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 and
twelve months ended December 31, 2021.
Recent Highlights and
Accomplishments
- Reported record
revenue of $4.1 million in the fourth quarter of 2021
- Achieved gross
margin of approximately 59% in the fourth quarter of 2021
- Booked a total of
30 EksoNR units in the fourth quarter of 2021
- Strong cash
position at December 31, 2021 of $40.4 million
- Appointed Steven
Sherman, CEO, and Scott Davis, President and COO
“As a company that is elevating the care of
neurorehabilitation, Ekso Bionics is bringing innovative solutions
to patients and workers,” said Steven Sherman, Chairman and Chief
Executive Officer of Ekso Bionics. “We had a strong fourth quarter
that reflects solid execution across our medical and industrial
segments. We secured several multi-unit orders for our EksoNR
exoskeleton devices from network operators globally, and market
awareness of EVO continues to grow. Ekso’s professional leadership
team is focused on building momentum throughout our sales channels
and driving strategic initiatives to enhance shareholder
value.”
Fourth Quarter 2021 Financial
Results
Revenue was $4.1 million for the quarter ended
December 31, 2021, compared to $2.3 million for the same period in
2020. Revenue in the fourth quarter of 2021 included approximately
$3.4 million in EksoHealth revenue and approximately $0.6 million
in EksoWorks revenue. The Company booked a total of 30 EksoNR units
in the fourth quarter of 2021, including 10 subscription units.
Gross profit for the quarter ended December 31,
2021 was $2.4 million, compared to $1.4 million in the same period
in 2020, representing a gross margin of approximately 59% in the
fourth quarter of 2021, compared to a gross margin for the same
period in 2020 of 60%. The slight decline in gross margin is
primarily due to a slight increase in manufacturing costs.
Sales and marketing expenses for the quarter
ended December 31, 2021 were $2.0 million, compared to $1.8 million
for the same period in 2020. The increase was primarily due to
increased employee compensation from higher sales.
Research and development expenses for the
quarter ended December 31, 2021 were $0.8 million, compared to $0.7
million for the same period in 2020, an increase of $0.1 million.
The increase was primarily due to higher product development
activity expenses.
General and administrative expenses for the
quarter ended December 31, 2021 were $4.1 million, compared to $1.9
million for the same period in 2020, an increase of $2.2 million.
The increase was primarily due to an increase in business
development costs and increased employee compensation from higher
headcount.
Gain on warrant liabilities for the quarter
ended December 31, 2021 was $2.0 million due to the revaluation of
warrants issued in 2019, 2020 and 2021, compared to a $1.5 million
loss associated with 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 December 31, 2021 was $2.9 million, or $0.23 per
basic and diluted share, compared to net loss of $4.0 million, or
$0.48 per basic and diluted share, for the same period in 2020.
Full Year 2021 Financial
Results
Revenue for the full year ended December 31,
2021 was $11.2 million, compared to $8.9 million for the same
period in 2020, an increase of 27%. Full-year 2021 revenue includes
approximately $9.8 million in EksoHealth revenue and $1.5 million
in EksoWorks revenue. The year-over-year increase in revenue was
the result of higher volume of device sales driven by business
conditions normalizing from the impact of the COVID-19
pandemic.
Gross profit for the full year ended December
31, 2021 was approximately $6.7 million, representing a gross
margin of approximately 60%, compared to gross profit of $5.1
million for the same period in 2020, representing a gross margin of
57%. The increase in gross margin was primarily due to improved
EksoWorks margins, driven by lower production costs of EVO compared
to the previous generation vest, and the reduction of collaborative
arrangements in overall revenue composition.
Sales and marketing expenses for the full year
ended December 31, 2021 were $7.3 million, compared to $7.8 million
for the same period in 2020, a decrease of $0.5 million. The
decrease in expenses for the full year was primarily due to cost
reduction initiatives the Company implemented in the spring of
2020.
Research and development expenses for the full
year ended December 31, 2021 were $2.7 million, compared to $2.5
million in the same period in 2020, primarily due to increased
employee discretionary compensation costs.
General and administrative expenses for the full
year ended December 31, 2021 were $10.5 million, compared to $7.7
million in the same period in 2020, primarily due to an increase in
business development costs and increased employee compensation from
higher headcount.
Gain on warrant liabilities for the full year
ended December 31, 2021 was $4.0 million associated with the
revaluation of warrants issued in 2019, 2020 and 2021, compared to
a loss of $3.1 million associated with the revaluation of warrants
issued in 2015, 2019 and 2020 for the same period in 2020.
Net loss applicable to common shareholders for
the full year ended December 31, 2021 was $9.8 million, or $0.80
per basic share and $0.88 per diluted share, compared to $15.8
million, or $2.21 per basic and diluted share, for the same period
in 2020.
Cash on hand at December 31, 2021 was $40.4
million, compared to $12.9 million at December 31, 2020. For
the full year ended December 31, 2021, the Company used $11.2
million of cash in operations, compared to $8.8 million for the
same period in 2020.
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.
