Ekso Bionics(EKSO)

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Ekso Bionics(EKSO) - 2023 Q2 - Quarterly Report
2023-07-26 16:00
[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section details the company's financial performance, condition, and management's analysis, market risks, and internal controls [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements show increased revenue, widened net losses, decreased cash, and a disclosed substantial doubt about going concern [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The unaudited statements show increased revenue and net loss, with cash significantly decreasing due to operational usage Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and restricted cash | $13,307 | $20,525 | | Total current assets | $24,720 | $31,037 | | Total assets | $33,986 | $40,903 | | Total current liabilities | $10,129 | $9,201 | | Total liabilities | $16,179 | $15,461 | | Total stockholders' equity | $17,807 | $25,442 | Condensed Consolidated Statement of Operations Highlights (in thousands, except per share) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $4,703 | $3,465 | $8,825 | $6,032 | | Gross profit | $2,254 | $1,641 | $4,254 | $2,850 | | Loss from operations | $(4,284) | $(3,229) | $(8,732) | $(7,466) | | Net loss | $(4,230) | $(2,978) | $(8,619) | $(7,598) | | Net loss per share | $(0.31) | $(0.23) | $(0.64) | $(0.59) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Metric | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,117) | $(8,454) | | Net decrease in cash | $(7,218) | $(8,494) | | Cash and restricted cash at end of period | $13,307 | $31,912 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the HMC acquisition, debt obligations, segment revenue, and the critical going concern disclosure due to recurring losses - The company has concluded that **substantial doubt** exists about its ability to continue as a going concern for at least 12 months from the issuance date of the financial statements, citing historical operating losses, negative cash flows, and the need for additional funding[23](index=23&type=chunk) - On December 5, 2022, the company acquired the Human Motion and Control (HMC) Business Unit for **$9.055 million**, adding the Ekso Indego product line[19](index=19&type=chunk)[53](index=53&type=chunk)[57](index=57&type=chunk) Revenue by Segment (in thousands) | Segment | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | EksoHealth | $8,684 | $5,109 | | EksoWorks | $141 | $923 | | **Total** | **$8,825** | **$6,032** | - The company has a **$2.0 million term loan** maturing August 13, 2023, and a **$5.0 million promissory note** with quarterly payments of **$313k** starting December 31, 2023[82](index=82&type=chunk)[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth, increased operating expenses from the HMC acquisition, and significant liquidity concerns reinforcing going concern risk [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q2 2023 revenue increased 36% driven by EksoHealth, but operating expenses rose 34% due to HMC acquisition, widening the loss from operations Q2 2023 vs Q2 2022 Performance (in thousands) | Metric | Q2 2023 | Q2 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $4,703 | $3,465 | $1,238 | 36% | | Gross Profit | $2,254 | $1,641 | $613 | 37% | | Gross Margin | 48% | 47% | - | - | | Total Operating Expenses | $6,538 | $4,870 | $1,668 | 34% | | Loss from Operations | $(4,284) | $(3,229) | $(1,055) | 33% | - **EksoHealth revenue increased** due to higher EksoNR and Indego device sales, while **EksoWorks revenue decreased** from lower EVO sales volume[188](index=188&type=chunk) - Operating expenses increased across all categories, including Sales and marketing (**+28%**), R&D (**+60%**), and General and administrative (**+29%**), primarily due to **HMC acquisition headcount and integration costs**[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity weakened with cash falling to **$13.3 million**, deemed sufficient only into Q2 2024, reinforcing substantial doubt about future cash requirements without additional financing - As of June 30, 2023, the company had **$13.3 million in cash**, with **$2.0 million restricted**, leaving **$11.3 million in unrestricted cash**[208](index=208&type=chunk)[209](index=209&type=chunk) - Management concluded that **$13.3 million in cash** is sufficient only into Q2 2024, and **substantial doubt exists** about meeting cash requirements for the next twelve months[215](index=215&type=chunk) Contractual Obligations as of June 30, 2023 (in thousands) | Obligation | Total | Payments Due < 1 Year | | :--- | :--- | :--- | | Term loan | $2,029 | $2,029 | | Promissory note | $5,000 | $625 | | Facility operating leases | $1,379 | $415 | | Purchase obligations | $3,455 | $3,455 | | **Total** | **$11,863** | **$6,524** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk exposure during the six months ended June 30, 2023, compared to the disclosures in its 2022 Annual Report on Form 10-K - There have been **no material changes** in the company's market risk during the six months ended June 30, 2023[219](index=219&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2023 - Management concluded that as of June 30, 2023, the company's disclosure controls and procedures were **effective**[220](index=220&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[222](index=222&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, updated risk factors, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company states it is subject to various legal proceedings in the ordinary course of business but believes that none are expected to have a material adverse effect on its financial condition or results of operations - The