Ekso Bionics Holdings, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue reached 1.9 million dollars, up 30 percent year-over-year from 1.5 million dollars in Q1 2020. Revenue declined sequentially from Q4 2020 due to the company's shift toward subscription-based sales.
  • Sixteen EksoNR bookings were recorded, including seven subscription units, both increasing sequentially. Management emphasized that subscriptions will continue to depress near-term revenue while increasing long-term adoption and predictability.
  • Gross margin reached a record 65 percent, up from 60 percent in Q4 2020 and 43 percent in Q1 2020. Improvement was driven by higher average selling prices, better EVO production costs, and stronger service margins.
  • Operating expenses were reduced to 4.4 million dollars, a 19 percent year-over-year reduction from 5.4 million dollars.
  • Net operating loss improved to 3.2 million dollars from 4.8 million dollars a year ago.
  • Cash balance of 49.5 million dollars at quarter-end, bolstered significantly by 40 million dollars in gross proceeds from the February public offering.

Medical Segment Highlights

  • Ekso Health revenue came in at approximately 1.7 million dollars for Q1.
  • Conversion and renewal rate remained strong at 86 percent.
  • More than 700 thousand dollars in contracted revenue already secured under the new subscription model.

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Operator: Hello, and welcome to the Ekso Bionics First Quarter 2021 Financial Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Matt Steinberg with Lazar Finn Partners. Matt, please go ahead. Matt Steinberg: 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, 2021. A copy of the press release is available on the company's Web site. 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 laws, 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 not be deemed to be forward-looking statements. All forward-looking statements, including our future financial or operational expectations or our expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions.

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