Ekso Bionics Holdings, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance (Q4 2022)

  • Revenue was 3.6 million dollars, down from 4.1 million dollars in Q4 2021 due to sales mix and pricing effects.
  • Gross profit was 1.7 million dollars with a 47 percent gross margin, lower than the 59 percent margin in Q4 2021. Cost pressures stemmed from service, supply chain and labor costs, and lower average selling prices.
  • Operating expenses were 6.1 million dollars, showing a 14 percent reduction from 7 million dollars in Q4 2021, primarily due to lower legal and consulting expenses.
  • Net operating loss improved slightly to 4.4 million dollars versus 4.6 million dollars a year earlier.
  • Gain on warrant liabilities was 0.3 million dollars, down from 2 million dollars in Q4 2021 due to changes in revaluation.
  • 27 EksoHealth devices booked in the quarter, including two Indego devices booked after closing the acquisition of Parker Hannifin’s HMC unit.

Full Year 2022 Performance

  • Revenue grew to 12.9 million dollars, a 15 percent increase from 11.2 million dollars in 2021, driven by higher EksoNR device sales.
  • Gross profit was 6.2 million dollars with a 48 percent margin, compared to 6.7 million dollars and a 60 percent margin in 2021. Margin declines resulted from similar cost pressures seen in Q4.

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Operator: Greetings, and welcome to the Ekso Bionics Fourth Quarter 2022 Financial Results Conference 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] And 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; Jerome Wong, Chief Financial Officer; and Jason Jones, Chief Operating Officer. Earlier today, Ekso Bionics released financial results for the quarter and year ended December 31, 2022. A copy of the press release is available on the company's website. Before we begin, I'd 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 fact 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

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