Ekso Bionics Holdings, Inc. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 2020 revenue was 2.3 million dollars, improving sequentially from 1.5 million dollars in Q1 2020, but below the 3.3 million dollars reported in Q2 2019.
  • Gross margin reached a record 56 percent, up from 48 percent in Q2 2019.
  • The company strengthened its liquidity by raising approximately 11.1 million dollars in gross proceeds through recent financings and warrant exercises.
  • Management emphasized strong operational execution despite COVID-19 turbulence, noting that most customer orders were delayed but not canceled.

Operational and Commercial Highlights

  • EksoHealth generated seven new orders and seven rental conversions, maintaining an 84 percent rental conversion rate.
  • Medical segment revenue was 2.1 million dollars, driven by broad U.S. demand. International sales were slower due to earlier shutdowns in APAC and EMEA.
  • FDA granted 510(k) clearance for the EksoNR exoskeleton for use in acquired brain injury patients, expanding the addressable market.
  • Customer engagement remained robust through virtual demos, virtual training, and remote sales tactics.
  • Approximately 430 Ekso units are now placed globally.

Industrial Segment and China JV Update

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Operator: Greetings, and welcome to Ekso Bionics Second Quarter 2020 Financial Results 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. I would now like to turn the conference over to your host, David Carey of Lazar Partners. Please begin. 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 June 30, 2020. 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 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 our expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions. These stat

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