Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso
Bionics”), an industry leader in exoskeleton technology for medical
and industrial use, today reported financial results for the three
and six months ended June 30, 2024.
Recent Highlights and
Accomplishments
- Reported revenues of $5.0 million
in the second quarter of 2024
- Initial Medicare claims for Ekso
Indego Personal are currently pending reimbursement
- Sold a total of 37 EksoHealth
devices in the second quarter of 2024
- Achieved gross margin of 53% for
the quarter ended June 30, 2024
“We are pleased with our significant progress in
the second quarter of 2024, highlighted by record sales and the
announcement of Centers for Medicare & Medicaid Services’
(“CMS”) national Medicare pricing determination for our Ekso Indego
Personal device,” said Scott Davis, Chief Executive Officer of Ekso
Bionics. “With the Medicare reimbursement mechanisms in place, we
are focused on reaching a larger U.S. population of individuals
living with a spinal cord injury (“SCI”) and anticipate increased
demand for Ekso Indego Personal in the second half of the year and
longer term. Additionally, we are proud that our legacy EksoNR is
chosen as the standard of care for neurorehabilitation by many
leading network operators as we believe key stakeholders recognize
the clinical and economic value of our innovative device. Looking
ahead, we will continue to execute upon our scalable commercial
strategy to drive growth while bringing transformational benefits
to patients across the continuum of care.”
Second Quarter 2024 Financial
ResultsRevenue was $5.0 million for the quarter ended June
30, 2024, an increase of 5%, compared to $4.7 million for the same
period in 2023. The Company sold a total of 37 EksoHealth devices
in the second quarter of 2024.
Gross profit for the quarter ended June 30, 2024
was $2.6 million, representing a gross margin of approximately 53%,
compared to $2.3 million for the same period in 2023, representing
a gross margin of 48%. The increase in gross margin was primarily
due to an increase in the average selling price for the EksoNR and
lower EksoHealth device and service costs.
Sales and marketing expenses for the quarter
ended June 30, 2024 were $1.8 million, compared to $2.3 million for
the same period in 2023. The 21% decrease was primarily due to
lower headcount and consultant costs.
Research and development expenses for the
quarter ended June 30, 2024 were $1.1 million, compared to $1.4
million for the same period in 2023. The 20% decrease was primarily
due to a decrease in the use of third-party product development
consultants and lower discretionary payroll costs.
General and administrative expenses for the
quarter ended June 30, 2024 were $2.0 million, compared to $2.8
million for the same period in 2023. The 28% decrease was primarily
due to lower discretionary payroll, consultant, and legal
costs.
Net loss applicable to common stockholders for
the quarter ended June 30, 2024 was $2.4 million, or $0.13 per
basic and diluted share, compared to net loss of $4.2 million, or
$0.31 per basic and diluted share, for the same period in 2023.
Six Months Ended June 30,
2024Revenue was $8.7 million for the six months ended June
30, 2024, compared to $8.8 million for the same period in 2023. The
Company sold a total of 66 EksoHealth devices in the first half of
2024.
Gross profit for the six months ended June 30,
2024 was $4.6 million, representing a gross margin of approximately
53%, compared to gross profit of $4.3 million for the same period
in 2023, representing a gross margin of 48%. The increase in gross
margin was primarily due to an increase in the average selling
price for the EksoNR and lower EksoHealth device and service
costs.
Sales and marketing expenses for the six months
ended June 30, 2024 were $3.7 million, compared to $4.4 million for
the same period in 2023. The 17% decrease was primarily due to
lower headcount and consultant costs.
Research and development expenses for the six
months ended June 30, 2024 were $2.3 million, compared to $2.6
million for the same period in 2023. The 12% decrease was primarily
due to a decrease in the use of third-party product development
consultants and lower discretionary payroll costs.
General and administrative expenses for the six
months ended June 30, 2024 were $4.3 million, compared to $6.0
million for the same period in 2023. The 29% decrease was primarily
due to the absence of costs associated with the acquisition and
integration of Human Motion Control (“HMC”) in the comparable
period, and lower discretionary payroll, consultant and legal
costs.
Net loss applicable to common stockholders for
the six months ended June 30, 2024 was $5.8 million, or $0.33 per
basic and diluted share, compared to net loss of $8.6 million, or
$0.64 per basic and diluted share, for the same period in 2023.
Cash on hand at June 30, 2024 was $5.9 million,
compared to $8.6 million at December 31, 2023.
Conference CallManagement 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 known 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 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 X.
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 the plans, objectives and expectations of
management with respect to the Company’s industry, growth and
strategy, including CMS as a potential source of revenue and demand
for the Company’s Ekso Indego Personal, the increase in a potential
patient population as a result of Medicare reimbursement and the
Company’s ability to successfully sell its products to such
population, and the benefits that the Company’s devices bring to
patients. 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, the Company's inability to obtain
adequate financing to fund and grow the Company's operations and
necessary to develop or enhance the Company’s technology, the
Company’s ability to obtain reimbursement from CMS in a timely
manner and at the expected reimbursement levels, the Company’s
ability to obtain insurance coverage beyond CMS, the Company’s
ability to obtain additional indications of use for its devices,
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, 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. Any
forward-looking statements made in this press release speak only as
of the date of this press release. The Company does not undertake
to update these forward-looking statements, except as required by
law.
