Ekso Bionics Announces Third Quarter 2024 Financial Results
Ekso Bionics (NASDAQ: EKSO) reported Q3 2024 financial results with revenue of $4.1 million, down from $4.6 million in Q3 2023. The company sold 33 EksoHealth devices and achieved a gross margin of 53.5%. Net loss narrowed to $2.1 million ($0.10 per share) from $3.4 million ($0.24 per share) year-over-year. A significant milestone was reached with initial CMS reimbursement approval for Ekso Indego Personal. The company completed an offering raising $5.0 million, ending Q3 with $8.3 million cash on hand.
Ekso Bionics (NASDAQ: EKSO) ha riportato i risultati finanziari del Q3 2024 con un fatturato di 4,1 milioni di dollari, in calo rispetto ai 4,6 milioni di dollari del Q3 2023. L'azienda ha venduto 33 dispositivi EksoHealth e ha raggiunto un margine lordo del 53,5%. La perdita netta si è ridotta a 2,1 milioni di dollari (0,10 dollari per azione) rispetto ai 3,4 milioni di dollari (0,24 dollari per azione) di un anno fa. È stato raggiunto un traguardo significativo con l'approvazione iniziale del rimborso CMS per Ekso Indego Personal. L'azienda ha completato un'offerta raccogliendo 5,0 milioni di dollari, chiudendo il Q3 con 8,3 milioni di dollari di liquidità disponibile.
Ekso Bionics (NASDAQ: EKSO) reportó resultados financieros del Q3 2024 con ingresos de 4,1 millones de dólares, una disminución con respecto a los 4,6 millones de dólares del Q3 2023. La compañía vendió 33 dispositivos EksoHealth y alcanzó un margen bruto del 53,5%. La pérdida neta se redujo a 2,1 millones de dólares (0,10 dólares por acción) desde los 3,4 millones de dólares (0,24 dólares por acción) del año anterior. Se alcanzó un hito significativo con la aprobación inicial del reembolso de CMS para Ekso Indego Personal. La compañía completó una oferta recaudando 5,0 millones de dólares, finalizando el Q3 con 8,3 millones de dólares en efectivo disponible.
엑소 바이오닉스 (NASDAQ: EKSO)는 Q3 2024 재무 결과를 보고하며 410만 달러의 수익을 기록했으며, 이는 Q3 2023의 460만 달러에서 감소한 수치입니다. 이 회사는 33개의 EksoHealth 장비를 판매하였고, 53.5%의 총 마진을 달성하였습니다. 순손실은 210만 달러 (주당 0.10 달러)로 줄어들었고, 이는 작년의 340만 달러 (주당 0.24 달러)에서 감소한 것입니다. Ekso Indego Personal에 대한 CMS 환급 승인이 최초로 이루어지는 중요한 이정표에 도달했습니다. 이 회사는 500만 달러를 모금하는 제안을 완료하며, Q3 종료 시 830만 달러의 현금을 보유하게 되었습니다.
Ekso Bionics (NASDAQ: EKSO) a annoncé ses résultats financiers pour le T3 2024 avec un chiffre d'affaires de 4,1 millions de dollars, en baisse par rapport à 4,6 millions de dollars au T3 2023. L'entreprise a vendu 33 dispositifs EksoHealth et a atteint une marge brute de 53,5%. La perte nette a diminué à 2,1 millions de dollars (0,10 dollar par action) contre 3,4 millions de dollars (0,24 dollar par action) d'une année sur l'autre. Un jalon important a été atteint avec l'approbation initiale du remboursement CMS pour Ekso Indego Personnel. L'entreprise a réalisé une offre levant 5,0 millions de dollars, clôturant le T3 avec 8,3 millions de dollars en liquidités disponibles.
Ekso Bionics (NASDAQ: EKSO) hat die finanziellen Ergebnisse für das 3. Quartal 2024 mit einem Umsatz von 4,1 Millionen US-Dollar veröffentlicht, was einem Rückgang gegenüber 4,6 Millionen US-Dollar im 3. Quartal 2023 entspricht. Das Unternehmen verkaufte 33 EksoHealth-Geräte und erzielte eine Bruttomarge von 53,5%. Der Nettoverlust verringerte sich auf 2,1 Millionen US-Dollar (0,10 US-Dollar pro Aktie) von 3,4 Millionen US-Dollar (0,24 US-Dollar pro Aktie) im Vergleich zum Vorjahr. Ein wichtiger Meilenstein wurde mit der ersten Genehmigung der CMS-Erstattung für Ekso Indego Personal erreicht. Das Unternehmen schloss ein Angebot ab, das 5,0 Millionen US-Dollar einbrachte, und beendete das Q3 mit 8,3 Millionen US-Dollar an liquiden Mitteln.
