Ekso Bionics(US:EKSO)2023-03-28 22:08Financial Data and Key Metrics Changes - Revenue for Q4 2022 was $3.6 million, a decrease from $4.1 million in Q4 2021 [52] - Full year revenue increased by 15% to $12.9 million compared to $11.2 million in 2021 [28] - Gross profit for Q4 2022 was $1.7 million, with a gross margin of approximately 47%, down from 59% in the same period of 2021 [26] - Net operating loss for Q4 2022 was $4.4 million, compared to a loss of $4.6 million in the prior year [27] - Full year net operating loss was $15.6 million, compared to $13.8 million in 2021 [56] - Cash used in operating activities for 2022 was $14.7 million, with a cash balance of $20.5 million as of December 31, 2022 [57] Business Line Data and Key Metrics Changes - The EksoHealth segment recorded 27 device bookings in Q4 2022, totaling 100 for the year [16][17] - The acquisition of the Human Motion & Control (HMC) business unit expanded the product portfolio, including Indego Therapy and Indego Personal [18] - The EksoWorks business refocused its product offerings and strategies, targeting larger high-volume customers [48] Market Data and Key Metrics Changes - International revenue performance was strong, with record annual revenue in Europe and APAC, and APAC growing over 60% year-over-year [44] - Demand for EksoNR remained robust, with revenue in the EksoHealth segment up by more than 20% compared to 2021 [43] Company Strategy and Development Direction - The acquisition of HMC is seen as critical for future growth, expanding product offerings across the continuum of care to home and community use markets [5][74] - The company aims to improve operational efficiency and integrate the Indego product line to leverage synergies in sales and operations [49][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth prospects despite longer sales timelines due to challenging economic conditions [7] - The company is committed to investing in its international footprint to support ongoing growth [44] - Management highlighted the importance of the acquisition in reaching more patients and expanding market opportunities [74] Other Important Information - The company has filed a premarket notification with the FDA for the addition of integrated functional electrical stimulation hardware and software to Ekso Indego Therapy [9] - The integration of ERP and accounting systems from the acquisition is complete, while R&D and manufacturing integration will take longer [61] Q&A Session Summary Question: Were the two Indego installs in Q4 part of the backlog from the acquisition? - Management clarified that these were not backlog units but orders received in the last weeks of December post-acquisition [34] Question: What is the current status of the integration of the Indego product line? - Integration is progressing well, with commercial teams aligned and ERP systems fully integrated [71] Question: How are lead times defined in the context of sales? - Lead times refer to deal close times, which are currently taking 30 to 60 days, while shipment lead times remain short at 4 to 8 weeks [60][61]