Ekso Bionics Holdings Inc, an industry leader in exoskeleton technology for medical and industrial use, reported financial results for the three months ended June 30, 2022.

Recent Highlights and Accomplishments

  • Reported revenue of $3.5 million in the second quarter of 2022, an increase of 57% year-over-year
  • Received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market EksoNR for use with Multiple Sclerosis (MS) patients
  • Booked a total of 17 EksoNR units in the second quarter of 2022
  • Strong cash position of $31.9 million as of June 30, 2022

“Led by the largest multi-unit order in company history, Ekso achieved strong revenue growth in the second quarter,” said Steven Sherman, Chairman and Chief Executive Officer of Ekso Bionics. “The FDA’s recent clearance of EksoNR for the MS indication is an important milestone that gives a significant patient segment access to our proven treatment solutions and expands our market opportunity. Our team has also continued to proactively manage supply chain constraints. Looking ahead, with increasing customer awareness and demand of our innovative devices, we remain focused on sustaining solid execution and delivering value to shareholders.”

Second Quarter 2022 Financial Results

Revenue was $3.5 million for the quarter ended June 30, 2022 compared to $2.2 million for the same period in 2021. Revenue in the second quarter of 2022 included approximately $3.2 million in EksoHealth revenue and approximately $0.2 million in EksoWorks revenue. The Company booked a total of 17 EksoNR units in the second quarter of 2022.

Gross profit increased 27% for the three months ended June 30, 2022 compared to the same period of 2021, largely owing to the increase in EksoHealth revenue. Gross margin was approximately 47% for the three months ended June 30, 2022, compared to a gross margin of 58% for the same period in 2021. The overall decrease in gross margin was primarily due to an increase in EksoHealth service and inventory costs, partially offset by positive sales mix.

Sales and marketing expenses for the quarter ended June 30, 2022 were $1.8 million, an increase of $0.1 million, or 3%, compared to the same period of 2021. The increase was primarily the result of higher general sales and marketing activities compared with the same period in the prior year.

Research and development expenses for the quarter ended June 30, 2022 were $0.9 million, an increase of $0.2 million, or 30%, compared to the same period of 2021. The increase was primarily due to sustaining engineering activity for the EksoNR and the development of next generation products.

General and administrative expenses for the quarter ended June 30, 2022 were $2.1 million, about the same compared to the same period of 2021.

Gain on revaluation of warrant liabilities was $1.0 million for the three months ended June 30, 2022, and was associated with the revaluation of warrants issued in 2019, 2020 and 2021. Gain on revaluation of warrant liabilities was $0.9 million for the three months ended June 30, 2021, and was associated with the revaluation of warrants issued in 2019, 2020 and 2021.

Net loss applicable to common stockholders for the quarter ended June 30, 2022 was $3.0 million, or $0.23 per basic and diluted share, compared to net loss of $1.3 million, or $0.10 per basic share and $0.11 per diluted share, for the same period in 2021.

Six Months Ended June 30, 2022

Revenue for Ekso Bionics was $6.0 million for the six months ended June 30, 2022, an increase of $1.9 million, or 46%, compared to the same period of 2021. Revenue for the six months ended June 30, 2022 included approximately $5.1 million in EksoHealth revenue and approximately $0.9 million in EksoWorks revenue.

Gross profit increased 13% for the six months ended June 30, 2022 compared to the same period of 2021, largely owing to the increase in EksoHealth revenue. Gross margin was approximately 47% for the six months ended June 30, 2022, compared to a gross margin of 61% for the same period in 2021. The decrease in gross margin was primarily due to the increase in EksoHealth inventory and service costs, partially offset by the recognition of previously deferred prepaid royalties associated with a license and distribution agreement that expired.

Sales and marketing expenses for the six months ended June 30, 2022 were $3.5 million, a decrease of $0.1 million, or 3%, compared to the same period of 2021. The decrease was primarily due to reduced compensation expense.

Research and development expenses for the six months ended June 30, 2022 were $1.9 million, an increase of $0.6 million, or 46%, compared to the same period of 2021. The increase was primarily due to an increase in product development activity mostly related to sustaining engineering activity for the EksoNR.

General and administrative expenses for the six months ended June 30, 2022 were $4.9 million, an increase of $0.8 million, or 20%, compared to the same period of 2021. The increase was primarily due to increased noncash stock-based compensation and severance expense.

Gain on revaluation of warrant liabilities was $0.9 million for each of the six months ended June 30, 2022 and 2021, in each case as a result of the revaluation of warrants issued in 2019, 2020 and 2021.

Net loss applicable to common shareholders for the six months ended June 30, 2022 was $7.6 million, or $0.59 per basic and diluted share, compared to net loss of $4.9 million, or $0.42 per basic share and $0.44 per diluted share, for the same period in 2021.

Cash on hand at June 30, 2022 for Ekso Bionics was $31.9 million, compared to $40.4 million at December 31, 2021.

[Source(s): Ekso Bionics Holdings Inc, GlobeNewswire]