company is **not aware of any legal proceedings** that would have a material adverse effect on its business, results of operations, or financial condition[224](index=224&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) A material update to risk factors highlights substantial doubt about the company's going concern ability due to insufficient cash and recurring losses - A key updated risk factor is the company's **ability to continue as a going concern**, with recurring losses and cash burn raising **substantial doubt**[226](index=226&type=chunk) - The company's current cash is **not sufficient** to fund operations for the next 12 months, requiring additional capital with **no certainty** of availability on acceptable terms[226](index=226&type=chunk)[227](index=227&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amendments to the At the Market Offering Agreement and the Loan Agreement with Pacific Western Bank, as well as certifications by the CEO and CFO - The report includes **several filed exhibits**, such as amendments to its ATM offering agreement, loan agreement, officer certifications, and Inline XBRL financial statements[229](index=229&type=chunk)
Ekso Bionics(EKSO) - 2023 Q1 - Earnings Call Transcript
2023-04-28 02:09
Financial Data and Key Metrics - Record quarterly revenues of $4.1 million, up 61% compared to the same period last year [6] - Gross profit for Q1 2023 was $2 million, representing a gross margin of approximately 49%, up from 47% in the prior year [16] - Loss from operations in Q1 2023 was $4.4 million, compared to $4.2 million in the prior-year period [33] - Cash used in operating activities in Q1 2023 was $4.2 million, with a cash balance of $16.3 million as of March 31, 2023 [33] - Operating expenses for Q1 2023 were $6.4 million, up from $5.4 million in Q1 2022, primarily due to the acquisition of HMC and increased marketing activities [43] Business Line Performance - EksoHealth delivered $4 million in revenue in Q1 2023, driven by multi-unit orders with large network operators, including the second-largest EksoNR order ever [26] - EksoWorks revenue decreased by $0.6 million in Q1 2023, with a focus on transitioning towards volume purchases from large customers in industries such as construction, manufacturing, and green energy [49] - The newly acquired HMC business unit contributed modestly in Q1 2023, with expectations for stronger contributions as the year progresses [35] Market Performance - EMEA region grew 67% compared to Q1 2022, with the first Ekso Indego personal device sold in Europe during the quarter [27][28] - The company expanded its distribution network in EMEA through the acquisition of HMC, adding a commercial resource and strengthening partnerships [50] Strategic Direction and Industry Competition - The company is focused on driving sustainable growth across the continuum of care, leveraging its EksoHealth and Ekso Indego product lines [25][31] - Integration of HMC is progressing smoothly, with plans to merge market-leading technologies to deliver lower extremity rehab and mobility solutions [32] - The company is expanding its product development pipeline into the orthotic and prosthetic (O&P) industry, forming strategic relationships with key partners like Vanderbilt University [29] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong demand for EksoHealth devices, including EksoNR and Ekso Indego, driven by the success of the commercial strategy [41] - The company anticipates continued growth in EMEA and plans to strengthen its sales and distribution network in the region [36][50] - Supply chain challenges have caused margin compression, but management expects improvements as the supply chain stabilizes [40][52] Other Important Information - The company reestablished its partnership with SoldierStrong, a charitable organization supporting veterans, and donated its 30th robotic exoskeleton to a VA Medical Center [10][11] - The cumulative conversion and renewal rate remained strong at 81%, with $1.4 million of contracted unrecognized revenue under the subscription model [8] Q&A Session Summary Question: Contribution of Indego in Q1 2023 - The contribution from Indego in Q1 2023 was relatively modest, but the company expects stronger contributions as the year progresses [35] Question: EMEA Growth and Sales Personnel - The company has a strong team in EMEA, with additional resources added through the HMC acquisition, and feels adequately resourced to support growth in the region [50] Question: Multi-Unit Orders in the US - The company is seeing more multi-unit opportunities in its pipeline, both in the US and internationally, and continues to grow relationships with network operators [51] Question: Potential for Margin Expansion - Management expects further margin expansion through supply chain improvements and cost reductions, with most supply chain challenges peaking or behind them [52] Closing Remarks - The company thanked employees and shareholders for their contributions and support, expressing optimism for continued growth and momentum [56]
Ekso Bionics(EKSO) - 2023 Q1 - Quarterly Report
2023-04-26 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1 ...
Ekso Bionics(EKSO) - 2022 Q4 - Earnings Call Transcript
2023-03-28 22:08
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) Q4 2022 Earnings Conference Call March 28, 2023 4:30 PM ET Company Participants Matt Steinberg - Investor Relations, FINN Partners Scott Davis - Chief Executive Officer Jason Jones - Chief Operating Officer Jerome Wong - Chief Financial Officer Conference Call Participants Swayampakula Ramakanth - H.C. Wainwright Operator Greetings, and welcome to the Ekso Bionics Fourth Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-o ...
