Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the "Company"), an industry leader in exoskeleton technology for medical and industrial applications, today announced financial results for the three and six months ended June 30, 2023.
Current highlights and achievements
- In 2Q4, the company achieved record revenue of $7.2023 million, an increase of 36 % year-on-year
- Booking of a total of 44 EksoHealth devices in the second quarter of 2023
- Gross profit of $ 2.3 million in Q2 2023, compared to $ 1.6 million in the same period last year
- Cash balance 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 year-over-year revenue growth of 36 %, more patients than ever are benefiting from our innovative portfolio of exoskeleton devices across the continuum of care. Looking ahead, we continue to focus on securing more multi-unit contracts with large network providers to drive sustainable, long-term growth."
Financial results of the second quarter 2023
Revenue totaled $30.2023 million for the quarter ended June 4, 7, up 36 % from $3.5 million for the same period in 2022. The company booked a total of 2023 EksoHealth devices in Q2 44.
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 % in the same period of 2022. The increase in gross margin was primarily due to lower equipment 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 in 2022, primarily due to higher personnel expenses related to the acquisition of the Human Motion Control ("HMC") business, severance expenses and increased 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 in 2022, 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.
Common stockholders' net loss for the quarter ended June 30, 2023 was $4.2 million, or $0.31 per basic and diluted share, compared to a net loss of $3.0 million, or $0.23 per basic and diluted share, for the same period in 2022.
Six months to June 30, 2023
Revenue was $30.2023 million for the six months ended June 8, an increase of 46 %, compared to $6.0 million for the same period in 2022. The company booked a total of 2023 EksoHealth devices in H1 67.
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 equipment costs.
Selling and marketing expenses for the six months ended June 30, 2023 were $4.4 million, compared to $3.5 million for the same period in 2022, primarily due to higher compensation expense related to the acquisition of HMC, an increase in marketing activities and severance expense.
Research and development expenses were $2.6 million for the six months ended June 30, 2023, compared to $1.8 million for the same period in 2022, 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.
Common stockholders' net loss was $8.6 million, or $0.64 per basic and diluted share, for the six months ended June 30, 2023, compared to a net loss of $7.6 million, or $0.59 per basic and diluted share, for the same period in 2022.
Cash on hand was $13.3 million at June 30, 2023, compared to $20.5 million at December 31, 2022.
Conference Call
Management will host a conference call today beginning at 1:30 a.m. PT / 4:30 a.m. ET to discuss the company's financial results and recent business developments.
About Ekso Bionics®
Ekso Bionics® is a leading developer of exoskeleton solutions that enhance human potential by supporting or improving strength, endurance and mobility in medical and industrial applications. Founded in 2005, the company continues to build on its industry-leading expertise to develop some of the most innovative wearable robots on the market. Ekso Bionics is the only known exoskeleton company to offer technologies ranging from helping people with paralysis stand up and walk to improving human capabilities on construction sites around the world. 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, but are not limited to, statements regarding management's plans, objectives and expectations regarding the Company's industry, growth and strategy, including the Company's focus on securing additional multi-unit contracts with major carriers and its ability to achieve 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 Company. preceding. Such forward-looking statements are not intended to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based on the Company's current forecasts, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences beyond the Company's control. As a result of these risks and uncertainties, actual results and the timing of certain events and circumstances may differ materially from those described in the forward-looking statements. Factors that could cause or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from those anticipated or desired include, among others, the Company's inability to obtain adequate financing to fund and expand the Company's operations and required to develop or enhance the Company's technology, the significant time and resources expended in connection with the development of the Company's products, the failure of the Company to achieve broad market acceptance of the Company's products, the failure of the Company's or its partners' sales and marketing efforts to effectively market the Company's products, adverse results in future clinical trials of the Company's medical 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 products, lack of product diversification, existing or increased competition, disruptions in the Company's supply chain, the Company's ability to successfully integrate its HMC business and personnel, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in greater detail in the Company's filings with the SEC, including the Company's most recently filed Annual Report on Form 10-K and 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 visit the Company's Twitter page at @EksoBionics. All forward-looking statements in this press release speak only as of the date of this press release. The Company undertakes no obligation to update these forward-looking statements, except as required by law.
