Ekso Bionics Holdings, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Record quarterly EksoNR bookings: 33 units, the company’s best booking quarter ever.
  • Strong multiunit orders from large network operators (IDNs), including Kindred Healthcare and Vibra Healthcare.
  • Expansion of EksoNR use for multiple sclerosis (MS) patients following recent FDA clearance.
  • Significant international momentum with strong bookings in EMEA and APAC, including a 6-unit order in Indonesia.
  • Relocated headquarters and manufacturing operations to San Rafael, California, causing temporary production constraints.

Financial Performance (Q3 2022 vs. Q3 2021)

  • Revenue: $3.3M, up 9% from $3.0M driven by higher EksoNR device sales.
  • Gross profit: $1.7M, compared to $1.8M prior year. Gross margin declined to 51% from 59%, primarily due to higher service and supply chain costs.
  • Operating expenses: $5.3M, up from $4.6M, reflecting HQ relocation costs and increased R&D investment.
  • Net operating loss: $3.7M, compared to $2.8M last year.
  • Warrant liability gain: $0.1M vs. $1.1M in the prior year.

Year-to-Date Performance (First 9 Months 2022 vs. Same Period 2021)

  • Revenue: $9.4M, up 31% from $7.2M.
  • Gross profit: $4.5M, slightly up from $4.3M, but gross margin declined to 48% from 60% due to channel mix and cost increases.

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Operator: Greetings and welcome to Ekso Bionics Third Quarter 2022 Financial Results Call. [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, sir. You may begin. Matt Steinberg: Thank you, operator and thank you all for participating in today’s call. Joining me from Ekso Bionics are Steven Sherman, Chairman and Chief Executive Officer; Scott Davis, President and Chief Operating Officer; and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the third quarter of 2022. 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 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 involve material risks and uncertainties that could cause actual r

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