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
six months ended June 30, 2023.
Recent Highlights and
Accomplishments
- Achieved record
revenues of $4.7 million in the second quarter of 2023, an increase
of 36% year-over-year
- Booked a total
of 44 EksoHealth devices in the second quarter of 2023
- Gross profit of
$2.3 million in the second quarter of 2023, compared to $1.6
million in the same period last year
- Cash position
of $13.3 million as of June 30, 2023
“Our strong second quarter results reflect solid
commercial execution and continued growth in bookings from our
clinical and personal use device customers,” said Scott Davis,
Chief Executive Officer of Ekso Bionics. “Highlighted by a record
number of EksoHealth device bookings resulting in robust revenue
growth of 36% year-over-year, more patients than ever are
benefitting from our innovative portfolio of exoskeleton devices
across the continuum of care. Looking ahead, we remain focused on
securing more multi-unit orders with large network operators to
drive sustainable, long-term growth.”
Second Quarter 2023 Financial
Results
Revenue was $4.7 million for the quarter ended
June 30, 2023, an increase of 36%, compared to $3.5 million for the
same period in 2022. The Company booked a total of 44 EksoHealth
devices in the second quarter of 2023.
Gross profit for the quarter ended June 30, 2023
was $2.3 million, an increase of 37% from the same period in 2022,
representing a gross margin of approximately 48% in the second
quarter of 2023, compared to a gross margin of 47% for the same
period in 2022. The increase in gross margin was primarily due to
lower device costs.
Sales and marketing expenses for the quarter
ended June 30, 2023 were $2.3 million, compared to $1.8 million for
the same period of 2022. The increase was primarily due to higher
compensation costs associated with the acquisition of the Human
Motion Control (“HMC”) business unit, severance expense and an
increase in marketing activities.
Research and development expenses for the
quarter ended June 30, 2023 were $1.4 million, compared to $0.9
million for the same period of 2022. The increase was primarily due
to higher costs associated with the acquisition of HMC.
General and administrative expenses for the
quarter ended June 30, 2023 were $2.8 million, compared to $2.2
million for the same period in 2022. The increase was primarily due
to HMC-related audit and integration costs.
Net loss applicable to common stockholders for
the quarter ended June 30, 2023 was $4.2 million, or $0.31 per
basic and diluted share, compared to net loss of $3.0 million, or
$0.23 per basic and diluted share, for the same period in 2022.
Six Months Ended June 30,
2023
Revenue was $8.8 million for the six months
ended June 30, 2023, an increase of 46%, compared to $6.0 million
for the same period in 2022. The Company booked a total of 67
EksoHealth devices in the first half of 2023.
Gross profit for the six months ended June 30,
2023 was $4.3 million, representing a gross margin of approximately
48%, compared to gross profit of $2.9 million for the same period
in 2022, representing a gross margin of 47%. The overall increase
in gross margin was primarily due to lower device costs.
Sales and marketing expenses for the six months
ended June 30, 2023 were $4.4 million, compared to $3.5 million the
same period in 2022. The increase was primarily due to higher
compensation costs associated with the acquisition of HMC, an
increase in marketing activities, and severance expense.
Research and development expenses for the six
months ended June 30, 2023 were $2.6 million, compared to $1.8
million for the same period in 2022. The increase was primarily due
to higher costs associated with the acquisition of HMC.
General and administrative expenses for the six
months ended June 30, 2023 were $6.0 million, compared to $5.1
million for the same period in 2022. The increase was primarily due
to HMC-related audit and integration costs.
Net loss applicable to common stockholders for
the six months ended June 30, 2023 was $8.6 million, or $0.64 per
basic and diluted share, compared to net loss of $7.6 million, or
$0.59 per basic and diluted share, for the same period in 2022.
Cash on hand on June 30, 2023 was $13.3 million,
compared to $20.5 million at December 31, 2022.
