Ekso Bionics Holdings, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2024 revenue was 3.8 million USD, a slight decline from 4.1 million USD in Q1 2023.
  • 29 EksoHealth devices sold in the quarter; sales were impacted by normal seasonality and IDN procurement timing.
  • Backlog increased by approximately 1 million USD, expected to be recognized during 2024.
  • International performance, especially in EMEA, showed strong momentum driven by adoption of robotics in French neurorehabilitation.

Key Business Developments

  • CMS finalized a Medicare reimbursement determination for Ekso Indego Personal at 91,031 USD per device, effective April 1, 2024.
  • The company expects quarter-over-quarter growth in its Personal Health business following this reimbursement decision.
  • Ekso plans to leverage its network of over 260 U.S. rehab centers to expand certified training locations.
  • French public health system adoption of robotics significantly contributed to EMEA strength.

Segment Highlights

  • EksoHealth:
    • Focus remains on expanding IDN relationships to increase multi-unit capital deals.
    • Clinical and economic benefits of EksoNR and Ekso Indego Therapy emphasized in sales strategy.

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Operator: Greetings, and welcome to the Ekso Bionics First Quarter 2024 Financial Results Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Matt Steinberg with Finn Partners. Thank you. You may begin. Matt Steinberg: Thank you, operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Scott Davis, Chief Executive Officer; Jerome Wong, Chief Financial Officer; and Jason Jones, Chief Operating Officer. Earlier today, Ekso Bionics released financial results for the quarter ended March 31, 2024. 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 laws which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, 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. These statements involve material risks and uncertainties that could cause actual results or events to materi

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