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
nine months ended September 30, 2023.
Recent Highlights and
Accomplishments
- Reported revenue of $4.6 million in
the third quarter of 2023, an increase of 38% year-over-year
- Sold a total of 41 EksoHealth
devices in the third quarter of 2023
- Record quarter of EVO unit
sales
- Gross profit of $2.5 million in the
third quarter of 2023, compared to $1.7 million in the same period
last year
“We continued to generate strong sales of our
EksoHealth devices reflecting solid multi-unit order flow with
large network operators and continued customer adoption of our
Indego product line,” said Scott Davis, the Company’s Chief
Executive Officer. “In addition, we established a foundation to
grow our EksoWorks business as evidenced by a record number of EVO
unit sales in the quarter. Finally, we recently applied Ekso Indego
Personal for code determination under the proposed Centers for
Medicare & Medicaid Services (“CMS”) rule change to include
personal exoskeletons in the Medicare benefit category for braces.
If the proposed CMS rules are adopted and our application is
approved, we believe the addressable market for our home and
community devices for spinal cord injury patients could be
significantly expanded.”
Third Quarter 2023 Financial
Results
Revenue was $4.6 million for the quarter ended
September 30, 2023, an increase of 38%, compared to $3.3 million
for the same period in 2022. The Company sold a total of 41
EksoHealth units in the third quarter of 2023.
Gross profit for the quarter ended September 30,
2023 was $2.5 million, an increase of 46% from the same period in
2022, representing a gross margin of approximately 53% in the third
quarter of 2023, compared to a gross margin of 51% for the same
period in 2022. The increase in gross margin was primarily due to
lower device and service costs.
Sales and marketing expenses for the quarter
ended September 30, 2023 were $2.1 million, compared to $1.7
million for the same period in 2022. The increase was primarily due
to additional headcount associated with the acquisition of the
Human Motion Control (“HMC”) business unit.
Research and development expenses for the
quarter ended September 30, 2023 were $1.2 million, compared to
$0.9 million for the same period in 2022. The increase was
primarily due to additional headcount and an increase in research
activity associated with the acquisition of HMC.
General and administrative expenses for the
quarter ended September 30, 2023 were $2.2 million, compared to
$2.7 million for the same period in 2022. The decrease was
primarily due to a decrease in legal and business development
costs.
Net loss applicable to common stockholders for
the quarter ended September 30, 2023 narrowed to $3.4 million, or
$0.24 per basic and diluted share, from a net loss of $4.3 million,
or $0.33 per basic and diluted share, for the same period in
2022.
Nine Months Ended September 30,
2023
Revenue was $13.4 million for the nine months
ended September 30, 2023, an increase of 43%, compared to $9.4
million for the same period in 2022. The Company sold a total of
111 EksoHealth devices in the first nine months of 2023.
Gross profit for the nine months ended September
30, 2023 was $6.7 million, representing a gross margin of
approximately 50%, compared to gross profit of $4.5 million for the
same period in 2022, representing a gross margin of 48%. The
overall increase in gross margin was primarily due to lower device
costs.
Sales and marketing expenses for the nine months
ended September 30, 2023 were $6.5 million, compared to $5.2
million the same period in 2022. The increase was primarily due to
higher compensation costs associated with the acquisition of HMC
and severance expense.
Research and development expenses for the nine
months ended September 30, 2023 were $3.7 million, compared to $2.7
million for the same period in 2022. The increase was primarily due
to additional headcount and an increase in research activity
associated with the acquisition of HMC.
General and administrative expenses for the nine
months ended September 30, 2023 were $8.2 million, compared to $7.8
million for the same period in 2022. The increase was primarily due
to HMC-related audit, accounting and integration costs, partially
offset by the decrease in severance costs.
Net loss applicable to common stockholders for
the nine months ended September 30, 2023 was $12.0 million, or
$0.88 per basic and diluted share, compared to net loss of $11.9
million, or $0.92 per basic and diluted share, for the same period
in 2022.
Cash on hand at September 30, 2023 was $9.9
million, compared to $20.5 million at December 31, 2022. Cash used
in operating activities in the first nine months of 2023, inclusive
of the HMC acquisition, was $10.5 million, compared to $11.0
million in the same period of 2022.
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 is 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 X, formerly Twitter.
