Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
industry leader in exoskeleton technology for medical and
industrial use, today reported financial results for the three and
twelve months ended December 31, 2022.
Recent Highlights and
Accomplishments
- Completed the acquisition of the Human Motion Control (“HMC”)
business unit including the Indego® product line from Parker
Hannifin Corporation
- Generated revenue of $12.9 million for the 2022 full year, an
increase of 15% year-over-year
- Booked a total of 100 EksoHealth devices for the 2022 full
year, including Indego bookings post-acquisition
- Strong cash position of $20.5 million as of December 31,
2022
“With the successful acquisition of the Indego
product line, FDA clearance of EksoNR for rehabilitation use in
patients with Multiple Sclerosis and continued progress towards
becoming standard of care for patient rehabilitation, 2022 was a
transformative year for Ekso Bionics,” said Scott Davis, Chief
Executive Officer of Ekso Bionics. “We are pleased that the
integration of the HMC acquisition is progressing smoothly,
enabling us to now reach more patients across the continuum of
care, including the home. Supported by our expanded product
portfolio and continued strong EksoNR demand, we believe we are
well-positioned to execute on our core growth drivers in 2023 and
beyond.”
Fourth Quarter 2022 Financial
Results
Revenue was $3.6 million for the quarter ended
December 31, 2022, compared to $4.1 million for the same period in
2021. Revenue in the fourth quarter of 2022 included approximately
$3.5 million in EksoHealth revenue and approximately $0.1 million
in EksoWorks revenue. The Company booked a total of 27 EksoHealth
devices in the fourth quarter of 2022.
Gross profit for the quarter ended December 31,
2022 was $1.7 million, compared to $2.4 million in the same period
in 2021, representing a gross margin of approximately 47% in the
fourth quarter of 2022, compared to a gross margin for the same
period in 2021 of 59%. The decline in gross margin was primarily
due to an increase in service and supply chain costs, elevated
labor costs, and lower average selling prices of device sales due
to sales channel mix.
Sales and marketing expenses for the quarter
ended December 31, 2022 were $1.9 million, compared to $2.0 million
for the same period in 2021. The decrease was primarily due to
lower compensation related costs.
Research and development expenses for the
quarter ended December 31, 2022 were $0.9 million, compared to $0.8
million for the same period in 2021. The increase was primarily due
to product development activity for next generation products, which
drove an increase in compensation and outside services
expenses.
General and administrative expenses for the
quarter ended December 31, 2022 were $3.2 million, compared to $4.2
million for the same period in 2021, a decrease of $1.0 million.
The decrease was primarily due to lower legal and consulting
expenses.
Gain on warrant liabilities for the quarter
ended December 31, 2022 was $0.3 million due to the revaluation of
warrants issued in 2019, 2020 and 2021, compared to a $2.0 million
gain associated with the revaluation of warrants issued in 2019,
2020 and 2021 for the same period in 2021.
Net loss applicable to common stockholders for
the quarter ended December 31, 2022 was $3.2 million, or $0.24 per
basic and diluted share, compared to net loss of $2.9 million, or
$0.23 per basic and diluted share, for the same period in 2021.
Full Year 2022 Financial
Results
Revenue for the full year ended December 31,
2022 was $12.9 million, compared to $11.2 million for the same
period in 2021, an increase of 15%. This increase was comprised of
a $2.1 million increase in EksoHealth revenue, partially offset by
a $0.4 million decrease in EksoWorks revenue.
Gross profit for the full year ended December
31, 2022 was approximately $6.2 million, representing a gross
margin of approximately 48%, compared to gross profit of $6.7
million for the same period in 2021, representing a gross margin of
60%. The decline in gross profit was a result of lower gross
margins driven by increases in service and supply chain costs,
elevated labor costs, and lower average selling prices of device
sales due to sales channel mix.
Sales and marketing expenses for the full year
ended December 31, 2022 were $7.2 million, compared to $7.3 million
for the same period in 2021, a decrease of $0.1 million primarily
due to improved efficiencies.
Research and development expenses for the full
year ended December 31, 2022 were $3.6 million, compared to $2.5
million in the same period in 2021. The increase in expenses was
primarily due to the development of next generation products.
General and administrative expenses for the full
year ended December 31, 2022 were $11.0 million, compared to $10.7
million in the same period in 2021. The increase in expenses was
primarily due to one-time severance expenses associated with
management changes and costs associated with the move of the
Company’s headquarters and manufacturing facility. These increases
were partially offset by a decrease in legal and consulting
expenses.
