated year-over-year growth of 23.0%.
Cash on hand at December 31, 2019 was $10.9
million, compared to $7.7 million at December 31, 2018.
“We are very pleased with the record revenue
estimated to have been achieved in the fourth quarter of 2019 and
remain committed to identifying additional growth opportunities in
2020,” said Jack Peurach, President and Chief Executive Officer of
Ekso Bionics. “We believe that partnering with network operators is
the most efficient way to drive adoption and to make this
technology accessible to the most patients as quickly as possible.
We are also working to grow our industrial segment by taking steps
to engage with a broader mix of companies in additional markets
beyond the manufacturing sector, including a variety of
construction companies. We remain confident that our technologies
in both the medical and industrial segments offer customers,
patients and workers a compelling value proposition and have
substantial clinical and commercial benefit.”
The anticipated results discussed in this press
release are based on management’s preliminary, unaudited analysis
of financial results for the period and year ended December 31,
2019. As of the date of this press release, the Company has not
completed its financial statement reporting process for the period
ended December 31, 2019, and the Company’s independent registered
accounting firm has not audited the preliminary financial data
discussed in this press release. During the course of the Company’s
quarter-end closing procedures and review 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 2019 financial results during
the last week of February 2020.
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 and industrial 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. 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,
plans or strategy relating to the marketing and adoption and
acceptance of the Company’s products and potential for adoption of
the Company’s products by the market, (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, 2019, 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 for the year ended December
31, 2019 that are required to be included in such annual report,
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 or refer
to our Twitter page at @EksoBionics. The Company does not undertake
to update these forward-looking statements.
Investor Contact:David
Carey212-867-1768investors@eksobionics.com
Media Contact:Carrie Yamond Mas 917-371-2320
cmas@eksobionics.com
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