Ekso Bionics Launches GaitCoach Software for EksoNR

Rhea-AI Summary

Ekso Bionics Holdings, an industry leader in exoskeleton technology for medical and industrial use, announced the launch of GaitCoach™, its next generation gait therapy software for EksoNR. GaitCoach is designed to improve user trust in technology, provide impactful feedback, and offer specific guidance, making the device more intuitive and easier to use for both patients and physical therapists. The software has received positive feedback from experienced users, with 96% finding it intuitive and 93% believing it would be useful for new or less experienced therapists. However, the software is initially available only in the U.S.

Insights

Medical Research Analyst

The introduction of GaitCoach by Ekso Bionics signifies a notable advancement in the field of rehabilitative exoskeleton technology. This software is pivotal as it directly relates to the efficacy and user experience of the EksoNR, a medical device used for gait therapy. The enhanced intuitiveness and dynamic feedback mechanisms are designed to optimize the rehabilitation process, potentially leading to improved patient outcomes. The transition from SmartAssist to GaitCoach could also imply a strategic move to stay ahead in the competitive landscape of medical robotics, where continuous innovation is critical.

From a medical research perspective, the reported high percentage of positive feedback from experienced users suggests a strong user acceptance, which is crucial for technology adoption in clinical settings. However, the long-term impact on patient rehabilitation and the potential to reduce healthcare costs by improving recovery times would require rigorous clinical studies. If such benefits are realized and documented, it could lead to increased demand for EksoNR systems, impacting the company's market share and revenue growth.

Market Research Analyst

The release of GaitCoach is a strategic move that could potentially increase market penetration and customer loyalty for Ekso Bionics. Given that the software is designed to reduce training demands, it might lead to a higher adoption rate among physical therapy clinics, especially those with resource constraints. The focus on user trust and ease of use could also enhance the product's brand image, which is vital in the healthcare market where trust is paramount.

Furthermore, the decision to initially launch the software exclusively in the U.S. market suggests a targeted approach to capture a significant share in one of the largest healthcare markets. The U.S. has a high incidence of stroke and neurological disorders, which are key segments for gait therapy. The market response in the U.S. could serve as a barometer for future international expansion. Continuous monitoring of user feedback and market adoption rates will be essential to assess the success of GaitCoach and its impact on the company's financial performance.

Financial Analyst

The introduction of GaitCoach is likely to have a tangible impact on Ekso Bionics’ financials, especially considering the product lifecycle management of the EksoNR. The replacement of SmartAssist with a more advanced software could lead to a new revenue stream from existing customers through upgrades, while also making the EksoNR more attractive to new customers. This could result in an increase in sales volume, potentially improving the company's gross margin.

However, investors should consider the costs associated with the development and marketing of the new software and how that might affect short-term profitability. Additionally, the success of this launch could influence investor sentiment and the company's stock price, especially if the adoption rate meets or exceeds the company's projections. It will be important to monitor subsequent earnings reports and any changes in guidance issued by the company to gauge the financial impact of GaitCoach on the overall business.

SAN RAFAEL, Calif., Jan. 08, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton technology for medical and industrial use, today announced the launch of GaitCoach™, its next generation gait therapy software for EksoNR.

GaitCoach is a comprehensive gait therapy software that supports a broad spectrum of patients who use EksoNR. This new software simplifies the use of robotics with the intention of improving user trust in technology, providing impactful, dynamic feedback and offering specific guidance acting as an extra set of clinical eyes. Ekso believes GaitCoach will reduce training demands and increase utilization, making the device more intuitive and easier to use for both patients and physical therapists. GaitCoach will replace SmartAssist, the software that has been in use since 2016 and was optimized in 2019 with the launch of EksoNR.

“By listening to the feedback of physical therapists, clinicians and patients, Ekso Bionics has elevated EksoNR with GaitCoach, a new software solution designed to further improve patient rehabilitation,” said Scott Davis, Chief Executive Officer of Ekso Bionics. “GaitCoach helps customize patient sessions to be better aligned with their deficits and goals, allowing therapists to treat patients more efficiently. We are proud of the work and commitment of our engineering and clinical teams, who communicated regularly with frequent users of EksoNR in the design process.”

When introduced to GaitCoach, experienced users of EksoNR have shared the following:

• 96% found GaitCoach software very or extremely intuitive
• 93% feel the guidance from GaitCoach is valuable and makes EksoNR easier to use
• 93% think EksoNR with GaitCoach would be useful for new or less experienced therapists at their clinic
• 93% feel the GaitCoach provided focuses would help them achieve their clinical goals
• 79% feel GaitCoach would help them progress their patients more easily
  

The software is initially available only in the U.S. A demonstration of the software can be found on the Company’s website at https://eksobionics.com/eksonr/.

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 (i) the potential benefits of GaitCoach, (ii) the performance or effectiveness of the Company’s products, including the EksoNR, and (iii) the assumptions underlying or relating to any statement described in clauses (i) and (ii) above. 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, patient or therapist dissatisfaction with or delay or failure to adopt GaitCoach and risks related to product liability, recall and warranty claims. These and other factors are identified and described in more detail in the Company’s filings with the U.S. Securities and Exchange Commission. To learn more about Ekso Bionics please visit the Company’s website at www.eksobionics.com or follow @EksoBionics on X. The Company does not undertake to update these forward-looking statements.

Contact:
David Carey
212-867-1768
investors@eksobionics.com

FAQ

What did Ekso Bionics Holdings announce?

Ekso Bionics Holdings announced the launch of GaitCoach™, its next generation gait therapy software for EksoNR.

What is the purpose of GaitCoach?

GaitCoach is designed to improve user trust in technology, provide impactful feedback, and offer specific guidance, making the device more intuitive and easier to use for both patients and physical therapists.

Where is the software initially available?

The software is initially available only in the U.S.

What percentage of experienced users found GaitCoach intuitive?

96% of experienced users found GaitCoach software very or extremely intuitive.

What percentage of experienced users believe GaitCoach would be useful for new or less experienced therapists?

93% of experienced users think EksoNR with GaitCoach would be useful for new or less experienced therapists at their clinic.