In This Article:
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Quarterly Sales: $4.1 million in Q3 2024, down from $4.6 million in Q3 2023.
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Gross Margin: 53.5% in Q3 2024, slightly up from 53.3% in Q3 2023.
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Operating Expenses: $4.8 million in Q3 2024, down from $5.4 million in Q3 2023.
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Net Loss: $2.1 million or $0.10 per share in Q3 2024, improved from $3.4 million or $0.24 per share in Q3 2023.
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Revenue for Nine Months: $12.8 million for the nine months ended September 30, 2024, compared to $13.4 million for the same period in 2023.
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Gross Margin for Nine Months: 53% for the nine months ended September 30, 2024, up from 50% in the same period in 2023.
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Operating Expenses for Nine Months: $15 million for the nine months ended September 30, 2024, down from $18.4 million in the same period in 2023.
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Net Loss for Nine Months: $7.9 million or $0.42 per share for the nine months ended September 30, 2024, improved from $12 million or $0.88 per share in the same period in 2023.
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Cash and Restricted Cash: $8.3 million as of September 30, 2024, compared to $8.6 million as of December 31, 2023.
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Public Offering Proceeds: Approximately $5 million from an underwritten public offering in September 2024.
Release Date: October 28, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Ekso Bionics Holdings Inc (NASDAQ:EKSO) achieved a significant milestone with the approval and reimbursement of the initial CMS claim for the Ekso Indigo Personal device, benefiting patients with spinal cord injuries.
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The company has seen success in digital marketing strategies, resulting in an influx of new qualified leads.
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Ekso Bionics Holdings Inc (NASDAQ:EKSO) has improved its operating margins by reducing operating expenses and achieving cost savings in supply chain and inventory management.
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International demand, particularly in Europe, remains strong, with record sales levels achieved in the region.
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The company has a strong presence in the U.S., with Ekso NR devices deployed in nine of the top ten rehabilitation centers, indicating its technology is becoming a standard of care for lower extremity neurorehabilitation.
Negative Points
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Quarterly sales decreased to $4.1 million in Q3 2024 from $4.6 million in Q3 2023, indicating a decline in revenue.
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U.S. sales were affected by fluctuations in procurement cycles and delays in capital purchases by several customers.
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The reimbursement process for CMS claims is taking time, with only one claim reimbursed to date, causing potential delays in revenue recognition.
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Sales of the Ekso Works industrial segment were impacted by labor strikes in U.S. manufacturing industries.
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The company experienced lower margin sales due to increased volume through distribution, affecting overall profitability.