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 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. 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 leadership
team, growth in sales and market awareness of the Company’s
products, the Company’s strategic initiatives 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 period and year ended
December 31, 2021, 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, 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. |
Consolidated
Statements of Operations |
(In
thousands, except per share amounts) |
|
|
|
Three Months
Ended December 31, |
|
|
|
|
|
|
(Unaudited) |
|
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,076 |
|
$ |
2,254 |
|
$ |
11,246 |
|
$ |
8,882 |
|
Cost of
revenue |
|
1,661 |
|
|
893 |
|
|
4,497 |
|
|
3,812 |
|
Gross
profit |
|
2,415 |
|
|
1,361 |
|
|
6,749 |
|
|
5,070 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
2,040 |
|
|
1,780 |
|
|
7,305 |
|
|
7,752 |
|
Research and development |
|
818 |
|
|
712 |
|
|
2,748 |
|
|
2,474 |
|
General and administrative |
|
4,109 |
|
|
1,866 |
|
|
10,524 |
|
|
7,702 |
|
Impairment of goodwill |
|
- |
|
|
- |
|
|
- |
|
|
189 |
|
Restructuring |
|
- |
|
|
- |
|
|
- |
|
|
244 |
|
Total
operating expenses |
|
6,967 |
|
|
4,358 |
|
|
20,577 |
|
|
18,361 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(4,552 |
) |
|
(2,997 |
) |
|
(13,828 |
) |
|
(13,291 |
) |
|
|
|
|
|
|
|
|
|
Other
(expense) income, net: |
|
|
|
|
|
|
|
|
Interest expense |
|
(36 |
) |
|
(26 |
) |
|
(113 |
) |
|
(139 |
) |
Warrant issuance expense |
|
- |
|
|
- |
|
|
- |
|
|
(329 |
) |
Gain (loss) on revaluation of warrant liabilities |
|
1,951 |
|
|
(1,477 |
) |
|
3,962 |
|
|
(3,056 |
) |
Gain on forgiveness of note payable |
|
- |
|
|
- |
|
|
1,099 |
|
|
- |
|
Other (expense) income, net |
|
(226 |
) |
|
524 |
|
|
(884 |
) |
|
990 |
|
Total other
income (expense), net |
|
1,689 |
|
|
(979 |
) |
|
4,064 |
|
|
(2,534 |
) |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(2,863 |
) |
$ |
(3,976 |
) |
$ |
(9,764 |
) |
$ |
(15,825 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic |
$ |
(0.23 |
) |
$ |
(0.48 |
) |
$ |
(0.80 |
) |
$ |
(2.21 |
) |
|
|
|
|
|
|
|
|
|
Net loss per
share, diluted |
$ |
(0.23 |
) |
$ |
(0.48 |
) |
$ |
(0.88 |
) |
$ |
(2.21 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
stock outstanding, basic |
|
12,678 |
|
|
8,328 |
|
|
12,193 |
|
|
7,164 |
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
stock outstanding, diluted |
|
12,678 |
|
|
8,328 |
|
|
12,269 |
|
|
7,164 |
|
|
|
|
|
|
|
|
|
|
Ekso Bionics
Holdings, Inc. |
Consolidated
Balance Sheets |
(In
thousands, except par value) |
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
|
Cash |
$ |
40,406 |
|
$ |
12,862 |
|
|
Accounts
receivable, net |
|
4,662 |
|
|
3,224 |
|
|
Inventories |
|
2,242 |
|
|
1,978 |
|
|
Prepaid
expenses and other current assets |
|
485 |
|
|
356 |
|
Total current assets |
|
47,795 |
|
|
18,420 |
|
Property and equipment, net |
|
991 |
|
|
1,172 |
|
Right-of-use assets |
|
216 |
|
|
685 |
|
Other assets |
|
164 |
|
|
320 |
|
Total assets |
$ |
49,166 |
|
$ |
20,597 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
3,107 |
|
$ |
1,501 |
|
|
Accrued
liabilities |
|
2,299 |
|
|
1,429 |
|
|
Deferred
revenues, current |
|
1,220 |
|
|
1,496 |
|
|
Lease
liabilities, current |
|
229 |
|
|
548 |
|
Total current liabilities |
|
6,855 |
|
|
4,974 |
|
Deferred revenues |
|
1,475 |
|
|
1,806 |
|
Notes payable, net |
|
1,993 |
|
|
3,075 |
|
Lease liabilities |
|
- |
|
|
233 |
|
Warrant liabilities |
|
1,550 |
|
|
6,037 |
|
Other non-current liabilities |
|
74 |
|
|
38 |
|
Total liabilities |
|
11,947 |
|
|
16,163 |
|
Stockholders' equity: |
|
|
|
|
|
Common
stock |
|
13 |
|
|
8 |
|
|
Additional
paid-in capital |
|
246,090 |
|
|
204,376 |
|
|
Accumulated
other comprehensive loss |
|
(17 |
) |
|
(847 |
) |
|
Accumulated
deficit |
|
(208,867 |
) |
|
(199,103 |
) |
Total stockholders' equity |
|
37,219 |
|
|
4,434 |
|
Total liabilities and stockholders' equity |
$ |
49,166 |
|
$ |
20,597 |
|
|
|
|
|
|
|
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