Ekso Bionics Holdings, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q1 2020 revenue was 1.5 million dollars, down from 3.6 million dollars in Q1 2019, largely due to COVID-19–related delays in customer orders.
  • Management emphasized that most customer orders appear to be delayed rather than cancelled.
  • Company pivoted aggressively to a virtual selling model and implemented cost reductions, including furloughs, to preserve cash.
  • Strong interest remains for Ekso’s medical devices, including multiple pilot programs signed during the quarter.

Financial Highlights

  • Revenue: 1.5 million dollars, down approximately 58 percent year-over-year from 3.6 million dollars in Q1 2019.
  • Gross profit: 0.6 million dollars (43 percent margin), compared to 1.6 million dollars (44 percent margin) in Q1 2019.
  • Operating expenses: 5.4 million dollars, reduced 17 percent from 6.5 million dollars in Q1 2019.
  • Net loss: 2.5 million dollars or 0.44 dollars per share, compared to a net loss of 6.6 million dollars or 1.51 dollars per share in Q1 2019.
  • Cash used in operations: 1.7 million dollars, significantly improved from 5.2 million dollars in Q1 2019.
  • Cash balance: 8.5 million dollars as of March 31, 2020.
  • Company completed a 1-for-15 reverse stock split and regained NASDAQ compliance on April 7, 2020.

COVID-19 Impact

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Operator: Greetings and welcome to the Ekso Bionics First Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, David Carey. Please go ahead, sir. David Carey: Thank you, operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Jack Peurach, President and Chief Executive Officer; Jack Glenn, Chief Financial Officer; and Bill Shaw, Chief Commercial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended March 31, 2020. A copy of the press release is available on the company's website. Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities law, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including our future financial or operational expectations, or expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions. These statements involv

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