Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
industry leader in exoskeleton technology for medical and
industrial use, today reported financial results for the three
months ended September 30, 2021.
Recent Highlights and
Accomplishments
- Reported revenue of
$3.0 million in the third quarter of 2021
- Achieved gross
margin of approximately 59% in the third quarter of 2021
- Booked a total of
16 EksoNR units in the third quarter of 2021
- Strong cash
position of $43.4 million as of September 30, 2021
“During the third quarter, we deepened
relationships with top inpatient rehabilitation operators and
increased market penetration across our industrial verticals to
generate solid revenues,” said Jack Peurach, President and Chief
Executive Officer of Ekso Bionics. “Strong order flow and greater
customer demand resulted in an increase of capital purchases for
our leading EksoNR exoskeleton devices. We are pleased that our
commercial strategy is gaining traction with network operators,
which comprised the majority of new U.S. bookings year to date.
Concurrently, our industrial team has produced several initial
orders with new customers as we focus on building greater awareness
of our innovative EVO and EksoZeroG products.”
Third Quarter 2021 Financial
Results
Revenue was $3.0 million for the quarter ended
September 30, 2021, compared to $2.9 million for the same period in
2020. Revenue in the third quarter of 2021 included approximately
$2.7 million in EksoHealth revenue and approximately $0.3 million
in EksoWorks revenue. The increase in revenue was primarily due to
an increase in EVO vest sales.
Gross profit for the quarter ended September 30,
2021 was $1.8 million, unchanged from the same period in 2020.
Gross margin was approximately 59% in the third quarter of 2021,
compared with gross margin of 63% for the same period in 2020. The
overall decrease in gross margin was primarily due to the increase
in EksoHealth service parts and labor costs and changes in product
mix.
Sales and marketing expenses for the quarter
ended September 30, 2021 were $1.7 million, a decrease of $0.1
million compared to the same period in 2020. The decrease was
primarily due to reduced general marketing activities.
Research and development expenses for the
quarter ended September 30, 2021 were $0.6 million, an increase of
3% from the same period in 2020, primarily due to increased
employee compensation costs.
General and administrative expenses for the
quarter ended September 30, 2021 were $2.3 million, compared to
$1.7 million for the same period in 2020, an increase of $0.6
million. The increase was primarily due to increased employee
headcount and compensation expense, which was partially offset by a
reduction in outside legal expenses.
Gain on warrant liabilities for the quarter
ended September 30, 2021 was $1.1 million associated with the
revaluation of warrants issued in 2019, 2020 and 2021, compared
with a gain of $4.5 million due to the revaluation of warrants
issued in 2015, 2019 and 2020, for the same period in 2020.
Net loss applicable to common stockholders for
the quarter ended September 30, 2021 was $2.0 million, or $0.15 per
basic share and $0.17 per diluted share, compared to net income of
$2.5 million, or $0.30 per basic share and a loss of $0.01 per
diluted share, for the same period in 2020.
Nine Months Ended September 30,
2021
Revenue for the nine months ended September 30,
2021 was $7.2 million, which includes approximately $6.3 million in
EksoHealth revenue and $0.9 million in EksoWorks sales, compared to
$6.6 million for the same period in 2020. The increase in revenue
was primarily due to an increase in EksoHealth sales volume driven
by improving business conditions following the impact of the
COVID-19 pandemic.
Gross profit for the nine months ended September
30, 2021 was approximately $4.3 million, representing a gross
margin of approximately 60%, compared to gross profit of $3.7
million for the same period in 2020, representing a gross margin of
56%. The increase in gross margin was primarily due to improved
EksoWorks margins driven by lower production costs of the EVO
compared to the previous-generation vest and the reduction of
collaborative arrangements in overall revenue composition.
Sales and marketing expenses for the nine months
ended September 30, 2021 were $5.3 million, compared to $6.0
million for the same period in 2020, a decrease of approximately
$0.7 million. The decrease was primarily due to lower employee
expenses as a result of the Company’s previously implemented cost
reduction initiatives.