Gain on warrant liabilities for the full year
ended December 31, 2022 was $1.3 million associated with the
revaluation of warrants issued in 2019, 2020 and 2021, compared to
a gain of $4.0 million associated with the revaluation of warrants
issued in 2019, 2020 and 2021 for the same period in 2021. Gains
and losses on revaluation of warrants were primarily driven by
changes in the Company’s stock price.
Net loss applicable to common shareholders for
the full year ended December 31, 2022 was $15.1 million, or $1.16
per basic and diluted share, compared to $9.8 million, or $0.80 per
basic share and $0.88 per diluted share, for the same period in
2021.
Cash on hand at December 31, 2022 was $20.5
million, compared to $40.4 million at December 31, 2021. For the
full year ended December 31, 2022, the Company used $14.7 million
of cash in operations, compared to $11.2 million for the same
period in 2021.
Conference Call
Management will host a conference call today
beginning at 1:30 p.m. PT / 4:30 p.m. ET to discuss the Company’s
financial results and recent business developments.
Investors interested in listening to the
conference call may do so by dialing 877-407-3036 for domestic
callers or 201-378-4919 for international callers. A live webcast
of the event will be available in the “Investors” section of the
Company’s website at www.eksobionics.com, or by clicking here. The
webcast will also be available on the Company’s website for one
month following the completion of the call.
About Ekso
Bionics®
Ekso Bionics® is a leading developer of
exoskeleton solutions that amplify human potential by supporting or
enhancing strength, endurance and mobility across medical and
industrial applications. Founded in 2005, the Company continues to
build upon its industry-leading expertise to design some of the
most cutting-edge, innovative wearable robots available on the
market. Ekso Bionics is the only known exoskeleton company to offer
technologies that range from helping those with paralysis to stand
up and walk, to enhancing human capabilities on job sites across
the globe. The Company is headquartered in the San Francisco Bay
Area and is listed on the Nasdaq Capital Market under the symbol
“EKSO.” For more information, visit: www.eksobionics.com or follow
@EksoBionics on Twitter.
Forward-Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements. Forward-looking statements may include,
without limitation, statements regarding the plans, objectives and
expectations of management with respect to the Company’s industry,
growth and strategy, the expected benefits of the acquisition of
HMC, potential technological and operational improvements, the
Company’s growth prospects and the assumptions underlying or
relating to the foregoing. Such forward-looking statements are not
meant to predict or guarantee actual results, performance, events
or circumstances and may not be realized because they are based
upon the Company's current projections, plans, objectives, beliefs,
expectations, estimates and assumptions and are subject to a number
of risks and uncertainties and other influences, many of which the
Company has no control over. Actual results and the timing of
certain events and circumstances may differ materially from those
described by the forward-looking statements as a result of these
risks and uncertainties. Factors that may influence or contribute
to the inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, the Company's inability to obtain
adequate financing to fund and grow the Company's operations and
necessary to develop or enhance the Company’s technology, the
significant length of time and resources associated with the
development of the Company's products, the Company's failure to
achieve broad market acceptance of the Company's products, the
failure of the Company’s sales and marketing efforts or of partners
to market the Company’s products effectively, adverse results in
future clinical studies of the Company's medical device products,
the failure of the Company to obtain or maintain patent protection
for the Company's technology, the failure of the Company to obtain
or maintain regulatory approval to market the Company's medical
devices, lack of product diversification, existing or increased
competition, disruptions in the Company’s supply chain, the
Company’s ability to successfully integrate the HMC business and
its personnel, and the Company's failure to implement the Company's
business plans or strategies. These and other factors are
identified and described in more detail in the Company's filings
with the SEC. To learn more about Ekso Bionics please visit the
Company’s website at www.eksobionics.com or refer to the Company’s
Twitter page at @EksoBionics. Any forward-looking statements made
in this press release speak only as of the date of this press
release. The Company does not undertake to update these
forward-looking statements, except as required by law.
