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
months ended March 31, 2023.
Recent Highlights and
Accomplishments
- Achieved record revenues of $4.1
million in the first quarter of 2023, up 61% from the first quarter
of 2022
- Delivered products across continuum
of care following the addition of the Indego® product line
- Booked a total of 23 EksoHealth
devices in the first quarter of 2023
- Cash position of $16.3 million at
March 31, 2023
“Driven by the continued execution of our
commercial strategy, we are proud to have achieved our strongest
revenue quarter to-date,” said Scott Davis, Chief Executive Officer
of Ekso Bionics. “Record first quarter revenues reflect our team’s
success in securing multi-unit orders with large network operators,
as well as contributions from our recently acquired Indego product
line. Now that we have an expanded product offering across the
continuum of care, we look to build upon our positive momentum to
drive long-term growth.”
First Quarter 2023 Financial
Results
Revenue was $4.1 million for the quarter ended
March 31, 2023, an increase of 61% compared to $2.6 million for the
same period in 2022. The Company booked a total of 23 EksoHealth
devices in the first quarter of 2023.
Gross profit for the quarter ended March 31,
2023 was $2.0 million, an increase of 65% from the same period in
2022, representing a gross margin of approximately 49% in the first
quarter of 2023, compared to a gross margin of 47% for the same
period in 2022. The overall increase in gross margin was primarily
due to an increase in EksoHealth device sales and lower device
costs.
Sales and marketing expenses for the quarter
ended March 31, 2023 were $2.1 million, compared to $1.6 million
for the same period in 2022. The increase was primarily due to
higher compensation costs associated with the acquisition of the
Human Motion Control (“HMC”) business unit and an increase in
marketing activities.
Research and development expenses for the
quarter ended March 31, 2023 were $1.2 million, compared to $0.9
million for the same period in 2022. The increase was primarily due
to higher costs associated with the acquisition of HMC.
General and administrative expenses for the
quarter ended March 31, 2023 were $3.2 million, compared to $2.9
million for the same period in 2022. The increase was primarily due
to HMC related audit and integration costs partially offset by
lower severance costs.
Net loss applicable to common stockholders for
the quarter ended March 31, 2023 was $4.4 million, or $0.33 per
basic and diluted share, compared to net loss of $4.6 million, or
$0.36 per basic and diluted share, for the same period in 2022.
Cash on hand at March 31, 2023 was $16.3
million, compared to $20.5 million at December 31, 2022.
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 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. 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, the expected benefits of the acquisition of
HMC, potential technological and operational improvements, the
Company’s growth prospects 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, 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,
2023 that are required to be included in such report, 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 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, the Company’s ability to successfully
integrate the HMC business and its personnel, 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. 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) |
|
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
(Unaudited) |
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
|
Cash |
$ |
16,277 |
|
$ |
20,525 |
|
|
Accounts
receivable, net |
|
4,827 |
|
|
4,625 |
|
|
Inventories |
|
5,662 |
|
|
5,187 |
|
|
Prepaid
expenses and other current assets |
|
831 |
|
|
700 |
|
Total current assets |
|
27,597 |
|
|
31,037 |
|
Property and equipment, net |
|
2,454 |
|
|
2,680 |
|
Right-of-use assets |
|
1,228 |
|
|
1,307 |
|
Intangible assets, net |
|
5,136 |
|
|
5,217 |
|
Goodwill |
|
431 |
|
|
431 |
|
Other assets |
|
258 |
|
|
231 |
|
Total assets |
$ |
37,104 |
|
$ |
40,903 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
3,042 |
|
$ |
3,151 |
|
|
Accrued
liabilities |
|
2,227 |
|
|
2,278 |
|
|
Deferred
revenues, current |
|
1,296 |
|
|
1,121 |
|
|
Notes
payable, current |
|
2,623 |
|
|
2,310 |
|
|
Lease
liabilities, current |
|
349 |
|
|
341 |
|
Total current liabilities |
|
9,537 |
|
|
9,201 |
|
Deferred revenues |
|
1,367 |
|
|
1,032 |
|
Notes payable, net |
|
3,534 |
|
|
3,767 |
|
Lease liabilities |
|
999 |
|
|
1,087 |
|
Warrant liabilities |
|
259 |
|
|
233 |
|
Other non-current liabilities |
|
125 |
|
|
141 |
|
Total liabilities |
|
15,821 |
|
|
15,461 |
|
Stockholders' equity: |
|
|
|
|
|
Common
stock |
|
13 |
|
|
13 |
|
|
Additional
paid-in capital |
|
249,237 |
|
|
248,813 |
|
|
Accumulated
other comprehensive income |
|
369 |
|
|
563 |
|
|
Accumulated
deficit |
|
(228,336 |
) |
|
(223,947 |
) |
Total stockholders' equity |
|
21,283 |
|
|
25,442 |
|
Total liabilities and stockholders' equity |
$ |
37,104 |
|
$ |
40,903 |
|
|
|
|
|
|
|
Ekso Bionics
Holdings, Inc. |
Condensed
Consolidated Statements of Operations |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
Revenue |
$ |
4,122 |
|
$ |
2,567 |
|
Cost of
revenue |
|
2,122 |
|
|
1,358 |
|
Gross
profit |
|
2,000 |
|
|
1,209 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Sales and marketing |
|
2,088 |
|
|
1,629 |
|
Research and development |
|
1,154 |
|
|
921 |
|
General and administrative |
|
3,206 |
|
|
2,896 |
|
Total
operating expenses |
|
6,448 |
|
|
5,446 |
|
|
|
|
|
|
Loss from
operations |
|
(4,448 |
) |
|
(4,237 |
) |
|
|
|
|
|
Other income
(expense), net: |
|
|
|
|
Interest expense |
|
(127 |
) |
|
(27 |
) |
Loss on revaluation of warrant liabilities |
|
(26 |
) |
|
(100 |
) |
Unrealized gain (loss) on foreign exchange |
|
217 |
|
|
(254 |
) |
Other expense, net |
|
(5 |
) |
|
(2 |
) |
Total other
income (expense), net |
|
59 |
|
|
(383 |
) |
|
|
|
|
|
Net
loss |
$ |
(4,389 |
) |
$ |
(4,620 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic and diluted |
$ |
(0.33 |
) |
$ |
(0.36 |
) |
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
stock outstanding, basic and diluted |
|
13,296 |
|
|
12,728 |
|
|
|
|
|
|
Ekso Bionics (NASDAQ:EKSO)
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