Research and development expenses for the nine
months ended September 30, 2021 were $1.9 million, compared to $1.8
million in the same period in 2020, an increase of $0.1 million as
a result of the increase in employee compensation costs.
General and administrative expenses for the nine
months ended September 30, 2021 were $6.4 million, compared with
$5.8 million for the same period in 2020, primarily due to an
increase in employee compensation.
Gain on warrant liabilities for the nine months
ended September 30, 2021 was $2.0 million associated with the
revaluation of warrants issued in 2019, 2020 and 2021, compared to
a $1.6 million loss on warrant liabilities for the nine months
ended September 30, 2020 associated with the revaluation of
warrants issued in 2015, 2019 and 2020.
Net loss applicable to common shareholders for
the nine months ended September 30, 2021 was $6.9 million, or $0.57
per basic share and $0.62 per diluted share, compared to net loss
of $11.8 million, or $1.75 per basic share and $1.78 per diluted
share, for the same period in 2020.
Cash on hand at September 30, 2021 was $43.4
million, compared to $12.9 million at December 31, 2020. In
February 2021, the Company raised gross proceeds of $40 million in
an underwritten public offering priced at $10.25 per share.
Conference Call
Management will host a conference call today
beginning at 1:30 p.m. PT / 4:30 p.m. ET to discuss the Company’s
financial results and recent business developments.
A live webcast of the event will be available in
the “Investors” section of the Company’s website at
www.eksobionics.com, or by clicking here. Investors interested in
listening to the conference call may do so by dialing 877-407-3036
for domestic callers or 201-378-4919 for international callers.
A replay of the call will be available for two
weeks by dialing 877-660-6853 for domestic callers or 201-612-7415
for international callers, using Conference ID: 13723545. The
webcast will also be available on the Company’s website for one
month following the completion of the call.
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 industry-leading 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. Ekso Bionics is headquartered in the San Francisco Bay
Area and is listed on the Nasdaq Capital Market under the symbol
“EKSO.” For more information, visit: www.eksobionics.com or follow
@EksoBionics on Twitter.
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 the plans, objectives and
expectations of management with respect to the Company’s commercial
strategy and future revenues or other financial results and the
assumptions underlying or relating to the foregoing. 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 three
months ended September 30, 2021, information or new changes in
facts or circumstances that may occur prior to the filing of the
Company’s Quarterly Report on Form 10-Q for the three months ended
September 30, 2021 that are required to be included in such report,
the Company's inability to obtain adequate financing to fund the
Company's operations and necessary to develop or enhance the
Company’s 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 the Company’s sales and
marketing efforts or of partners to market the Company’s products
effectively, adverse results in future clinical studies of the
Company's medical device products, the failure of the Company to
obtain or maintain patent protection for the Company's technology,
the failure of the Company to obtain or maintain regulatory
approval to market the Company's medical devices, lack of product
diversification, existing or increased competition, disruptions in
the Company’s supply chain due to the outbreak of the COVID-19
virus, 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 the
Company’s website at www.eksobionics.com or refer to the Company’s
Twitter page at @EksoBionics. The Company does not undertake to
update these forward-looking statements.
