Ekso Bionics Reports Record Quarterly Sales of $5.0 Million in Second Quarter 2024
Ekso Bionics (NASDAQ: EKSO) reported record quarterly sales of $5.0 million in Q2 2024, a 5% increase from Q2 2023. The company sold 37 EksoHealth devices and achieved a gross margin of 53%. Key highlights include:
- Initial Medicare claims for Ekso Indego Personal pending reimbursement
- Net loss of $2.4 million ($0.13 per share), improved from $4.2 million loss in Q2 2023
- Reduced operating expenses across sales, marketing, R&D, and G&A
- Cash on hand at $5.9 million as of June 30, 2024
CEO Scott Davis expressed optimism about increased demand for Ekso Indego Personal following Medicare reimbursement mechanisms. The company aims to expand its reach to individuals with spinal cord injuries and continue executing its commercial strategy for growth.
Ekso Bionics (NASDAQ: EKSO) ha riportato vendite trimestrali record di $5,0 milioni nel secondo trimestre del 2024, con un incremento del 5% rispetto al secondo trimestre del 2023. L'azienda ha venduto 37 dispositivi EksoHealth e ha raggiunto un margine lordo del 53%. I punti salienti includono:
- Richieste iniziali di Medicare per il rimborso di Ekso Indego Personal in attesa di approvazione
- Perdite nette di $2,4 milioni ($0,13 per azione), migliorate rispetto a una perdita di $4,2 milioni nel secondo trimestre del 2023
- Riduzione delle spese operative in vendite, marketing, ricerca e sviluppo, e spese generali
- Liquidità disponibile di $5,9 milioni al 30 giugno 2024
Il CEO Scott Davis ha espresso ottimismo riguardo all'aumento della domanda per Ekso Indego Personal in seguito ai meccanismi di rimborso di Medicare. L'azienda mira ad ampliare la propria portata verso le persone con lesioni al midollo spinale e a continuare a eseguire la propria strategia commerciale per la crescita.
Ekso Bionics (NASDAQ: EKSO) informó sobre ventas trimestrales récord de $5.0 millones en el segundo trimestre de 2024, un aumento del 5% con respecto al segundo trimestre de 2023. La empresa vendió 37 dispositivos EksoHealth y logró un margen bruto del 53%. Los aspectos destacados incluyen:
- Reclamaciones iniciales de Medicare para el reembolso de Ekso Indego Personal pendientes de aprobación
- Pérdida neta de $2.4 millones ($0.13 por acción), mejorando desde una pérdida de $4.2 millones en el segundo trimestre de 2023
- Reducción de los gastos operativos en ventas, marketing, I+D y G&A
- Efectivo disponible de $5.9 millones al 30 de junio de 2024
El CEO Scott Davis expresó optimismo sobre el aumento de la demanda de Ekso Indego Personal tras los mecanismos de reembolso de Medicare. La empresa tiene como objetivo ampliar su alcance hacia personas con lesiones en la médula espinal y continuar ejecutando su estrategia comercial para el crecimiento.
Ekso Bionics (NASDAQ: EKSO)는 2024년 2분기에 기록적인 분기 매출 500만 달러를 보고하며, 이는 2023년 2분기 대비 5% 증가한 수치입니다. 회사는 37개의 EksoHealth 장치를 판매하였으며 총 이익률은 53%에 달했습니다. 주요 하이라이트는 다음과 같습니다:
- Ekso Indego Personal에 대한 Medicare의 초기 청구가 승인 대기 중
- 순손실이 240만 달러(주당 0.13달러)로, 2023년 2분기 420만 달러의 손실에서 개선되었습니다
- 판매, 마케팅, 연구개발 및 일반 관리 비용 절감
- 2024년 6월 30일 기준 현금 보유액은 590만 달러
CEO 스캇 데이비스는 Medicare의 환급 메커니즘에 따라 Ekso Indego Personal에 대한 수요 증가에 대해 낙관적이라고 밝혔습니다. 회사는 척수 손상 환자들에게 서비스를 확대하고 성장 전략을 계속 실행할 계획입니다.
Ekso Bionics (NASDAQ: EKSO) a annoncé des ventes trimestrielles record de 5,0 millions de dollars au deuxième trimestre de 2024, ce qui représente une augmentation de 5 % par rapport au deuxième trimestre de 2023. L'entreprise a vendu 37 dispositifs EksoHealth et a atteint une marge brute de 53 %. Les points clés incluent :
- Demandes initiales de Medicare pour Ekso Indego Personal en attente de remboursement
- Perte nette de 2,4 millions de dollars (0,13 $ par action), améliorée par rapport à une perte de 4,2 millions de dollars au deuxième trimestre de 2023
- Réduction des dépenses d'exploitation dans les domaines des ventes, du marketing, de la R&D et de l'administration
- Liquidités de 5,9 millions de dollars au 30 juin 2024
Le PDG Scott Davis a exprimé son optimisme quant à l'augmentation de la demande pour Ekso Indego Personal à la suite des mécanismes de remboursement de Medicare. L'entreprise vise à étendre son accès aux personnes souffrant de lésions de la moelle épinière et à continuer d'exécuter sa stratégie commerciale de croissance.