Contact: David
Carey212-867-1768investors@eksobionics.com
Ekso Bionics Holdings, Inc. |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2021 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
|
Cash |
$ |
20,525 |
|
$ |
40,406 |
|
|
Accounts receivable, net |
|
4,625 |
|
|
4,662 |
|
|
Inventories |
|
5,187 |
|
|
2,242 |
|
|
Prepaid expenses and other current assets |
|
700 |
|
|
485 |
|
Total current assets |
|
31,037 |
|
|
47,795 |
|
Property and equipment, net |
|
2,680 |
|
|
991 |
|
Right-of-use assets |
|
1,307 |
|
|
216 |
|
Intangible assets, net |
|
5,217 |
|
|
- |
|
Goodwill |
|
431 |
|
|
- |
|
Other assets |
|
231 |
|
|
164 |
|
Total assets |
$ |
40,903 |
|
$ |
49,166 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
3,151 |
|
$ |
3,107 |
|
|
Accrued liabilities |
|
2,278 |
|
|
2,299 |
|
|
Deferred revenues, current |
|
1,121 |
|
|
1,220 |
|
|
Notes payable, current |
|
2,310 |
|
|
- |
|
|
Lease liabilities, current |
|
341 |
|
|
229 |
|
Total current liabilities |
|
9,201 |
|
|
6,855 |
|
Deferred revenues |
|
1,032 |
|
|
1,475 |
|
Notes payable, net |
|
3,767 |
|
|
1,993 |
|
Lease liabilities |
|
1,087 |
|
|
- |
|
Warrant liabilities |
|
233 |
|
|
1,550 |
|
Other non-current liabilities |
|
141 |
|
|
74 |
|
Total liabilities |
|
15,461 |
|
|
11,947 |
|
Stockholders' equity: |
|
|
|
|
|
Common stock |
|
13 |
|
|
13 |
|
|
Additional paid-in capital |
|
248,813 |
|
|
246,090 |
|
|
Accumulated other comprehensive gain (loss) |
|
563 |
|
|
(17 |
) |
|
Accumulated deficit |
|
(223,947 |
) |
|
(208,867 |
) |
Total stockholders' equity |
|
25,442 |
|
|
37,219 |
|
Total liabilities and stockholders' equity |
$ |
40,903 |
|
$ |
49,166 |
|
|
|
|
|
|
|
Ekso Bionics Holdings, Inc. |
Condensed Consolidated Statements of
Operations |
(In thousands, except per share amounts) |
|
|
|
Three Months EndedDecember 31,(Unaudited) |
|
Years EndedDecember 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,551 |
|
$ |
4,076 |
|
$ |
12,912 |
|
$ |
11,246 |
|
Cost of revenue |
|
1,873 |
|
|
1,661 |
|
|
6,698 |
|
|
4,497 |
|
Gross profit |
|
1,678 |
|
|
2,415 |
|
|
6,214 |
|
|
6,749 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
1,945 |
|
|
2,040 |
|
|
7,157 |
|
|
7,305 |
|
Research and development |
|
945 |
|
|
764 |
|
|
3,626 |
|
|
2,549 |
|
General and administrative |
|
3,224 |
|
|
4,163 |
|
|
10,987 |
|
|
10,723 |
|
Total operating expenses |
|
6,114 |
|
|
6,967 |
|
|
21,770 |
|
|
20,577 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(4,436 |
) |
|
(4,552 |
) |
|
(15,556 |
) |
|
(13,828 |
) |
|
|
|
|
|
|
|
|
|
Other (expense) income,
net: |
|
|
|
|
|
|
|
|
Interest expense |
|
(66 |
) |
|
(36 |
) |
|
(156 |
) |
|
(113 |
) |
Gain on revaluation of warrant liabilities |
|
306 |
|
|
1,951 |
|
|
1,317 |
|
|
3,962 |
|
Gain on forgiveness of note payable |
|
- |
|
|
- |
|
|
- |
|
|
1,099 |
|
Unrealized gain (loss) on foreign exchange |
|
1,049 |
|
|
(224 |
) |
|
(655 |
) |
|
(867 |
) |
Other expense, net |
|
(31 |
) |
|
(2 |
) |
|
(30 |
) |
|
(17 |
) |
Total other income, net |
|
1,258 |
|
|
1,689 |
|
|
476 |
|
|
4,064 |
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(3,178 |
) |
$ |
(2,863 |
) |
$ |
(15,080 |
) |
$ |
(9,764 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic |
$ |
(0.24 |
) |
$ |
(0.23 |
) |
$ |
(1.16 |
) |
$ |
(0.80 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share,
diluted |
$ |
(0.24 |
) |
$ |
(0.23 |
) |
$ |
(1.16 |
) |
$ |
(0.88 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares of common |
|
|
|
|
|
|
|
|
stock outstanding, basic |
|
13,160 |
|
|
12,678 |
|
|
12,962 |
|
|
12,193 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares of common |
|
|
|
|
|
|
|
|
stock outstanding, diluted |
|
13,160 |
|
|
12,678 |
|
|
12,962 |
|
|
12,269 |
|
|
|
|
|
|
|
|
|
|
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