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 March 31, 2022.
Recent Highlights and
Accomplishments
- Reported revenue of
$2.6 million in the first quarter of 2022
- Strong cash
position of $36.2 million at March 31, 2022
- Booked a total of
23 EksoNR units in the first quarter of 2022
- Secured three
multi-unit orders from top network providers, including the
Company’s largest order ever
“We had strong year-over-year revenue growth in
the first quarter, reflecting solid execution of our commercial
strategy,” said Steven Sherman, Chairman and Chief Executive
Officer of Ekso Bionics. “During the quarter, we continued to gain
traction with network operators. We are invigorated by multi-unit
orders for our EksoNR exoskeleton devices. EksoHealth has
significant backlog, in part due to the challenging supply chain
environment. EksoWorks order flow is increasing, spurred by growing
interest from new and current automotive and aerospace customers
given the heightened focus on workplace productivity and safety
benefits EVO provides. Looking ahead, we are optimistic about our
industry, growth and strategy to drive sustained shareholder
value.”
First Quarter 2022 Financial
Results
Revenue was $2.6 million for the quarter ended
March 31, 2022, compared to $1.9 million for the same period in
2021. Revenue in the first quarter of 2022 included approximately
$1.9 million in EksoHealth revenue and approximately $0.7 million
in EksoWorks sales. The Company booked a total of 23 EksoNR units
in the first quarter of 2022.
Gross profit for the quarter ended March 31,
2022 was $1.2 million, a decrease of 2% from the same period in
2021, representing a gross margin of approximately 47% in the first
quarter of 2022, compared to a gross margin for the same period in
2021 of 65%. The overall decrease in gross margin is primarily due
to an increase in EksoHealth service costs, changes in product mix
and increases in inventory costs, partially offset by the
recognition of prepaid royalty revenue associated with a license
and distribution agreement that expired.
Sales and marketing expenses for the quarter
ended March 31, 2022 were $1.6 million, a decrease of $0.2 million,
or approximately 9%, compared to the same period in 2021. The
decrease was primarily the result of reduced general marketing
activities compared with the same period in the prior year.
Research and development expenses for the
quarter ended March 31, 2022 were $1.0 million, compared to $0.6
million for the same period in 2021. The $0.4 million increase was
primarily due to an increase in product development activity
expenses.
General and administrative expenses for the
quarter ended March 31, 2022 were $2.8 million, compared to $2.0
million for the same period in 2021, an increase of $0.8 million.
The increase was primarily due to higher cash and noncash
compensation expenses and severance expense.
Loss on warrant liabilities for the quarter
ended March 31, 2022 associated with the revaluation of warrants
issued in 2019, 2020 and 2021 was $0.1 million, compared to a de
minimis gain associated with the revaluation of warrants issued in
2019, 2020 and 2021 for the same period in 2021.
Net loss applicable to common stockholders for
the quarter ended March 31, 2022 was $4.6 million, or $0.36 per
basic and diluted share, compared to net loss of $3.7 million, or
$0.34 per basic and diluted share, for the same period in 2021.
Cash on hand at March 31, 2022 was $36.2
million, compared to $40.4 million at December 31, 2021.
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. 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 industry,
growth and strategy, 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 March 31, 2022, 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 March 31,
2022 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
emergence of new, more infectious variants, 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) |
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
2022 |
|
2021 |
Assets |
|
(unaudited) |
|
|
Current assets: |
|
|
|
|
Cash |
$ |
36,176 |
|
$ |
40,406 |
|
Accounts receivable, net |
|
3,346 |
|
|
4,662 |
|
Inventories |
|
2,772 |
|
|
2,242 |
|
Prepaid expenses and other current assets |
|
829 |
|
|
485 |
|
Total current assets |
|
43,123 |
|
|
47,795 |
|
Property and equipment, net |
|
886 |
|
|
991 |
|
Right-of-use assets |
|
92 |
|
|
216 |
|
Other assets |
|
141 |
|
|
164 |
|
Total assets |
$ |
44,242 |
|
$ |
49,166 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
2,939 |
|
$ |
3,107 |
|
Accrued liabilities |
|
1,819 |
|
|
2,299 |
|
Deferred revenues, current |
|
1,115 |
|
|
1,220 |
|
Lease liabilities, current |
|
97 |
|
|
229 |
|
Total current liabilities |
|
5,970 |
|
|
6,855 |
|
Deferred revenues |
|
1,082 |
|
|
1,475 |
|
Notes payable, net |
|
1,994 |
|
|
1,993 |
|
Warrant liabilities |
|
1,650 |
|
|
1,550 |
|
Other non-current liabilities |
|
60 |
|
|
74 |
|
Total liabilities |
|
10,756 |
|
|
11,947 |
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
13 |
|
|
13 |
|
Additional paid-in capital |
|
246,765 |
|
|
246,090 |
|
Accumulated other comprehensive gain (loss) |
|
195 |
|
|
(17 |
) |
Accumulated deficit |
|
(213,487 |
) |
|
(208,867 |
) |
Total stockholders' equity |
|
33,486 |
|
|
37,219 |
|
Total liabilities and stockholders' equity |
$ |
44,242 |
|
$ |
49,166 |
|
|
|
|
|
|
Ekso Bionics
Holdings, Inc. |
Condensed
Consolidated Statements of Operations |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
|
|
|
|
|
Revenue |
$ |
2,567 |
|
$ |
1,910 |
|
Cost of
revenue |
|
1,358 |
|
|
675 |
|
Gross
profit |
|
1,209 |
|
|
1,235 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Sales and marketing |
|
1,629 |
|
|
1,793 |
|
Research and development |
|
999 |
|
|
603 |
|
General and administrative |
|
2,818 |
|
|
1,978 |
|
Total
operating expenses |
|
5,446 |
|
|
4,374 |
|
|
|
|
|
|
Loss from
operations |
|
(4,237 |
) |
|
(3,139 |
) |
|
|
|
|
|
Other
expense, net: |
|
|
|
|
Interest expense |
|
(27 |
) |
|
(26 |
) |
(Loss) gain on revaluation of warrant liabilities |
|
(100 |
) |
|
11 |
|
Other expense, net |
|
(256 |
) |
|
(516 |
) |
Total other
expense, net |
|
(383 |
) |
|
(531 |
) |
|
|
|
|
|
Net
loss |
$ |
(4,620 |
) |
$ |
(3,670 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic and diluted |
$ |
(0.36 |
) |
$ |
(0.34 |
) |
|
|
|
|
|
Weighted
average number of shares of common stock outstanding, basic and
diluted |
|
12,728 |
|
|
10,752 |
|
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