- Net loss narrowed by 38% to $2.1 million from $3.4 million YoY
- Gross margin improved to 53.5% from 53.3% YoY
- Received CMS reimbursement approval for Ekso Indego Personal
- Operating expenses decreased across sales, marketing, and R&D
- Raised $5.0 million through public offering
- Revenue declined 11% to $4.1 million from $4.6 million YoY
- Cash position decreased to $8.3 million from $8.6 million at year-end 2023
- Continued net losses of $2.1 million in Q3 2024
- Operating cash burn of $8.4 million in first nine months
Insights
EKSO's Q3 2024 shows mixed results with concerning trends. Revenue declined
The recent
The CMS reimbursement approval for Ekso Indego Personal could drive future growth, but current financial metrics and market conditions suggest continued challenges ahead. With a micro-cap valuation of
The CMS reimbursement approval for Ekso Indego Personal marks a pivotal development in expanding access to powered exoskeletons for spinal cord injury patients. This regulatory milestone could significantly impact market penetration by enabling Medicare beneficiaries to access these devices.
However, the decline in device sales and revenue suggests market adoption challenges persist. The focus on expanding through IDNs (Integrated Delivery Networks) and DMEs (Durable Medical Equipment providers) is strategically sound but may require significant time and resources to materialize into substantial revenue growth. The company needs to demonstrate stronger commercial execution to justify its position as an industry leader in exoskeleton technology.
SAN RAFAEL, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- 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, 2024.
Recent Highlights and Accomplishments
- Reported revenue of
$4.1 million in the third quarter of 2024 - Sold a total of 33 EksoHealth devices in the third quarter of 2024
- Announced receipt of initial Centers for Medicare & Medicaid Services (“CMS”) reimbursement for Ekso Indego Personal
- Achieved gross margin of
53.5% in the third quarter of 2024 - Completed underwritten offering resulting in net proceeds of approximately
$5.0 million in September 2024
“The receipt of initial CMS reimbursement through our Durable Medical Equipment Medicare Administrative Contractors (“DMEs”) for our Ekso Indego Personal was a major milestone for us and, importantly, spinal cord injury (“SCI”) patients, allowing those covered by Medicare to access the transformative mobility benefits of our Ekso Indego Personal at home and in community settings,” said Scott Davis, the Company’s Chief Executive Officer. “With a growing number of CMS claim submissions in our pipeline, we are actively collaborating with our network of existing neuro-rehabilitation facilities, physicians, and DMEs to lay the groundwork for future sales. Going forward, we remain focused on expanding access to our family of EksoHealth devices across the continuum of care while getting back on pace as procurement cycles with Integrated Delivery Networks (“IDNs”) normalize in the near-term.”
Third Quarter 2024 Financial Results
Revenue was
Gross profit for the quarter ended September 30, 2024 was
Sales and marketing expenses for the quarter ended September 30, 2024 were
Research and development expenses for the quarter ended September 30, 2024 were
General and administrative expenses for the quarter ended September 30, 2024 were
Net loss applicable to common stockholders for the quarter ended September 30, 2024 narrowed to
Nine Months Ended September 30, 2024
Revenue was
Gross profit for the nine months ended September 30, 2024 was
Sales and marketing expenses for the nine months ended September 30, 2024 were
Research and development expenses for the nine months ended September 30, 2024 were
General and administrative expenses for the nine months ended September 30, 2024 were
Net loss applicable to common stockholders for the nine months ended September 30, 2024 was
Cash on hand on September 30, 2024 was