Ekso Bionics(EKSO) - 2022 Q4 - Annual Report
2023-03-27 16:00
[PART I](index=5&type=section&id=Part%20I) [Business Overview](index=5&type=section&id=Item%201.%20Business) Ekso Bionics develops and markets exoskeleton products for medical rehabilitation (EksoHealth) and industrial applications (EksoWorks), expanding its medical portfolio with the HMC Acquisition - Ekso Bionics designs, develops, and markets exoskeleton products for medical (EksoHealth) and industrial (EksoWorks) applications, augmenting human strength, endurance, and mobility[15](index=15&type=chunk) - The company acquired the Human Motion and Control (HMC) Business Unit from Parker Hannifin Corporation on December 5, 2022, adding FDA-cleared lower-limb powered exoskeletons (Ekso Indego Therapy and Ekso Indego Personal) to its medical portfolio[17](index=17&type=chunk)[332](index=332&type=chunk) - **Medical Products (EksoHealth):** - EksoNR: Robotic exoskeleton specifically designed for neurorehabilitation patients (ABI, stroke, MS, SCI), FDA-cleared for multiple conditions, offers natural gait retraining - Ekso Indego Therapy: Modular, adjustable, lightweight, lower-limb powered exoskeleton for rehabilitation and wellness applications (stroke, SCI patients) - Ekso Indego Personal: Lightweight powered lower limb orthosis for independent walking in home and community settings (SCI patients T3-L5) - **Industrial Products (EksoWorks):** - Ekso EVO: Wearable upper body exoskeleton for overhead work, designed to reduce worker fatigue and injuries while boosting productivity, targeted at aerospace, automotive, manufacturing, and specific construction trades - EksoVest & EksoZeroG: Predecessor products to EVO and a mobile tool support arm, respectively, both discontinued in 2022 - As of December 31, 2022, approximately **620 EksoNR and EksoGT units** combined were shipped to over **400 rehabilitation facilities** worldwide, and more than **300 Ekso Indego Therapy and Personal devices** to over **220 clinical centers** or personal end users[23](index=23&type=chunk) U.S. Patent Portfolio Summary (as of December 31, 2022) | Issuing Status | Patents | Applications | | :------------- | :------ | :----------- | | Licensed to the Company | 9 | 3 | | Exclusively licensed to the Company | 10 | — | | Co-owned with a third party, exclusively licensed to the Company | 5 | — | | Co-owned with a third party | 3 | — | | Sole ownership by the Company | 61 | 11 | | **Total** | **88** | **14** | [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, financial, intellectual property, regulatory, product liability, and common stock ownership risks - **Business and Operational Risks:** - The ongoing COVID-19 pandemic has adversely affected financial condition and future certainty[128](index=128&type=chunk)[129](index=129&type=chunk) - The markets in which products are sold are highly competitive and continue to develop[130](index=130&type=chunk)[131](index=131&type=chunk) - Inability to reduce manufacturing or service costs as planned[132](index=132&type=chunk) - Production and supply chain disruptions (e.g., semiconductor shortages, increased lead times) could negatively impact the business[133](index=133&type=chunk)[134](index=134&type=chunk) - Coverage policies and reimbursement levels of third-party payers may impact sales of products[136](index=136&type=chunk)[137](index=137&type=chunk) - Long and variable sales cycles for products (EksoNR and Ekso Indego)[138](index=138&type=chunk)[139](index=139&type=chunk) - International sales are subject to factors outside of the company's control[140](index=140&type=chunk) - Inability to enhance product offerings through research and development efforts or successfully integrate acquisitions[141](index=141&type=chunk)[142](index=142&type=chunk) - Reliance on sales of EksoNR, Ekso Indego Therapy, and Ekso Indego Personal for a significant portion of revenue[143](index=143&type=chunk)[144](index=144&type=chunk) - Dependence on independent distributors for sales and marketing in certain geographies[145](index=145&type=chunk)[146](index=146&type=chunk) - Success depends on the management team and ability to hire, train, retain, and motivate employees[147](index=147&type=chunk)[148](index=148&type=chunk) - **Financial & Accounting Risks:** - Significant accumulated losses (**$223.9 million** as of Dec 31, 2022) and anticipated future losses; may not achieve or maintain profitability[153](index=153&type=chunk)[154](index=154&type=chunk) - Loan agreement imposes certain financial and operational restrictions[155](index=155&type=chunk) - May be unable to generate sufficient cash flow to service debt obligations (PWB Loan due Aug 2023, Promissory Note payments begin Dec 2023)[156](index=156&type=chunk)[157](index=157&type=chunk) - May not have sufficient funds to meet future capital requirements, relying on external financing[158](index=158&type=chunk)[159](index=159&type=chunk) - May not be able to leverage cost structure or achieve better margins[160](index=160&type=chunk) - Could fail to maintain effective internal control over financial reporting[161](index=161&type=chunk) - **Intellectual Property Risks:** - Protecting intellectual proprietary rights can be costly and success is not certain; patents may not provide meaningful protection or prevent competitors[163](index=163&type=chunk)[164](index=164&type=chunk) - Intellectual property litigation and infringement claims could cause significant expenses or prevent product sales[165](index=165&type=chunk)[166](index=166&type=chunk) - Some patents and patent applications are not within complete control (e.g., co-owned with UC Berkeley, licensed from Vanderbilt University), potentially reducing their value[167](index=167&type=chunk)[168](index=168&type=chunk) - **Legal and Regulatory Compliance Risks:** - Failure to obtain or maintain necessary FDA/foreign regulatory clearances or approvals for medical device products, or delays in approvals, would harm commercial operations[176](index=176&type=chunk)[177](index=177&type=chunk) - Modifications