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 877-407-3036
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 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 industry,
growth and strategy, including the Company’s focus on securing more
multi-unit orders with large network operators and its ability to
obtain sustainable, long-term growth, the expected benefits of the
acquisition of HMC, potential technological and operational
improvements 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, 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
Twitter page 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) |
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
(Unaudited) |
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
restricted cash |
$ |
13,307 |
|
$ |
20,525 |
|
|
Accounts
receivable, net |
|
5,052 |
|
|
4,625 |
|
|
Inventories |
|
5,602 |
|
|
5,187 |
|
|
Prepaid
expenses and other current assets |
|
759 |
|
|
700 |
|
Total current assets |
|
24,720 |
|
|
31,037 |
|
Property and equipment, net |
|
2,304 |
|
|
2,680 |
|
Right-of-use assets |
|
1,146 |
|
|
1,307 |
|
Intangible assets, net |
|
5,053 |
|
|
5,217 |
|
Goodwill |
|
431 |
|
|
431 |
|
Other assets |
|
332 |
|
|
231 |
|
Total assets |
$ |
33,986 |
|
$ |
40,903 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
3,155 |
|
$ |
3,151 |
|
|
Accrued
liabilities |
|
2,393 |
|
|
2,278 |
|
|
Deferred
revenues, current |
|
1,286 |
|
|
1,121 |
|
|
Notes
payable, current |
|
2,937 |
|
|
2,310 |
|
|
Lease
liabilities, current |
|
358 |
|
|
341 |
|
Total current liabilities |
|
10,129 |
|
|
9,201 |
|
Deferred revenues |
|
1,632 |
|
|
1,032 |
|
Notes payable, net |
|
3,301 |
|
|
3,767 |
|
Lease liabilities |
|
907 |
|
|
1,087 |
|
Warrant liabilities |
|
107 |
|
|
233 |
|
Other non-current liabilities |
|
103 |
|
|
141 |
|
Total liabilities |
|
16,179 |
|
|
15,461 |
|
Stockholders' equity: |
|
|
|
|
|
Common
stock |
|
14 |
|
|
13 |
|
|
Additional
paid-in capital |
|
250,000 |
|
|
248,813 |
|
|
Accumulated
other comprehensive income |
|
359 |
|
|
563 |
|
|
Accumulated
deficit |
|
(232,566 |
) |
|
(223,947 |
) |
Total stockholders' equity |
|
17,807 |
|
|
25,442 |
|
Total liabilities and stockholders' equity |
$ |
33,986 |
|
$ |
40,903 |
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,703 |
|
$ |
3,465 |
|
$ |
8,825 |
|
$ |
6,032 |
|
Cost of
revenue |
|
2,449 |
|
|
1,824 |
|
|
4,571 |
|
|
3,182 |
|
Gross
profit |
|
2,254 |
|
|
1,641 |
|
|
4,254 |
|
|
2,850 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
2,349 |
|
|
1,841 |
|
|
4,437 |
|
|
3,470 |
|
Research and development |
|
1,398 |
|
|
873 |
|
|
2,552 |
|
|
1,793 |
|
General and administrative |
|
2,791 |
|
|
2,156 |
|
|
5,997 |
|
|
5,053 |
|
Total
operating expenses |
|
6,538 |
|
|
4,870 |
|
|
12,986 |
|
|
10,316 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(4,284 |
) |
|
(3,229 |
) |
|
(8,732 |
) |
|
(7,466 |
) |
|
|
|
|
|
|
|
|
|
Other
(expense) income, net: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(61 |
) |
|
(29 |
) |
|
(172 |
) |
|
(56 |
) |
Gain on revaluation of warrant liabilities |
|
152 |
|
|
999 |
|
|
126 |
|
|
899 |
|
Unrealized (loss) gain on foreign exchange |
|
(7 |
) |
|
(718 |
) |
|
210 |
|
|
(972 |
) |
Other expense, net |
|
(30 |
) |
|
(1 |
) |
|
(51 |
) |
|
(3 |
) |
Total other
income (expense), net |
|
54 |
|
|
251 |
|
|
113 |
|
|
(132 |
) |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(4,230 |
) |
$ |
(2,978 |
) |
$ |
(8,619 |
) |
$ |
(7,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic and diluted |
$ |
(0.31 |
) |
$ |
(0.23 |
) |
$ |
(0.64 |
) |
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
stock outstanding, basic and diluted |
|
13,637 |
|
|
12,884 |
|
|
13,467 |
|
|
12,807 |
|
|
|
|
|
|
|
|
|
|
Ekso Bionics (NASDAQ:EKSO)
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