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 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 877-407-6184 for domestic callers or 201-389-0877 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 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, including the growing number of CMS claim submissions in the Company’s pipeline, the Company’s ability to expand access to EksoHealth devices and the normalization of the procurement cycles for EksoHealth devices. 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 inability to successfully collaborate with its network of existing neuro-rehabilitation facilities, physicians, and DMEs in seeking CMS reimbursements, the Company’s inability to obtain future reimbursements from CMS in a timely manner and at the expected reimbursement levels, the Company’s inability to obtain insurance coverage beyond CMS, the Company’s inability 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, 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 Carey
212-867-1768
investors@eksobionics.com
| Ekso Bionics Holdings, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | (unaudited) | |||||||
| Current assets: | ||||||||
| Cash and restricted cash | $ | 8,292 | $ | 8,638 | ||||
| Accounts receivable, net | 6,964 | 5,645 | ||||||
| Inventories | 5,031 | 5,050 | ||||||
| Prepaid expenses and other current assets | 779 | 875 | ||||||
| Total current assets | 21,066 | 20,208 | ||||||
| Property and equipment, net | 1,628 | 2,018 | ||||||
| Right-of-use assets | 891 | 977 | ||||||
| Intangible assets, net | 4,662 | 4,892 | ||||||
| Goodwill | 431 | 431 | ||||||
| Other assets | 531 | 392 | ||||||
| Total assets | $ | 29,209 | $ | 28,918 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,808 | $ | 1,847 | ||||
| Accrued liabilities | 1,975 | 2,664 | ||||||
| Deferred revenues, current | 2,039 | 1,993 | ||||||
| Notes payable, current | 1,250 | 1,250 | ||||||
| Lease liabilities, current | 434 | 363 | ||||||
| Total current liabilities | 7,506 | 8,117 | ||||||
| Deferred revenues | 1,971 | 2,169 | ||||||
| Notes payable, net | 4,106 | 4,832 | ||||||
| Lease liabilities | 556 | 723 | ||||||
| Warrant liabilities | 35 | 366 | ||||||
| Other non-current liabilities | 165 | 105 | ||||||
| Total liabilities | 14,339 | 16,312 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 22 | 15 | ||||||
| Additional paid-in capital | 261,898 | 251,580 | ||||||
| Accumulated other comprehensive income | 12 | 156 | ||||||
| Accumulated deficit | (247,062 | ) | (239,145 | ) | ||||
| Total stockholders' equity | 14,870 | 12,606 | ||||||
| Total liabilities and stockholders' equity | $ | 29,209 | $ | 28,918 | ||||
| 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, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Revenue | $ | 4,129 | $ | 4,607 | $ | 12,835 | $ | 13,432 | |||||
| Cost of revenue | 1,920 | 2,151 | 6,038 | 6,722 | |||||||||
| Gross profit | 2,209 | 2,456 | 6,797 | 6,710 | |||||||||
| Operating expenses: | |||||||||||||
| Sales and marketing | 1,760 | 2,052 | 5,424 | 6,489 | |||||||||
| Research and development | 777 | 1,159 | 3,029 | 3,712 | |||||||||
| General and administrative | 2,311 | 2,176 | 6,574 | 8,172 | |||||||||
| Total operating expenses | 4,848 | 5,387 | 15,027 | 18,373 | |||||||||
| Loss from operations | (2,639 | ) | (2,931 | ) | (8,230 | ) | (11,663 | ) | |||||
| Other income (expense), net: | |||||||||||||
| Interest expense, net | (79 | ) | (64 | ) | (210 | ) | (236 | ) | |||||
| Loss on modification of warrant | (109 | ) | - | ||||||||||
| Gain on revaluation of warrant liabilities | 14 | 60 | 440 | 186 | |||||||||
| Unrealized gain (loss) on foreign exchange | 634 | (433 | ) | 194 | (223 | ) | |||||||
| Other (expense) income, net | (2 | ) | 3 | (2 | ) | (48 | ) | ||||||
| Total other income (expense), net | 567 | (434 | ) | 313 | (321 | ) | |||||||
| Net loss | $ | (2,072 | ) | $ | (3,365 | ) | $ | (7,917 | ) | $ | (11,984 | ) | |
| Net loss per share, basic and diluted | $ | (0.10 | ) | $ | (0.24 | ) | $ | (0.42 | ) | $ | (0.88 | ) | |
| Net loss per share, diluted | $ | (0.10 | ) | $ | (0.24 | ) | $ | (0.42 | ) | $ | (0.88 | ) | |
| Weighted average number of shares of common | |||||||||||||
| stock outstanding, basic and diluted | 20,310 | 14,073 | 18,657 | 13,672 | |||||||||
FAQ
What was Ekso Bionics (EKSO) revenue in Q3 2024?
How many EksoHealth devices did EKSO sell in Q3 2024?
What was EKSO's gross margin in Q3 2024?
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