Ekso Bionics(US:EKSO)2024-07-30 02:10Financial Data and Key Metrics Changes - Revenue for the first half of 2024 was $8.7 million, slightly down from $8.8 million in the same period of 2023 [7] - Net loss applicable to common stockholders for the first half of 2024 was $5.8 million or $0.33 per share, compared to a net loss of $8.6 million or $0.64 per share for the same period in 2023 [8] - Record quarterly sales of $5 million in Q2 2024, up from $4.7 million in Q2 2023 [45] - Gross profit for Q2 2024 was $2.6 million, with a gross margin of approximately 53%, compared to a gross profit of $2.3 million and a gross margin of 48% in Q2 2023 [45] Business Line Data and Key Metrics Changes - Sold a total of 66 EksoHealth devices in the first half of 2024, with 37 devices sold in Q2 2024 [7][17] - The performance in the EksoHealth segment was driven by growth in the Enterprise Health business, particularly the EksoNR and Ekso therapy devices [17] - Device revenue in the Industrial segment, EksoWorks, increased by approximately $150,000 from the same period a year ago [61] Market Data and Key Metrics Changes - Strong international demand, particularly in the EMEA region, driven by adoption in neurorehabilitation programs [4] - Increased interest in the Ekso Indego Personal device following CMS reimbursement decisions, with initial claims submitted [18][39] Company Strategy and Development Direction - The company is focused on expanding its market footprint through relationships with Integrated Delivery Networks (IDNs) and securing larger multiunit capital deals [40] - Plans to enhance content marketing efforts and leverage patient testimonials to drive interest and adoption of devices [5] - A scalable go-to-market strategy is being implemented to facilitate patient engagement and training for the Ekso Indego Personal [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future prospects and the potential for significant revenue growth from the Ekso Indego Personal in 2025 and beyond [34][39] - The company is committed to ensuring access to the Indego Personal for qualified individuals and is bullish on growth opportunities in the spinal cord injury community [42] - Management noted that U.S. sales were slightly affected by fluctuations in procurement cycles but maintained strong sales to individual clinics and hospitals [58] Other Important Information - Cash and restricted cash as of June 30, 2024, was $5.9 million, down from $8.6 million as of December 31, 2023 [47] - Operating expenses for Q2 2024 were $5 million, down from $6.5 million in Q2 2023, primarily due to lower general and administrative expenses [20] Q&A Session Summary Question: Where is the interest pipeline for Indego Personal materializing from? - Interest is coming from individuals with spinal cord injuries, physical therapists, clinics, and physicians [9][24] Question: Was there any drag in the quarter from Indego Personal units shipped? - No, all devices shipped in the quarter were able to recognize revenue [11] Question: How many Indego Personal units have been delivered since the CMS decision? - The company has submitted initial claims and is seeing an increase in the pipeline of inquiries [51] Question: Can you characterize the mix of inquiries from individuals versus clinics? - The mix is approximately 50-50 between individuals and clinics [68] Question: Do you expect the inquiry mix to change over time? - There is a direct correlation between marketing efforts and increased interest, suggesting potential changes in the mix [70]