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 the possibility of the Company’s products
becoming eligible for reimbursement under Medicare following
adoption of the proposed CMS rule changes and the corresponding
increase to the Company’s addressable market. 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 CMS proposed rules not taking effect or deviating
materially from the proposed rules, 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, including the Company’s most recently filed Annual
Report on Form 10-K and its subsequently filed Quarterly Reports on
Form 10-Q. To learn more about Ekso Bionics please visit the
Company’s website at www.eksobionics.com or refer to the Company’s
X page, formerly Twitter, 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) |
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
2023 |
|
2022 |
|
|
(Unaudited) |
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and restricted cash |
$ |
9,937 |
|
$ |
20,525 |
|
Accounts receivable, net |
|
5,873 |
|
|
4,625 |
|
Inventories |
|
5,487 |
|
|
5,187 |
|
Prepaid expenses and other current assets |
|
1,065 |
|
|
700 |
|
Total current assets |
|
22,362 |
|
|
31,037 |
|
Property and equipment, net |
|
2,086 |
|
|
2,680 |
|
Right-of-use assets |
|
1,053 |
|
|
1,307 |
|
Intangible assets, net |
|
4,972 |
|
|
5,217 |
|
Goodwill |
|
431 |
|
|
431 |
|
Other assets |
|
279 |
|
|
231 |
|
Total assets |
$ |
31,183 |
|
$ |
40,903 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
2,502 |
|
$ |
3,151 |
|
Accrued liabilities |
|
2,096 |
|
|
2,278 |
|
Deferred revenues, current |
|
1,635 |
|
|
1,121 |
|
Notes payable, current |
|
1,250 |
|
|
2,310 |
|
Lease liabilities, current |
|
351 |
|
|
341 |
|
Total current liabilities |
|
7,834 |
|
|
9,201 |
|
Deferred revenues |
|
2,064 |
|
|
1,032 |
|
Notes payable, net |
|
5,066 |
|
|
3,767 |
|
Lease liabilities |
|
817 |
|
|
1,087 |
|
Warrant liabilities |
|
47 |
|
|
233 |
|
Other non-current liabilities |
|
98 |
|
|
141 |
|
Total liabilities |
|
15,926 |
|
|
15,461 |
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
14 |
|
|
13 |
|
Additional paid-in capital |
|
250,441 |
|
|
248,813 |
|
Accumulated other comprehensive income |
|
733 |
|
|
563 |
|
Accumulated deficit |
|
(235,931 |
) |
|
(223,947 |
) |
Total stockholders' equity |
|
15,257 |
|
|
25,442 |
|
Total liabilities and stockholders' equity |
$ |
31,183 |
|
$ |
40,903 |
|
|
|
|
|
|
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, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,607 |
|
$ |
3,329 |
|
$ |
13,432 |
|
$ |
9,361 |
|
Cost of revenue |
|
2,151 |
|
|
1,643 |
|
|
6,722 |
|
|
4,825 |
|
Gross profit |
|
2,456 |
|
|
1,686 |
|
|
6,710 |
|
|
4,536 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
2,052 |
|
|
1,742 |
|
|
6,489 |
|
|
5,212 |
|
Research and development |
|
1,159 |
|
|
887 |
|
|
3,712 |
|
|
2,680 |
|
General and administrative |
|
2,176 |
|
|
2,711 |
|
|
8,172 |
|
|
7,764 |
|
Total operating expenses |
|
5,387 |
|
|
5,340 |
|
|
18,373 |
|
|
15,656 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(2,931 |
) |
|
(3,654 |
) |
|
(11,663 |
) |
|
(11,120 |
) |
|
|
|
|
|
|
|
|
|
Other (expense) income, net: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(64 |
) |
|
(34 |
) |
|
(236 |
) |
|
(90 |
) |
Gain on revaluation of warrant liabilities |
|
60 |
|
|
112 |
|
|
186 |
|
|
1,011 |
|
Unrealized loss on foreign exchange |
|
(433 |
) |
|
(732 |
) |
|
(223 |
) |
|
(1,704 |
) |
Other income (expense), net |
|
3 |
|
|
4 |
|
|
(48 |
) |
|
1 |
|
Total other expense, net |
|
(434 |
) |
|
(650 |
) |
|
(321 |
) |
|
(782 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(3,365 |
) |
$ |
(4,304 |
) |
$ |
(11,984 |
) |
$ |
(11,902 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
$ |
(0.24 |
) |
$ |
(0.33 |
) |
$ |
(0.88 |
) |
$ |
(0.92 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of shares of common |
|
|
|
|
|
|
|
|
stock outstanding, basic and diluted |
|
14,073 |
|
|
13,071 |
|
|
13,672 |
|
|
12,896 |
|
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