Ekso Bionics(EKSO) - 2022 Q1 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Revenues in Q1 2022 were $2.6 million, a 34% increase from $1.9 million in Q1 2021, driven by higher EVO sales and recognition of prepaid royalties [17] - Gross profit for Q1 2022 was $1.2 million, with a gross margin of approximately 47%, down from 65% in the same period last year, primarily due to increased service costs and material costs [17] - Operating expenses increased to $5.4 million in Q1 2022 from $4.4 million in Q1 2021, leading to a net operating loss of $4.2 million compared to a loss of $3.1 million in the prior year [18] Business Line Data and Key Metrics Changes - EksoHealth generated $1.9 million in revenue, with 23 EksoNR bookings, including the largest order in company history, indicating strong demand for neurological rehabilitation [10][11] - EksoWorks delivered approximately $700,000 in revenue, with increasing interest from automotive, aerospace, construction, and general manufacturing markets [15] Market Data and Key Metrics Changes - The international market, particularly Europe, is performing well, with a healthy pipeline in APAC expected to contribute to future revenue growth [13] - The global supply chain remains a challenge, impacting product delivery times and adding cost pressure, although the operations team is navigating these obstacles [13] Company Strategy and Development Direction - The company is focused on deepening relationships with network operators, expanding presence in industrial markets, and strengthening the business foundation to drive shareholder value [9] - The strategy includes increasing order flow through a strong pipeline and expanding EVO sales across various industry verticals [29] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism while monitoring global events, particularly increases in COVID cases in Europe and Asia [16] - The company is excited about progress in customer engagement and anticipates continued revenue growth from increased bookings [28] Other Important Information - The company reported a strong cash balance of $36.2 million as of March 31, 2022, indicating financial stability [19] Q&A Session Summary Question: Insights on EksoHealth business growth - Management noted that larger network operators are adopting Ekso as part of their programs, leading to significant growth and multi-unit orders [21] Question: Details on revenue recognition and order mix - The mix of 23 orders was balanced between subscription and capital purchases, with expectations for continued shipping and backlog into Q2 and Q3 [24][25]