Ekso Bionics(EKSO) - 2024 Q1 - Quarterly Results

Recent Highlights and Accomplishments Ekso Bionics achieved key Q1 2024 milestones, including final CMS payment determination for Ekso Indego Personal and 29 EksoHealth unit sales - Received final payment determination from the Centers for Medicare & Medicaid Services (CMS) for Ekso Indego Personal, a key milestone for the company's commercial strategy[3][12] - The company's strategic focus is on developing the market for Indego Personal and strengthening relationships with network operators for its Enterprise devices to drive growth[3] - Sold a total of 29 EksoHealth units during the first quarter of 2024[4][12] First Quarter 2024 Financial Performance Ekso Bionics reported Q1 2024 revenue of $3.8 million, improved gross margin to 52%, and reduced net loss to $3.4 million Q1 2024 vs Q1 2023 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue (Millions USD) | $3.8 | $4.1 | -7.3% | | Gross Profit (Millions USD) | $2.0 | $2.0 | 0% | | Gross Margin (%) | 52% | 49% | +3 p.p. | | Net Loss (Millions USD) | $3.4 | $4.4 | Improved | | Net Loss per Share (USD) | $0.20 | $0.33 | Improved | - The improvement in gross margin was primarily due to lower EksoHealth device and service costs[5] - Operating expenses decreased, with sales and marketing expenses falling to $1.8 million from $2.1 million due to lower headcount, and general and administrative expenses decreasing to $2.3 million from $3.2 million due to reduced legal activity, lower headcount, and the absence of prior-year acquisition costs[6][7] Financial Condition Ekso Bionics maintained a stable financial position as of March 31, 2024, with $8.8 million cash and reduced total liabilities Balance Sheet Highlights (as of March 31, 2024) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and restricted cash (Millions USD) | $8.8 | $8.6 | | Total Assets (Millions USD) | $29.0 | $28.9 | | Total Liabilities (Millions USD) | $14.9 | $16.3 | | Total Stockholders' Equity (Millions USD) | $14.1 | $12.6 | Condensed Consolidated Financial Statements Detailed consolidated financial statements for Q1 2024 show Ekso Bionics' financial position with $29.0 million in assets and a $3.4 million net loss Condensed Consolidated Balance Sheets As of March 31, 2024, total assets were $28.96 million, with liabilities decreasing to $14.91 million and equity increasing to $14.05 million Condensed Consolidated Balance Sheets (In thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets (Thousands USD) | $20,516 | $20,208 | | Total assets (Thousands USD) | $28,957 | $28,918 | | Total current liabilities (Thousands USD) | $7,312 | $8,117 | | Total liabilities (Thousands USD) | $14,906 | $16,312 | | Total stockholders' equity (Thousands USD) | $14,051 | $12,606 | | Total liabilities and stockholders' equity (Thousands USD) | $28,957 | $28,918 | Condensed Consolidated Statements of Operations Q1 2024 operations reported $3.76 million revenue, $1.95 million gross profit, and a net loss of $3.43 million or $0.20 per share Condensed Consolidated Statements of Operations (In thousands, except per share amounts) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenue (Thousands USD) | $3,756 | $4,122 | | Gross profit (Thousands USD) | $1,951 | $2,000 | | Total operating expenses (Thousands USD) | $5,207 | $6,448 | | Loss from operations (Thousands USD) | $(3,256) | $(4,448) | | Net loss (Thousands USD) | $(3,429) | $(15,080) | | Net loss per share, basic and diluted (USD) | $(0.20) | $(0.33) |