to products may require new 510(k) clearances or premarket approvals, or require cessation of marketing/recall[178](index=178&type=chunk)[179](index=179&type=chunk) - Failure to meet strict post-market regulatory requirements (e.g., QSR) could result in fines, costs, or facility closures[180](index=180&type=chunk)[181](index=181&type=chunk) - Fines, penalties, or injunctions if determined to be promoting unapproved or 'off-label' uses[182](index=182&type=chunk)[183](index=183&type=chunk) - Adverse medical device reporting obligations, voluntary corrective actions, or agency enforcement actions[184](index=184&type=chunk)[185](index=185&type=chunk) - Failure to comply with anti-kickback and fraud regulations could result in substantial penalties and changes in business operations[186](index=186&type=chunk)[187](index=187&type=chunk) - Changes in law or regulation could make it more difficult and costly to manufacture, market, and distribute products or obtain/maintain regulatory approval[188](index=188&type=chunk)[189](index=189&type=chunk) - Healthcare changes in the U.S. and other countries (e.g., ACA, cost containment programs) could negatively impact future operating results[190](index=190&type=chunk)[191](index=191&type=chunk) - Failure to comply with HIPAA, HITECH Act, and implementing regulations could result in significant penalties[192](index=192&type=chunk)[193](index=193&type=chunk) - Evolving laws, regulations, and obligations related to privacy, data protection, and information security (e.g., CCPA, CPRA, GDPR) pose compliance challenges and risks[194](index=194&type=chunk)[195](index=195&type=chunk) - Cybersecurity risks to systems, infrastructure, and technology, and data processed by the company or third-party vendors[196](index=196&type=chunk)[197](index=197&type=chunk) - **Product Liability Risks:** - Products may become subject to voluntary or involuntary recall due to deficiencies or defects, potentially causing severe injury or death[226](index=226&type=chunk)[227](index=227&type=chunk) - Product liability insurance may not adequately cover potential claims or recalls[228](index=228&type=chunk)[229](index=229&type=chunk) - Warranty claims and accelerated maintenance programs result in additional operating costs[230](index=230&type=chunk)[231](index=231&type=chunk) - **Risks Related to Ownership of Common Stock:** - Future issuances of equity securities (compensatory equity awards, exercise of outstanding warrants, or financing transactions) may dilute stockholders and depress the market price of common stock[233](index=233&type=chunk)[234](index=234&type=chunk) - The Board of Directors' ability to issue additional preferred stock may prevent difficult transactions, including a sale or merger[235](index=235&type=chunk)[236](index=236&type=chunk) - The company has never paid and does not intend to pay cash dividends, meaning return on investment will only occur if the stock price appreciates[237](index=237&type=chunk)[238](index=238&type=chunk) - The market price of common stock has been, and may continue to be, highly volatile, and trading is limited[239](index=239&type=chunk) [Unresolved Staff Comments](index=41&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reported no unresolved staff comments from the SEC - No unresolved staff comments were reported[240](index=240&type=chunk) [Properties](index=41&type=section&id=Item%202.%20Properties) Ekso Bionics operates principal offices and manufacturing in California, with additional facilities in Ohio and European headquarters in Germany, owning no real property - Principal executive offices and manufacturing: 101 Glacier Point, Suite A, San Rafael, California (approximately **17,000 square feet** leased)[241](index=241&type=chunk) - Additional manufacturing: Macedonia, Ohio (leased from Parker Hannifin Corporation to support Ekso Indego product lines)[242](index=242&type=chunk) - European headquarters: Friesenweg 4, House 13, 4th floor, 22763 Hamburg, Germany (approximately **3,000 square feet** leased)[242](index=242&type=chunk) - The company does not own any real property[242](index=242&type=chunk) [Legal Proceedings](index=41&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, with management believing no material adverse effect, despite inherent litigation uncertainties - The company is subject to various legal proceedings and claims arising in the ordinary course of business[243](index=243&type=chunk) - Management believes that the amount or range of reasonably possible losses will not, either individually or in the aggregate, have a material adverse effect on the company's business, results of operations, or financial condition[243](index=243&type=chunk) - The results of any litigation cannot be predicted with certainty, and an unfavorable resolution could materially affect future business, results of operations, or financial condition, regardless of defense and settlement costs and diversion of management resources[244](index=244&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable[245](index=245&type=chunk) [PART II](index=42&type=section&id=Part%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=42&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ekso Bionics' common stock trades on Nasdaq, with 13.3 million shares outstanding and no anticipated cash dividends, as future earnings will fund growth - Common stock (**EKSO**) has been traded on the Nasdaq Capital Market since **August 9, 2016**[247](index=247&type=chunk) Common Stock Information (as of March 23, 2023) | Metric | Value | | :----- | :---- | | Outstanding Shares | 13,341,505 | | Stockholders of Record | ~175 | | Closing Price | $1.47 | - The company has never declared or paid cash dividends on its common stock and does not anticipate such a declaration or payment for the foreseeable future, expecting to use future earnings, if any, to fund business growth[249](index=249&type=chunk) [Reserved](index=42&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information - This item is