Contact: David
Carey212-867-1768investors@eksobionics.com
|
|
Ekso Bionics
Holdings, Inc. |
Condensed
Consolidated Balance Sheets |
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
|
|
|
2024 |
|
2023 |
|
Assets |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and restricted cash |
$ |
5,885 |
|
$ |
8,638 |
|
|
|
Accounts
receivable, net |
|
6,520 |
|
|
5,645 |
|
|
|
Inventories |
|
4,974 |
|
|
5,050 |
|
|
|
Prepaid
expenses and other current assets |
|
1,263 |
|
|
875 |
|
|
Total current assets |
|
18,642 |
|
|
20,208 |
|
|
Property and equipment, net |
|
1,748 |
|
|
2,018 |
|
|
Right-of-use assets |
|
989 |
|
|
977 |
|
|
Intangible assets, net |
|
4,739 |
|
|
4,892 |
|
|
Goodwill |
|
431 |
|
|
431 |
|
|
Other assets |
|
435 |
|
|
392 |
|
|
Total assets |
$ |
26,984 |
|
$ |
28,918 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts
payable |
$ |
2,125 |
|
$ |
1,847 |
|
|
|
Accrued
liabilities |
|
1,973 |
|
|
2,664 |
|
|
|
Deferred
revenues, current |
|
1,926 |
|
|
1,993 |
|
|
|
Note
payable, current |
|
1,250 |
|
|
1,250 |
|
|
|
Lease
liabilities, current |
|
430 |
|
|
363 |
|
|
Total current liabilities |
|
7,704 |
|
|
8,117 |
|
|
Deferred revenues |
|
2,016 |
|
|
2,169 |
|
|
Notes payable, net |
|
4,352 |
|
|
4,832 |
|
|
Lease liabilities |
|
659 |
|
|
723 |
|
|
Warrant liabilities |
|
49 |
|
|
366 |
|
|
Other non-current liabilities |
|
145 |
|
|
105 |
|
|
Total liabilities |
|
14,925 |
|
|
16,312 |
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common
stock |
|
19 |
|
|
15 |
|
|
|
Additional
paid-in capital |
|
256,491 |
|
|
251,580 |
|
|
|
Accumulated
other comprehensive income |
|
539 |
|
|
156 |
|
|
|
Accumulated
deficit |
|
(244,990 |
) |
|
(239,145 |
) |
|
Total stockholders' equity |
|
12,059 |
|
|
12,606 |
|
|
Total liabilities and stockholders' equity |
$ |
26,984 |
|
$ |
28,918 |
|
|
|
|
|
|
|
|
|
Ekso Bionics
Holdings, Inc. |
|
Condensed
Consolidated Statements of Operations |
|
(In
thousands, except per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,950 |
|
$ |
4,703 |
|
$ |
8,706 |
|
$ |
8,825 |
|
|
Cost of
revenue |
|
2,313 |
|
|
2,449 |
|
|
4,118 |
|
|
4,571 |
|
|
Gross
profit |
|
2,637 |
|
|
2,254 |
|
|
4,588 |
|
|
4,254 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
1,846 |
|
|
2,349 |
|
|
3,664 |
|
|
4,437 |
|
|
Research and development |
|
1,116 |
|
|
1,398 |
|
|
2,252 |
|
|
2,552 |
|
|
General and administrative |
|
2,010 |
|
|
2,791 |
|
|
4,263 |
|
|
5,997 |
|
|
Total
operating expenses |
|
4,972 |
|
|
6,538 |
|
|
10,179 |
|
|
12,986 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(2,335 |
) |
|
(4,284 |
) |
|
(5,591 |
) |
|
(8,732 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other
(expense) income, net: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(74 |
) |
|
(61 |
) |
|
(131 |
) |
|
(172 |
) |
|
Loss on modification of warrant |
|
|
|
|
|
(109 |
) |
|
- |
|
|
Gain on revaluation of warrant liabilities |
|
84 |
|
|
152 |
|
|
426 |
|
|
126 |
|
|
Unrealized (loss) gain on foreign exchange |
|
(91 |
) |
|
(7 |
) |
|
(440 |
) |
|
210 |
|
|
Other expense, net |
|
- |
|
|
(30 |
) |
|
- |
|
|
(51 |
) |
|
Total other
(expense) income, net |
|
(81 |
) |
|
54 |
|
|
(254 |
) |
|
113 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(2,416 |
) |
$ |
(4,230 |
) |
$ |
(5,845 |
) |
$ |
(8,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic and diluted |
$ |
(0.13 |
) |
$ |
(0.31 |
) |
$ |
(0.33 |
) |
$ |
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
|
stock outstanding, basic and diluted |
|
18,224 |
|
|
13,637 |
|
|
17,822 |
|
|
13,467 |
|
|
|
|
|
|
|
|
|
|
|
|
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