Ekso Bionics Holdings, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q3 2024 revenue was 4.1 million dollars, down from 4.6 million dollars in Q3 2023.
  • 33 EksoHealth devices were sold, with a majority of placements outside the US, particularly in Europe and APAC.
  • Ekso Indego Personal achieved its first CMS reimbursement approval in August, marking a major milestone for patient access.
  • Company experienced delayed purchasing cycles among US Integrated Delivery Network customers, pushing deals into Q4 2024 or early 2025.
  • International demand remained strong, with Europe delivering record quarterly performance.
  • EksoNR now deployed in 9 of the top 10 US rehabilitation centers, reinforcing its status as a standard of care.

Financial Performance Highlights

  • Gross profit for Q3 2024 was 2.2 million dollars with a 53.5 percent margin, slightly up from 53.3 percent in Q3 2023.
  • Operating expenses decreased to 4.8 million dollars from 5.4 million dollars in Q3 2023 due to lower payroll and consulting costs.
  • Net loss narrowed significantly to 2.1 million dollars compared to a net loss of 3.4 million dollars in Q3 2023.
  • Year to date revenue was 12.8 million dollars versus 13.4 million dollars in the same 2023 period.
  • Year to date gross margin improved to 53 percent from 50 percent.

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Operator: Greetings, and welcome to the Ekso Bionics Quarter Three 2024 Financial Results Call. At this time, all participants are in the listen-only mode. A 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 Matt Steinberg, 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; and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended September 30th, 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 include 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 involv

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