reserved[253](index=253&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section reviews Ekso Bionics' 2022 financial performance, liquidity, and capital resources, highlighting revenue growth, declining gross profit, increased net loss, and critical accounting policies - Ekso Bionics designs, develops, and markets exoskeleton products that augment human strength, endurance, and mobility for medical (EksoHealth) and industrial (EksoWorks) applications[255](index=255&type=chunk) - **EksoHealth:** Focuses on medical applications, with EksoNR for neurorehabilitation and Ekso Indego Therapy/Personal (from HMC acquisition) for gait training and home use - **EksoWorks:** Focuses on industrial applications, with EVO for upper body support in overhead tasks, aiming to reduce fatigue and injuries. EksoVest and EksoZeroG were discontinued in 2022 - **2022 Operational and Financial Highlights:** - Completed the HMC Acquisition, including the Indego product line - Booked a total of **100 EksoHealth device units** in 2022 - Generated revenue of **$12.9 million** for the 2022 full year, an increase of **15%** - Strong cash position of **$20.5 million** as of December 31, 2022 - Economic and industry trends, including growing supply chain issues, inflation, hospital financial pressures, and reimbursement levels, are impacting customers and could adversely affect the business[264](index=264&type=chunk)[265](index=265&type=chunk) Consolidated Results of Operations (in thousands) | Metric | 2022 ($) | 2021 ($) | Change ($) | % Change | | :-------------------------- | :----- | :----- | :--------- | :------- | | Revenue | $12,912 | $11,246 | $1,666 | 15% | | Cost of revenue | 6,698 | 4,497 | 2,201 | 49% | | Gross profit | 6,214 | 6,749 | (535) | (8)% | | Gross profit % | 48% | 60% | | | | Sales and marketing | 7,157 | 7,305 | (148) | (2)% | | Research and development | 3,626 | 2,549 | 1,077 | 42% | | General and administrative | 10,987 | 10,723 | 264 | 2% | | Total operating expenses | 21,770 | 20,577 | 1,193 | 6% | | Loss from operations | (15,556) | (13,828) | (1,728) | 12% | | Total other income, net | 476 | 4,064 | (3,588) | (88)% | | Net loss | $(15,080) | $(9,764) | $(5,316) | 54% | - **Revenue:** Increased by **$1.7 million (15%)** in 2022, driven by a **$2.1 million** increase in EksoHealth revenue (due to higher device sales volume in Americas and EMEA, partially normalizing post-COVID-19), offset by a **$0.4 million** decrease in EksoWorks revenue (due to rescaling sales and marketing)[268](index=268&type=chunk)[270](index=270&type=chunk) - **Gross Profit & Margin:** Gross profit decreased by **$0.5 million (8%)**, and gross margin declined to **48%** in 2022 (from **60%** in 2021), primarily due to inflationary pressures, elevated labor costs, and lower average selling prices across both segments[271](index=271&type=chunk)[273](index=273&type=chunk) - **Operating Expenses:** Sales and marketing decreased slightly (**-2%**) due to lower compensation. R&D increased significantly (**+42%**) due to product development and HMC acquisition headcount. G&A increased (**+2%**) due to compensation, severance, and relocation costs[274](index=274&type=chunk)[275](index=275&type=chunk) - **Other (Expense) Income, Net:** Gain on revaluation of warrant liabilities decreased from **$4.0 million** in 2021 to **$1.3 million** in 2022. A **$1.1 million** gain on PPP loan forgiveness in 2021 had no comparable amount in 2022. Unrealized foreign exchange loss decreased from **$0.9 million** to **$0.7 million**[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) - **Liquidity and Capital Resources:** - Working capital decreased from **$40.9 million (2021)** to **$21.8 million (2022)** due to operating and investing cash outflows[279](index=279&type=chunk)[280](index=280&type=chunk) - Cash on hand: **$20.5 million** (Dec 31, 2022), with **$19.6 million** domestic and **$0.9 million** foreign[281](index=281&type=chunk) - Accumulated deficit: **$223.9 million** (Dec 31, 2022)[283](index=283&type=chunk) - Net losses: **$15.1 million (2022)** and **$9.8 million (2021)**[285](index=285&type=chunk) - Net cash used in operating activities: **$14.7 million (2022)**[290](index=290&type=chunk) - **$6.7 million** available for future offerings under ATM Agreement (as of Dec 31, 2022)[291](index=291&type=chunk) - Secured term loan with Pacific Western Bank requires minimum cash on hand (**$2.0 million** restricted as of Dec 31, 2022) and matures **August 2023**[292](index=292&type=chunk) - Promissory Note to Parker Hannifin (**$5.0 million**) from HMC acquisition, with payments starting **December 2023**[292](index=292&type=chunk) Contractual Obligations and Commitments (in thousands, as of Dec 31, 2022) | Obligation | Total ($) | Less than one year ($) | 1-3 Years ($) | 3-5 Years ($) | | :---------------------- | :---- | :----------------- | :-------- | :-------- | | Term loan | $2,107 | $2,107 | $— | $— | | Promissory Note | 5,000 | 313 | 2,500 | 2,187 | | Facility operating leases | 1,578 | 408 | 821 | 349 | | Purchase obligations | 3,480 | 3,480 | — | — | | **Total** | **$12,165** | **$6,308** | **$3,321** | **$2,536** | - **Critical Accounting Policies and Estimates:** - Standalone Selling Prices: Estimates for allocating revenue in multi-element arrangements[296](index=296&type=chunk) - Warrant Liabilities: Valued using Black-Scholes and Lattice models, sensitive to stock price and volatility[297](index=297&type=chunk) - Inventory Valuation: Lower of cost or net realizable value, subject to assumptions about future demand[298](index=298&type=chunk) - Deferred Tax Asset: Valuation allowance based on likelihood of future taxable income[299](index=299&type=chunk)[300](index=300&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Ekso Bionics faces foreign currency risk, with 44% of 2022 sales in foreign currencies, and immaterial interest rate risk on its variable-rate term loan - **Foreign Currency Risk:** - Approximately **44%** of total revenue for the year ended December 31, 2022, was denominated