Ekso Bionics Reports Third Quarter 2021 Results
Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) reported a revenue of $3.0 million for Q3 2021, a slight increase from $2.9 million in Q3 2020. The gross margin was approximately 59%, down from 63% the previous year. The company booked 16 EksoNR units and maintained a strong cash position of $43.4 million. Despite increased revenues from EksoHealth, the net loss applicable to common stockholders for the quarter was $2.0 million, contrasting with a net income of $2.5 million during the same period in 2020.
- Revenue increased to $3.0 million in Q3 2021 from $2.9 million in Q3 2020.
- Gross profit remained stable at $1.8 million year-over-year.
- Strong cash position of $43.4 million as of September 30, 2021.
- Increased sales volume driven by improved business conditions post-COVID.
- Gross margin decreased to 59% from 63% in Q3 2020.
- Net loss of $2.0 million in Q3 2021 compared to net income of $2.5 million in Q3 2020.
- Increase in general and administrative expenses to $2.3 million from $1.7 million year-over-year.
RICHMOND, Calif., Nov. 02, 2021 (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 months ended September 30, 2021.
Recent Highlights and Accomplishments
- Reported revenue of
$3.0 million in the third quarter of 2021 - Achieved gross margin of approximately
59% in the third quarter of 2021 - Booked a total of 16 EksoNR units in the third quarter of 2021
- Strong cash position of
$43.4 million as of September 30, 2021
“During the third quarter, we deepened relationships with top inpatient rehabilitation operators and increased market penetration across our industrial verticals to generate solid revenues,” said Jack Peurach, President and Chief Executive Officer of Ekso Bionics. “Strong order flow and greater customer demand resulted in an increase of capital purchases for our leading EksoNR exoskeleton devices. We are pleased that our commercial strategy is gaining traction with network operators, which comprised the majority of new U.S. bookings year to date. Concurrently, our industrial team has produced several initial orders with new customers as we focus on building greater awareness of our innovative EVO and EksoZeroG products.”
Third Quarter 2021 Financial Results
Revenue was
Gross profit for the quarter ended September 30, 2021 was
Sales and marketing expenses for the quarter ended September 30, 2021 were
Research and development expenses for the quarter ended September 30, 2021 were
General and administrative expenses for the quarter ended September 30, 2021 were
Gain on warrant liabilities for the quarter ended September 30, 2021 was
Net loss applicable to common stockholders for the quarter ended September 30, 2021 was
Nine Months Ended September 30, 2021
Revenue for the nine months ended September 30, 2021 was
Gross profit for the nine months ended September 30, 2021 was approximately
Sales and marketing expenses for the nine months ended September 30, 2021 were
Research and development expenses for the nine months ended September 30, 2021 were
General and administrative expenses for the nine months ended September 30, 2021 were
Gain on warrant liabilities for the nine months ended September 30, 2021 was
Net loss applicable to common shareholders for the nine months ended September 30, 2021 was
Cash on hand at September 30, 2021 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.
A replay of the call will be available for two weeks by dialing 877-660-6853 for domestic callers or 201-612-7415 for international callers, using Conference ID: 13723545. 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 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 commercial strategy and future revenues or other financial results 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, changes resulting from the Company’s finalization of its financial statements for and as of the three months ended September 30, 2021, 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 September 30, 2021 that are required to be included in such report, the Company's inability to obtain adequate financing to fund 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 due to the outbreak of the COVID-19 virus, 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. The Company does not undertake to update these forward-looking statements.
Contact:
David Carey
212-867-1768
investors@eksobionics.com
| Ekso Bionics Holdings, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except par value) | ||||||||
| September 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Assets | (unaudited) | |||||||
| Current assets: | ||||||||
| Cash | $ | 43,439 | $ | 12,862 | ||||
| Accounts receivable, net | 3,121 | 3,224 | ||||||
| Inventories | 1,751 | 1,978 | ||||||
| Prepaid expenses and other current assets | 788 | 356 | ||||||
| Total current assets | 49,099 | 18,420 | ||||||
| Property and equipment, net | 1,172 | 1,172 | ||||||
| Right-of-use assets | 337 | 685 | ||||||
| Other assets | 125 | 320 | ||||||
| Total assets | $ | 50,733 | $ | 20,597 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,308 | $ | 1,501 | ||||
| Accrued liabilities | 1,704 | 1,429 | ||||||
| Deferred revenues, current | 1,291 | 1,496 | ||||||
| Lease liabilities, current | 372 | 548 | ||||||
| Total current liabilities | 4,675 | 4,974 | ||||||
| Deferred revenues | 1,449 | 1,806 | ||||||
| Notes payable, net | 1,992 | 3,075 | ||||||
| Warrant liabilities | 3,501 | 6,037 | ||||||
| Other non-current liabilities | 54 | 271 | ||||||
| Total liabilities | 11,671 | 16,163 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 13 | 8 | ||||||
| Additional paid-in capital | 245,299 | 204,376 | ||||||
| Accumulated other comprehensive loss | (246 | ) | (847 | ) | ||||
| Accumulated deficit | (206,004 | ) | (199,103 | ) | ||||
| Total stockholders' equity | 39,062 | 4,434 | ||||||
| Total liabilities and stockholders' equity | $ | 50,733 | $ | 20,597 | ||||
| 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, | ||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||
| Revenue | $ | 3,049 | $ | 2,897 | $ | 7,170 | $ | 6,628 | |||||
| Cost of revenue | 1,242 | 1,084 | 2,836 | 2,919 | |||||||||
| Gross profit | 1,807 | 1,813 | 4,334 | 3,709 | |||||||||
| Operating expenses: | |||||||||||||
| Sales and marketing | 1,685 | 1,740 | 5,265 | 5,972 | |||||||||
| Research and development | 618 | 599 | 1,930 | 1,762 | |||||||||
| General and administrative | 2,293 | 1,706 | 6,415 | 5,836 | |||||||||
| Impairment of goodwill | - | 189 | - | 189 | |||||||||
| Restructuring | - | - | - | 244 | |||||||||
| Total operating expenses | 4,596 | 4,234 | 13,610 | 14,003 | |||||||||
| Loss from operations | (2,789 | ) | (2,421 | ) | (9,276 | ) | (10,294 | ) | |||||
| Other income (expense), net: | |||||||||||||
| Interest expense | (24 | ) | (23 | ) | (77 | ) | (113 | ) | |||||
| Gain (loss) on revaluation of warrant liabilities | 1,125 | 4,476 | 2,011 | (1,579 | ) | ||||||||
| Warrant issuance expense | - | - | - | (329 | ) | ||||||||
| Gain on forgiveness of note payable | - | - | 1,099 | - | |||||||||
| Other (expense) income, net | (270 | ) | 420 | (658 | ) | 466 | |||||||
| Total other income (expense), net | 831 | 4,873 | 2,375 | (1,555 | ) | ||||||||
| Net (loss) income | $ | (1,958 | ) | $ | 2,452 | $ | (6,901 | ) | $ | (11,849 | ) | ||
| Net (loss) income per share, basic | $ | (0.15 | ) | $ | 0.30 | $ | (0.57 | ) | $ | (1.75 | ) | ||
| Net loss per share, diluted | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.62 | ) | $ | (1.78 | ) | |
| Weighted average number of shares of common | |||||||||||||
| stock outstanding, basic | 12,661 | 8,236 | 12,029 | 6,772 | |||||||||
| Weighted average number of shares of common | |||||||||||||
| stock outstanding, diluted | 12,710 | 8,379 | 12,133 | 6,829 | |||||||||
FAQ
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