Ekso Bionics (NASDAQ: EKSO) berichtete über rekordverdächtige Quartalsverkäufe von 5,0 Millionen US-Dollar im zweiten Quartal 2024, was einem Anstieg von 5% gegenüber dem zweiten Quartal 2023 entspricht. Das Unternehmen verkaufte 37 EksoHealth-Geräte und erzielte eine Bruttomarge von 53%. Zu den wichtigsten Highlights gehören:
- Erste Medicare-Anträge für Ekso Indego Personal warten auf Genehmigung
- Nettoverlust von 2,4 Millionen US-Dollar (0,13 US-Dollar pro Aktie), verbessert gegenüber einem Verlust von 4,2 Millionen US-Dollar im zweiten Quartal 2023
- Reduzierte Betriebskosten in den Bereichen Vertrieb, Marketing, Forschung und Entwicklung sowie allgemeine Verwaltung
- Zum 30. Juni 2024 verfügte das Unternehmen über liquiditätswirksame Mittel in Höhe von 5,9 Millionen US-Dollar
CEO Scott Davis äußerte Optimismus hinsichtlich steigender Nachfrage nach Ekso Indego Personal infolge der Medicare-Rückerstattungsmechanismen. Das Unternehmen möchte seine Reichweite auf Personen mit Rückenmarksverletzungen ausweiten und seine Wachstumsstrategie weiterhin umsetzen.
- Record quarterly sales of $5.0 million, up 5% year-over-year
- Gross margin improved to 53% from 48% in Q2 2023
- Sold 37 EksoHealth devices in Q2 2024
- Net loss decreased to $2.4 million from $4.2 million in Q2 2023
- Operating expenses reduced across all departments
- Cash on hand decreased to $5.9 million from $8.6 million at end of 2023
- Six-month revenue slightly decreased to $8.7 million from $8.8 million in 2023
Insights
Ekso Bionics' Q2 2024 results demonstrate a mixed financial performance with some positive trends. The company reported
The gross margin improvement to
However, investors should note that despite the revenue growth and margin improvement, Ekso Bionics still reported a net loss of
The company's cash position of
Overall, while Ekso Bionics is showing signs of operational improvement, the company's financial stability remains a key concern for investors to monitor closely.
Ekso Bionics' Q2 2024 results reveal important developments in the medical exoskeleton market. The sale of 37 EksoHealth devices this quarter, contributing to a total of 66 in the first half of 2024, indicates steady demand for their technology in the healthcare sector. This adoption rate is important for establishing Ekso Bionics' position in the competitive medical device landscape.
A significant milestone is the pending initial Medicare claims for Ekso Indego Personal. This development could be a game-changer for the company, potentially opening up a larger market of individuals with spinal cord injuries (SCI) who could benefit from personal exoskeleton devices. The Medicare reimbursement mechanism, if successfully implemented, could drive increased demand and accessibility for Ekso's products.
The company's statement that EksoNR is becoming the "standard of care for neurorehabilitation" among leading network operators is a strong indicator of the product's clinical value. This recognition by key stakeholders could lead to wider adoption and potentially create barriers for competitors entering the market.
However, it's important to note that the medical device industry is highly regulated and competitive. While Ekso Bionics appears to be making strides, investors should keep an eye on potential regulatory challenges, reimbursement issues and emerging competitors that could impact the company's market position.
Ekso Bionics' Q2 2024 results provide insights into the evolving exoskeleton technology market. The company's record sales, while modest in absolute terms, suggest growing acceptance of exoskeleton technology in both medical and industrial applications. This trend aligns with the broader movement towards advanced assistive technologies in healthcare and workplace safety.
The focus on reaching a larger U.S. population of individuals with spinal cord injuries (SCI) through Medicare reimbursement is a strategic move. The SCI market represents a significant opportunity, with an estimated 17,000 new cases annually in the U.S. alone. If Ekso can successfully navigate the reimbursement landscape, it could unlock substantial growth potential.
However, the market for exoskeleton technology remains in its early stages. The sales of 37 EksoHealth devices in Q2, while promising, also highlight the nascent nature of this market. Widespread adoption will likely depend on factors such as clinical evidence, cost-effectiveness and ease of use.
The company's dual focus on medical (EksoNR and Ekso Indego Personal) and industrial applications positions it to capitalize on multiple market segments. This diversification could provide resilience against sector-specific fluctuations.
Looking ahead, investors should monitor key market indicators such as:
- The pace of Medicare reimbursement approvals for personal exoskeleton devices
- Adoption rates in rehabilitation centers and hospitals
- Expansion into international markets
- Emerging applications in industrial settings
These factors will be important in determining Ekso Bionics' long-term market position and growth trajectory in the evolving exoskeleton technology landscape.
SAN RAFAEL, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- 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 Results
Revenue was
Gross profit for the quarter ended June 30, 2024 was
Sales and marketing expenses for the quarter ended June 30, 2024 were
Research and development expenses for the quarter ended June 30, 2024 were
General and administrative expenses for the quarter ended June 30, 2024 were
Net loss applicable to common stockholders for the quarter ended June 30, 2024 was
Six Months Ended June 30, 2024
Revenue was
Gross profit for the six months ended June 30, 2024 was
Sales and marketing expenses for the six months ended June 30, 2024 were
Research and development expenses for the six months ended June 30, 2024 were
General and administrative expenses for the six months ended June 30, 2024 were
Net loss applicable to common stockholders for the six months ended June 30, 2024 was
Cash on hand at June 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 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 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 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 Carey
212-867-1768
investors@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 | |||||||||
FAQ
What was Ekso Bionics' (EKSO) revenue in Q2 2024?
How many EksoHealth devices did Ekso Bionics (EKSO) sell in Q2 2024?
What was Ekso Bionics' (EKSO) gross margin in Q2 2024?
What was Ekso Bionics' (EKSO) net loss in Q2 2024?
What is the status of Medicare reimbursement for Ekso Bionics' (EKSO) Indego Personal device?