in foreign currencies (mainly U.S. dollars, Euros, and Singapore dollars)[304](index=304&type=chunk) - A hypothetical **10% increase** in the United States dollar exchange rate would have resulted in a **$0.6 million decrease** to revenues for 2022[305](index=305&type=chunk) - The company has not hedged its exposures to foreign currencies or entered into any other derivative instruments[305](index=305&type=chunk) - **Interest Rate Risk:** - Primarily relates to the term loan with a variable interest rate (greater of **0.50%** above prime rate or **4.50%**)[306](index=306&type=chunk) - A hypothetical **10% change** in the lender's prime rate would have an immaterial impact on annualized interest expense[306](index=306&type=chunk) [Financial Statements and Supplementary Data](index=54&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Ekso Bionics' audited consolidated financial statements for 2022 and 2021, with an unqualified opinion, noting revenue recognition as a critical audit matter - The independent registered public accounting firm issued an unqualified opinion on the consolidated financial statements for 2022 and 2021[310](index=310&type=chunk) - Revenue recognition, specifically the identification of distinct performance obligations, allocation of the transaction price, and timing of revenue recognition for contracts with multiple elements, was identified as a critical audit matter[315](index=315&type=chunk)[316](index=316&type=chunk) Consolidated Balance Sheets (in thousands) | Asset/Liability | Dec 31, 2022 ($) | Dec 31, 2021 ($) | | :------------------------------------------ | :----------- | :----------- | | **Assets:** | | | | Cash and restricted cash | $20,525 | $40,406 | | Accounts receivable, net | 4,625 | 4,662 | | Inventories | 5,187 | 2,242 | | Prepaid expenses and other current assets | 700 | 485 | | Total current assets | 31,037 | 47,795 | | Property and equipment, net | 2,680 | 991 | | Right-of-use assets | 1,307 | 216 | | Intangible assets, net | 5,217 | — | | Goodwill | 431 | — | | Other assets | 231 | 164 | | **Total assets** | **$40,903** | **$49,166** | | **Liabilities:** | | | | Accounts payable | $3,151 | $3,107 | | Accrued liabilities | 2,278 | 2,299 | | Deferred revenues, current | 1,121 | 1,220 | | Notes payable, current | 2,310 | — | | Lease liabilities, current | 341 | 229 | | Total current liabilities | 9,201 | 6,855 | | Deferred revenues | 1,032 | 1,475 | | Notes payable, net | 3,767 | 1,993 | | Lease liabilities | 1,087 | — | | Warrant liabilities | 233 | 1,550 | | Other non-current liabilities | 141 | 74 | | **Total liabilities** | **$15,461** | **$11,947** | | **Stockholders' Equity:** | | | | Total stockholders' equity | 25,442 | 37,219 | | **Total liabilities and stockholders' equity** | **$40,903** | **$49,166** | Consolidated Statements of Operations and Comprehensive Loss (in thousands) | Metric | 2022 ($) | 2021 ($) | | :------------------------------------------ | :----- | :----- | | Revenue | $12,912 | $11,246 | | Cost of revenue | 6,698 | 4,497 | | Gross profit | 6,214 | 6,749 | | Operating expenses: | | | | Sales and marketing | 7,157 | 7,305 | | Research and development | 3,626 | 2,549 | | General and administrative | 10,987 | 10,723 | | Total operating expenses | 21,770 | 20,577 | | Loss from operations | (15,556) | (13,828) | | Other (expense) income, net: | | | | Interest expense | (156) | (113) | | Gain on revaluation of warrant liabilities | 1,317 | 3,962 | | Gain on forgiveness of note payable | — | 1,099 | | Unrealized loss on foreign exchange | (655) | (867) | | Other expense, net | (30) | (17) | | Total other income, net | 476 | 4,064 | | Net loss | $(15,080) | $(9,764) | | Foreign currency translation adjustments | 580 | 830 | | Comprehensive loss | $(14,500) | $(8,934) | | Basic net loss per share applicable to common shareholders | $(1.16) | $(0.80) | | Diluted net loss per share applicable to common shareholders | $(1.16) | $(0.88) | | Weighted average number of shares outstanding, basic | 12,962 | 12,193 | | Weighted average number of shares outstanding, diluted | 12,962 | 12,269 | Consolidated Statements of Cash Flows (in thousands) | Activity | 2022 ($) | 2021 ($) | | :------------------------------------------ | :----- | :----- | | Net cash used in operating activities | $(14,688) | $(11,156) | | Net cash used in investing activities | $(5,175) | $(59) | | Net cash provided by financing activities | $— | $38,712 | | Effect of exchange rate changes on cash | $(18) | $47 | | Net (decrease) increase in cash | $(19,881) | $27,544 | | Cash and restricted cash at beginning of the year | $40,406 | $12,862 | | **Cash and restricted cash at end of the year** | **$20,525** | **$40,406** | [Report of Independent Registered Public Accounting Firm](index=55&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) WithumSmith+Brown, PC issued an unqualified opinion on Ekso Bionics' 2022 and 2021 consolidated financial statements, identifying revenue recognition as a critical audit matter - WithumSmith+Brown, PC issued an unqualified opinion on the consolidated financial statements for the years ended December 31, 2022 and 2021[310](index=310&type=chunk) - Revenue recognition, particularly the identification and determination of distinct performance obligations, allocation of transaction price, and timing of revenue recognition for contracts with multiple performance obligations, was identified as a critical audit matter[315](index=315&type=chunk)[316](index=316&type=chunk) [Consolidated Balance Sheets](index=57&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$40.9 million** in 2022, while total liabilities increased to **$15.5 million**, and stockholders' equity declined to **$25.4 million** [Consolidated Statements of Operations and Comprehensive Loss](index=58&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenue increased to **$12.9 million** in 2022, but gross profit declined, operating expenses rose, leading to a **$15.1 million** net loss [Consolidated Statements of