Ekso Bionics Holdings, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Record quarterly revenue of $5 million, up from $4.7 million in Q2 2023.
  • Sales driven by strong performance in the EksoHealth segment, with 37 devices sold (vs. 29 devices in Q2 2023).
  • Major milestone achieved with CMS approval and pricing determination for Ekso Indego Personal Medicare reimbursement.
  • EksoNR now present in 9 of the top 10 U.S. rehab centers, reinforcing adoption as a standard of care.
  • International demand strong, including increased adoption in EMEA (notably France) and Asia.

Financial Performance

  • Gross profit: $2.6 million (up from $2.3 million in Q2 2023).
  • Gross margin: 53% (improved from 48% in Q2 2023). Driven by higher average selling prices and lower device/service costs.
  • Operating expenses: $5 million (down from $6.5 million in Q2 2023) due to cost reductions and lower headcount.
  • Net loss: $2.4 million, significantly improved from $4.2 million in Q2 2023.
  • Cash and restricted cash: $5.9 million as of June 30, 2024 (vs. $8.6 million at year-end 2023).

Business Segment Updates

EksoHealth
  • Strong sales momentum across EksoNR and Ekso Indego Therapy devices.
  • IDN customer purchasing slowed temporarily due to typical procurement cycle fluctuations; expected to normalize later in 2024.

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Operator: Greetings, and welcome to the Ekso Bionics' Q2 2024 Financial Results Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Steinberg with Finn Partners. Thank you, Matt. 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; and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended June 30, 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 operating 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

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