Financial Data and Key Metrics Changes - The company recorded revenue of $2.1 million for Q2 2025, down from $5 million in Q2 2024, primarily due to short-term delays in multi-device enterprise health sales, partially offset by higher sales of the Ekso Indigo personal device [8] - Gross profit for Q2 2025 was $800,000, representing a gross margin of approximately 40%, compared to a gross profit of $2.6 million and a gross margin of 53% for the same period in 2024 [8] - Operating expenses for Q2 2025 were $4.8 million, a 4% improvement from $5 million in Q2 2024 [9] - The net loss applicable to common stockholders for Q2 2025 was $2.7 million, or $1.24 per share, compared to a net loss of $2.4 million, or $1.99 per share, for the same period in 2024 [9] Business Line Data and Key Metrics Changes - The legacy enterprise health product, primarily the EksoNR device, faced revenue declines, while the Ekso Indigo personal device saw increased sales, contributing to a 50% growth in personal health product revenues in the first half of 2025 [13][21] - Despite total revenues for the first six months of 2025 being down 38% compared to the same period in 2024, personal health product revenues grew by more than 50% [13] Market Data and Key Metrics Changes - The company is experiencing a trend of lower but steady growth in the legacy enterprise health business, counterweighted by growth in personal health from the Ekso Indigo device [13] - The company has developed a pipeline of over 45 Medicare beneficiaries qualified for the Ekso Indigo personal device, up more than 200% from the end of 2024 [16] Company Strategy and Development Direction - The company is focusing on a scalable go-to-market strategy for the Ekso Indigo personal device, supported by new distribution partners and educational initiatives like Ekso University [12][21] - A strategic initiative is underway to build a proprietary foundation model for human motion in physical rehabilitation, integrating new AI capabilities across the product portfolio [17][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the revenue shortfall in Q2 2025 does not reflect the overall health of the business and anticipates closing a significant portion of deferred sales in the second half of the year [11][20] - The company is actively working with partners to navigate market access and reimbursement processes, which are critical for the commercialization of personal devices [35] Other Important Information - The company joined the NVIDIA Connect program to enhance product development and cost efficiency, aiming to leverage AI in exoskeleton technology [17][19] - The company is working with Pria Healthcare to improve market access and reimbursement processes for the Ekso Indigo personal device [15][36] Q&A Session Summary Question: Can you quantify the deferred sales on the Enterprise Health side? - Management indicated that two multi-unit device sales fell out of Q2, with one being an international order delayed due to regulatory challenges and the other a North American order expected to occur in Q3, totaling approximately $1.4 million [24] Question: When do you expect the Indigo Personal to overtake the Enterprise Health business? - Management believes that by 2025, the contribution from personal health products will increase to about 25% of total revenue, with expectations to overtake enterprise health by 2027 [26] Question: How is the process of nailing down the patient profile progressing? - Management reported positive outcomes from appeals processes, with claims being approved when presented to administrative law judges, indicating that the technology is deemed medically necessary [29] Question: Will Ekso University focus solely on exoskeletons? - Management stated that while the initial courses focus on exoskeleton technology, future content will cover a wide range of neuro rehabilitation topics [30] Question: How many enterprise clients utilize federal grants? - Management estimated that approximately 10% of enterprise customers rely on federal or outside grants to fund their technology [41]

Company Overview - Ekso Bionics focuses on developing exoskeleton solutions to enhance human strength, endurance, and mobility[6] - The company has deployed over 900 devices in more than 450 centers worldwide[7, 12, 37] Financial Performance & Market Opportunity - In 2023, Ekso Bionics generated $15.4 million in clinical revenue[6] - The company is targeting positive operating cash flow through revenue growth and improved efficiencies[7, 71] - The total potential addressable market for personal mobility exoskeletons in the USA is estimated at ~$34 billion, including potential future neurodegenerative indications and general debility usage[55] Reimbursement & Market Access - CMS reimbursement for Ekso Indego Personal is established at $91,000, effective April 1, 2024[7, 50] - CMS & VA covered individuals with SCI is ~176,000[52] - The company is leveraging clinical relationships and partnerships for efficient market access[56, 57] Product Portfolio - The company offers a range of products, including EksoNR and Ekso Indego Therapy for neuro-rehabilitation[6] - Ekso is developing the Nomad device, with a limited research release in 2024 and commercial release expected in 2025[24] - EVO is an upper body exoskeleton for industrial applications, with a potential market opportunity > $8 billion annually[60, 66]

Company Overview - Ekso Bionics is a developer of exoskeleton solutions designed to augment human strength, endurance, and mobility[6] - The company has deployed over 900 devices in more than 450 centers worldwide[7, 12, 37] Financial Performance & Market Opportunity - Ekso Bionics generated $15.4 million in clinical revenue in 2023, out of $18.2 million total revenue[6] - The company received CMS reimbursement for Ekso Indego Personal at $91,000[7, 50] - The total potential addressable market for personal mobility exoskeletons is estimated at $13.1 billion, including potential future neurodegenerative indications in the USA[55] - The long-term potential market for general debility usage is estimated at $34 billion, based on 1.5 million manual wheelchair users in the USA[55] - The company's revenue for FY 2023 was $18.3 million, a 42% increase compared to $13.0 million in FY 2022[71, 75] Market Reach & Strategy - The company leverages a clinical installed base of approximately 260 US centers to reach patients with spinal cord injuries[7] - Ekso Bionics is focused on achieving positive operating cash flow through scaling revenue growth and improving operating efficiencies[7, 82] - The company is expanding its market reach across the care continuum, from outpatient to home, with the Indego product line[76] - The potential market opportunity for the EVO industrial exoskeleton in targeted segments is greater than $8 billion annually[66]