Stockholders' Equity](index=59&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased to **$25.4 million** in 2022, primarily due to a **$15.1 million** net loss, despite stock-based compensation and foreign currency adjustments Consolidated Statements of Stockholders' Equity (in thousands) | Metric | Dec 31, 2020 ($) | Dec 31, 2021 ($) | Dec 31, 2022 ($) | | :------------------------------------------ | :----------- | :----------- | :----------- | | Total Stockholders' Equity (beginning) | $4,434 | $37,219 | | Net loss | (9,764) | (15,080) | | Issuance of common stock (equity financing, net) | 35,360 | — | | Issuance of common stock (equity incentive plan) | — | — | | Exercise of warrants | 3,878 | — | | Matching contribution to 401(k) plan | 152 | 177 | | Stock-based compensation | 2,329 | 2,546 | | Foreign currency translation adjustments | 830 | 580 | | **Total Stockholders' Equity (ending)** | **$37,219** | **$25,442** | | Common Stock Shares Outstanding (ending) | 12,693 | 13,203 | [Consolidated Statements of Cash Flows](index=60&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow used **$14.7 million** in 2022, investing activities used **$5.2 million**, and no financing cash was generated, resulting in a **$19.9 million** cash decrease - Net cash used in operating activities increased by **$3.5 million** in 2022, primarily due to business development expenses, higher headcount compensation, increased inventory purchases, and relocation costs[287](index=287&type=chunk) - Net cash used in investing activities increased by **$5.1 million** in 2022, mainly due to a **$5.0 million** payment for the HMC Acquisition and leasehold improvements[288](index=288&type=chunk) - No cash was provided by financing activities in 2022, compared to **$38.7 million** in 2021 from common stock and warrant sales and exercises[289](index=289&type=chunk) [Notes to Consolidated Financial Statements](index=62&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail Ekso Bionics' financial position, operations, and cash flows, covering business, liquidity, accounting policies, acquisitions, fair value, revenue, assets, liabilities, equity, taxes, and commitments - **1. Organization:** Describes business, HMC Acquisition, and liquidity/going concern (accumulated deficit of **$223.9 million**, **$20.5 million** cash on hand, reliance on future financing)[331](index=331&type=chunk)[332](index=332&type=chunk) - **2. Summary of Significant Accounting Policies and Estimates:** Covers principles of consolidation, use of estimates (e.g., revenue recognition, warrant valuation, inventory, deferred tax assets), foreign currency, credit risk, and recent accounting pronouncements[334](index=334&type=chunk)[335](index=335&type=chunk) - **3. Net Loss Per Share of Common Stock:** Reports basic and diluted net loss per share, and anti-dilutive common stock equivalents[336](index=336&type=chunk)[337](index=337&type=chunk) - **4. Human Motion and Control Acquisition:** Details the **$9.055 million** acquisition (cash and promissory note), preliminary fair values of acquired assets (intangibles, goodwill), and pro forma impact[340](index=340&type=chunk) - **5. Fair Value Measurement:** Explains fair value hierarchy (Level 3 for warrant liabilities) and changes in warrant liability fair value[344](index=344&type=chunk)[345](index=345&type=chunk) - **6. Revenue:** Disaggregates revenue by source (device, service, subscriptions) and segment (EksoHealth, EksoWorks), details deferred revenue and backlog[349](index=349&type=chunk)[350](index=350&type=chunk) - **7. Property and Equipment, net:** Provides breakdown of property and equipment, depreciation expense, and impairment assessment[353](index=353&type=chunk) - **8. Accrued Liabilities:** Details components of accrued liabilities, including warranty obligations and activity[356](index=356&type=chunk)[357](index=357&type=chunk) - **9. Goodwill and Intangible Assets:** Summarizes goodwill from HMC Acquisition and intangible assets (developed technology, trade name, IP, customer relationships), their amortization, and impairment assessments[358](index=358&type=chunk)[359](index=359&type=chunk)[360](index=360&type=chunk) - **10. Notes payable, net:** Describes the PWB Term Loan (due Aug 2023), PPP loan forgiveness, and Parker Hannifin Promissory Note (payments start Dec 2023)[361](index=361&type=chunk)[363](index=363&type=chunk) - **11. Lease Obligations:** Details new operating leases for San Rafael headquarters and Hamburg office, future lease payments, and weighted-average lease terms/discount rates[364](index=364&type=chunk)[365](index=365&type=chunk) - **12. Employee Benefit Plan:** Explains the 401(k) plan and company matching contributions[366](index=366&type=chunk) - **13. Capitalization and Equity Structure:** Summarizes authorized/outstanding common and preferred stock, details equity offerings (Feb 2021, ATM), and various outstanding warrants (2021, June 2020, Dec 2019, May 2019) classified as liabilities[368](index=368&type=chunk)[370](index=370&type=chunk) - **14. Stock-based Compensation:** Provides details on the 2014 Equity Incentive Plan, stock option and RSU/PSU activity, unrecognized compensation expense, and the Employee Stock Purchase Plan[371](index=371&type=chunk)[372](index=372&type=chunk) - **15. Income Taxes:** Discusses domestic and foreign pre-tax loss, deferred tax assets and liabilities, valuation allowance, NOL carryforwards, and impact of TCJA on R&D costs[373](index=373&type=chunk)[374](index=374&type=chunk) - **16. Commitments and Contingencies:** Outlines material contracts (license agreements), purchase obligations, operating lease commitments, and legal matters[375](index=375&type=chunk)[376](index=376&type=chunk) - **17. Segment Disclosures:** Presents revenue and gross profit by segment (EksoHealth, EksoWorks) and geographic region (Americas, EMEA, APAC)[378](index=378&type=chunk)[379](index=379&type=chunk) - **18. Related Party Transactions:** Details a settlement agreement with an entity affiliated with a board