Contact: David
Carey212-867-1768investors@eksobionics.com
Ekso Bionics
Holdings, Inc. |
|
Condensed
Consolidated Balance Sheets |
|
(In
thousands, except par value) |
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Assets |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash |
$ |
43,439 |
|
$ |
12,862 |
|
|
|
Accounts
receivable, net |
|
3,121 |
|
|
3,224 |
|
|
|
Inventories |
|
1,751 |
|
|
1,978 |
|
|
|
Prepaid
expenses and other current assets |
|
788 |
|
|
356 |
|
|
Total current assets |
|
49,099 |
|
|
18,420 |
|
|
Property and equipment, net |
|
1,172 |
|
|
1,172 |
|
|
Right-of-use assets |
|
337 |
|
|
685 |
|
|
Other assets |
|
125 |
|
|
320 |
|
|
Total assets |
$ |
50,733 |
|
$ |
20,597 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts
payable |
$ |
1,308 |
|
$ |
1,501 |
|
|
|
Accrued
liabilities |
|
1,704 |
|
|
1,429 |
|
|
|
Deferred
revenues, current |
|
1,291 |
|
|
1,496 |
|
|
|
Lease
liabilities, current |
|
372 |
|
|
548 |
|
|
Total current liabilities |
|
4,675 |
|
|
4,974 |
|
|
Deferred revenues |
|
1,449 |
|
|
1,806 |
|
|
Notes payable, net |
|
1,992 |
|
|
3,075 |
|
|
Warrant liabilities |
|
3,501 |
|
|
6,037 |
|
|
Other non-current liabilities |
|
54 |
|
|
271 |
|
|
Total liabilities |
|
11,671 |
|
|
16,163 |
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common
stock |
|
13 |
|
|
8 |
|
|
|
Additional
paid-in capital |
|
245,299 |
|
|
204,376 |
|
|
|
Accumulated
other comprehensive loss |
|
(246 |
) |
|
(847 |
) |
|
|
Accumulated
deficit |
|
(206,004 |
) |
|
(199,103 |
) |
|
Total stockholders' equity |
|
39,062 |
|
|
4,434 |
|
|
Total liabilities and stockholders' equity |
$ |
50,733 |
|
$ |
20,597 |
|
|
|
|
|
|
|
|
|
Ekso Bionics
Holdings, Inc. |
|
Condensed
Consolidated Statements of Operations |
|
(In
thousands, except per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,049 |
|
$ |
2,897 |
|
$ |
7,170 |
|
$ |
6,628 |
|
|
Cost of
revenue |
|
1,242 |
|
|
1,084 |
|
|
2,836 |
|
|
2,919 |
|
|
Gross
profit |
|
1,807 |
|
|
1,813 |
|
|
4,334 |
|
|
3,709 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
1,685 |
|
|
1,740 |
|
|
5,265 |
|
|
5,972 |
|
|
Research and development |
|
618 |
|
|
599 |
|
|
1,930 |
|
|
1,762 |
|
|
General and administrative |
|
2,293 |
|
|
1,706 |
|
|
6,415 |
|
|
5,836 |
|
|
Impairment of goodwill |
|
- |
|
|
189 |
|
|
- |
|
|
189 |
|
|
Restructuring |
|
- |
|
|
- |
|
|
- |
|
|
244 |
|
|
Total
operating expenses |
|
4,596 |
|
|
4,234 |
|
|
13,610 |
|
|
14,003 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(2,789 |
) |
|
(2,421 |
) |
|
(9,276 |
) |
|
(10,294 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
(24 |
) |
|
(23 |
) |
|
(77 |
) |
|
(113 |
) |
|
Gain (loss) on revaluation of warrant liabilities |
|
1,125 |
|
|
4,476 |
|
|
2,011 |
|
|
(1,579 |
) |
|
Warrant issuance expense |
|
- |
|
|
- |
|
|
- |
|
|
(329 |
) |
|
Gain on forgiveness of note payable |
|
- |
|
|
- |
|
|
1,099 |
|
|
- |
|
|
Other (expense) income, net |
|
(270 |
) |
|
420 |
|
|
(658 |
) |
|
466 |
|
|
Total other
income (expense), net |
|
831 |
|
|
4,873 |
|
|
2,375 |
|
|
(1,555 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
$ |
(1,958 |
) |
$ |
2,452 |
|
$ |
(6,901 |
) |
$ |
(11,849 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income per share, basic |
$ |
(0.15 |
) |
$ |
0.30 |
|
$ |
(0.57 |
) |
$ |
(1.75 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, diluted |
$ |
(0.17 |
) |
$ |
(0.01 |
) |
$ |
(0.62 |
) |
$ |
(1.78 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
|
stock outstanding, basic |
|
12,661 |
|
|
8,236 |
|
|
12,029 |
|
|
6,772 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
|
stock outstanding, diluted |
|
12,710 |
|
|
8,379 |
|
|
12,133 |
|
|
6,829 |
|
|
|
|
|
|
|
|
|
|
|
|
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