Financial Data and Key Metrics Changes - The company recorded revenue of $3.4 million in Q1 2025, down from $3.8 million in Q1 2024, attributed to capital budget impacts from certain inpatient rehabilitation facilities related to the EksoNR enterprise health product [7] - Gross profit for Q1 was $1.8 million, representing a gross margin of approximately 54%, compared to a gross profit of $2 million and a gross margin of 52% in Q1 2024 [8] - Operating expenses for Q1 2025 were $5.3 million, essentially unchanged from $5.2 million in Q1 2024 [8] - Net loss applicable to common stockholders for Q1 2025 was $2.9 million or $0.12 per share, compared to a net loss of $3.4 million or $0.20 per share in Q1 2024 [8] - As of March 31, 2025, the company had cash and restricted cash of $8.1 million, up from $6.5 million at the end of 2024 [9] Business Line Data and Key Metrics Changes - The primary end market for the company's exoskeleton technology is healthcare, with two segments: enterprise health and personal health [6] - The legacy enterprise health products, mainly the EksoNR device, faced revenue declines due to budget impacts, while the Ekso Indigo personal device saw growth [10][11] - The company developed a pipeline of over 35 Medicare beneficiaries qualified for the Ekso Indigo Personal in 2025, a 37% increase from the previous quarter [12] Market Data and Key Metrics Changes - The company noted softness in the legacy enterprise business due to macroeconomic uncertainties affecting customer capital budgets [10] - The engagement with Priya Healthcare and the establishment of new distribution partnerships are expected to enhance market access and claims processing for the Ekso Indigo Personal [11][15] Company Strategy and Development Direction - The company is focusing on building a scalable go-to-market strategy for the Ekso Indigo Personal, leveraging partnerships with distribution networks [14][15] - The strategy includes working closely with neuro rehabilitation partners and enhancing education efforts for appropriate patient selection [11] - The company anticipates that the majority of revenue in 2025 will still come from enterprise health, but expects increasing contributions from personal health products [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of economic uncertainties on capital budgets, particularly in Q1, but expressed optimism about the pipeline and future contributions from personal health products [10][27] - The management team believes that the operational improvements and cost controls will support gross margins as revenues expand [29] Other Important Information - The company is navigating complexities in coding, coverage, and payment to enhance access to its exoskeleton technology for individuals with mobility challenges [13] - The partnerships with National Seating and Mobility and Bionic P and O are expected to broaden access to the Ekso Indigo Personal across the U.S. [15][36] Q&A Session Summary Question: How should investors think about where the patients will fall this year in terms of the Indigo Personal? - Management expects that enterprise products will represent 75% to 80% of the business, with solid contributions from personal products growing quarter over quarter [19] Question: Any more color on how things are going with claims submissions? - Management has learned from past claims and believes current submissions are comprehensive with a high probability of success [24] Question: What is the outlook on capital budgeting from IDNs? - Management noted softness in capital budgets in Q1 but expects solid contributions from renewals in 2025 [26] Question: Is the gross margin trending in the right direction? - Management believes that operational improvements will allow for higher gross margins as revenue increases [29]

Core Viewpoint - Ekso Bionics Holdings, Inc. reported its financial results for the first quarter of 2025, highlighting a decrease in revenue primarily due to lower sales of legacy devices, while also noting significant partnerships that may enhance future growth in the Personal Health products segment [1][4][11]. Financial Performance - The company recorded revenue of $3.4 million for the quarter ended March 31, 2025, down from $3.8 million in the same period in 2024, mainly due to lower sales of legacy EksoNR devices, although sales of Ekso Indego Personal devices increased [4]. - Gross profit for the first quarter was $1.8 million, with a gross margin of approximately 53.5%, compared to $2.0 million and a gross margin of 51.9% in the prior year, driven by cost savings in the supply chain [5]. - Sales and marketing expenses decreased to $1.7 million from $1.8 million year-over-year, attributed to lower headcount and travel expenses [6]. - Research and development expenses were $1.0 million, down from $1.1 million in the previous year, mainly due to reduced use of product development consultants [7]. - General and administrative expenses increased to $2.6 million from $2.3 million, primarily due to an impairment loss of an intangible asset and higher legal and audit costs [8]. - The net loss applicable to common stockholders was $2.9 million, or $0.12 per share, compared to a net loss of $3.4 million, or $0.20 per share, in the same quarter of 2024 [9]. Cash Flow and Position - The company used $2.0 million of net cash in operations for the first quarter of 2025, a decrease from $3.5 million in the same period in 2024 [9]. - As of March 31, 2025, the company had cash and restricted cash totaling $8.1 million, an increase from $6.5 million at the end of 2024 [9][16]. Strategic Partnerships - Ekso Bionics has formed partnerships with National Seating & Mobility (NSM) and Bionic Prosthetics & Orthotics Group (Bionic P&O), which are expected to enhance access to the Ekso Indego Personal device in the complex rehabilitation technology and orthotics and prosthetics markets, respectively [3][11].