member[380](index=380&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=93&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes in or disagreements with accountants regarding accounting and financial disclosure - No changes in or disagreements with accountants on accounting and financial disclosure were reported[521](index=521&type=chunk) [Controls and Procedures](index=93&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022, without an attestation report - Disclosure controls and procedures were evaluated and deemed effective as of **December 31, 2022**[522](index=522&type=chunk) - Management assessed and concluded that internal control over financial reporting was effective as of **December 31, 2022**, based on the COSO framework[525](index=525&type=chunk) - No changes in internal control over financial reporting materially affected or are reasonably likely to materially affect internal control over financial reporting during the most recent fiscal quarter[527](index=527&type=chunk) [Other Information](index=93&type=section&id=Item%209B.%20Other%20Information) This item contains no other information - No other information was reported[528](index=528&type=chunk) [PART III](index=94&type=section&id=Part%20III) [Directors, Executive Officers and Corporate Governance](index=94&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 Proxy Statement - Information required by this Item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[530](index=530&type=chunk) [Executive Compensation](index=94&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the company's 2023 Proxy Statement - Information required by this Item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[531](index=531&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=94&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership details for beneficial owners and management are incorporated by reference from the 2023 Proxy Statement - Information required by this Item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[532](index=532&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=94&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2023 Proxy Statement - Information required by this Item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[533](index=533&type=chunk) [Principal Accountant Fees and Services](index=94&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from the company's 2023 Proxy Statement - Information required by this Item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[534](index=534&type=chunk) [PART IV](index=95&type=section&id=Part%20IV) [Exhibits, Financial Statements and Financial Statement Schedules](index=95&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statements%20and%20Financial%20Statement%20Schedules) This section lists financial statements from Item 8 and provides an index of exhibits, including the HMC Acquisition agreement and organizational documents - Financial statement documents included as part of Item 8: Report of Independent Registered Public Accounting Firm, Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Loss, Consolidated Statements of Stockholders' Equity, Consolidated Statements of Cash Flows, and Notes to the Consolidated Financial Statements[536](index=536&type=chunk) - All schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto[537](index=537&type=chunk) - The Exhibit Index details various documents filed, including the Asset Purchase Agreement for the HMC Acquisition, Articles of Incorporation, By-Laws, forms of Common Stock Purchase Warrants, Subordinated Promissory Note, and License Agreements with UC Berkeley and Vanderbilt University[540](index=540&type=chunk)[541](index=541&type=chunk)[542](index=542&type=chunk) [10-K Summary](index=99&type=section&id=Item%2016.%2010-K%20Summary) The company has elected not to include summary information for this item - The company has elected not to include summary information[544](index=544&type=chunk) [Signatures](index=100&type=section&id=Signatures) The Annual Report on Form 10-K was signed on March 28, 2023, by key executives and Board members - The Annual Report was signed on **March 28, 2023**, by the President and Chief Executive Officer, Chief Financial Officer, and members of the Board of Directors[548](index=548&type=chunk)[551](index=551&type=chunk)
Ekso Bionics(EKSO) - 2022 Q3 - Earnings Call Transcript
2022-11-06 16:25
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Matt Steinberg - Investor Relations Steven Sherman - Chairman and Chief Executive Officer Scott Davis - President and Chief Operating Officer Jerome Wong - Chief Financial Officer Operator Greetings and welcome to Ekso Bionics Third Quarter 2022 Financial Results Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host ...
Ekso Bionics(EKSO) - 2022 Q3 - Quarterly Report
2022-11-02 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...
Ekso Bionics(EKSO) - 2022 Q2 - Earnings Call Transcript
2022-07-28 23:53
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) Q2 2022 Results Conference Call July 28, 2022 4:30 PM ET Company Participants David Carey - Head, Investor Relations Steven Sherman - Chairman & CEO Scott Davis - President & Chief Operating Officer Jerome Wong - interim Chief Financial Officer Conference Call Participants Swayampakula Ramakanth - H.C. Wainwright Kyle Bauser - LakeStreet Capital Operator Hello, and welcome to the Ekso Bionics Q2 2022 Financial Results Conference Call. [Operator Instructions] As a re ...
Ekso Bionics(EKSO) - 2022 Q2 - Quarterly Report
2022-07-27 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...
Ekso Bionics(EKSO) - 2022 Q1 - Earnings Call Transcript
2022-04-28 21:40
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) Q1 2022 Earnings Conference Call April 28, 2022 4:30 PM ET Company Participants Andrew Blazier - Finn Partners Steven Sherman - Chairman & CEO Scott Davis - President & Chief Operating Officer Jack Glenn - CFO Conference Call Participants Swayampakula Ramakanth - H.C. Wainwright Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio ...