0001549084false00015490842023-07-272023-07-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

July 27, 2023
Date of Report (date of earliest event reported)

Ekso Bionics Holdings, Inc.
(Exact name of registrant as specified in its charter)
Nevada
001-3785499-0367049
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
101 Glacier Point, Suite A
San Rafael
California
94901
(Address of Principal Executive Offices)
(Zip Code)
(510) 984-1761
Registrant's telephone number, including area code

Not Applicable
________________________
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareEKSO
Nasdaq Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.02 Results of Operations and Financial Condition

On July 27, 2023 Ekso Bionics Holdings, Inc. (the “Company”) reported its financial results for the three and six months ended June 30, 2023. The full text of the press release announcing such results is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in Item 2.02 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, and such information shall not be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits

(d)    Exhibits
 





SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

EKSO BIONICS HOLDINGS, INC.
By:    /s/ Jerome Wong        
Name:    Jerome Wong
Title:    Chief Financial Officer

Dated: July 27, 2023

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Ekso Bionics Report Record Revenues of $4.7 Million in Second Quarter 2023
Record number of EksoHealth devices booked in second quarter 2023
SAN RAFAEL, Calif., July 27, 2023 -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso Bionics”), an industry leader in exoskeleton technology for medical and industrial use, today reported financial results for the three and six months ended June 30, 2023.

Recent Highlights and Accomplishments

•Achieved record revenues of $4.7 million in the second quarter of 2023, an increase of 36% year-over-year
•Booked a total of 44 EksoHealth devices in the second quarter of 2023
•Gross profit of $2.3 million in the second quarter of 2023, compared to $1.6 million in the same period of last year
•Cash position of $13.3 million at June 30, 2023
“Our strong second quarter results reflect solid commercial execution and continued growth in bookings from our clinical and personal use device customers,” said Scott Davis, Chief Executive Officer of Ekso Bionics. “Highlighted by a record number of EksoHealth device bookings resulting in robust revenue growth of 36% year-over-year, more patients than ever are benefitting from our innovative portfolio of exoskeleton devices across the continuum of care. Looking ahead, we remain focused on securing more multi-unit orders with large network operators to drive sustainable, long-term growth.”

Second Quarter 2023 Financial Results

Revenue was $4.7 million for the quarter ended June 30, 2023, an increase of 36%, compared to $3.5 million for the same period in 2022. The Company booked a total of 44 EksoHealth devices in the second quarter of 2023.

Gross profit for the quarter ended June 30, 2023 was $2.3 million, an increase of 37% from the same period in 2022, representing a gross margin of approximately 48% in the second quarter of 2023, compared to a gross margin of 47% for the same period in 2022. The increase in gross margin was primarily due to lower device costs.

Sales and marketing expenses for the quarter ended June 30, 2023 were $2.3 million, compared to $1.8 million for the same period of 2022. The increase was primarily due to higher compensation costs associated with the acquisition of the Human Motion Control (“HMC”) business unit, severance expense and an increase in marketing activities.

Research and development expenses for the quarter ended June 30, 2023 were $1.4 million, compared to $0.9 million for the same period of 2022. The increase was primarily due to higher costs associated with the acquisition of HMC.

General and administrative expenses for the quarter ended June 30, 2023 were $2.8 million, compared to $2.2 million for the same period in 2022. The increase was primarily due to HMC-related audit and integration costs.

Net loss applicable to common stockholders for the quarter ended June 30, 2023 was $4.2 million, or $0.31 per basic and diluted share, compared to net loss of $3.0 million, or $0.23 per basic and diluted share, for the same period in 2022.

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Six Months Ended June 30, 2023

Revenue was $8.8 million for the six months ended June 30, 2023, an increase of 46%, compared to $6.0 million for the same period in 2022. The Company booked a total of 67 EksoHealth devices in the first half of 2023.

Gross profit for the six months ended June 30, 2023 was $4.3 million, representing a gross margin of approximately 48%, compared to gross profit of $2.9 million for the same period in 2022, representing a gross margin of 47%. The overall increase in gross margin was primarily due to lower device costs.

Sales and marketing expenses for the six months ended June 30, 2023 were $4.4 million, compared to $3.5 million the same period in 2022. The increase was primarily due to higher compensation costs associated with the acquisition of HMC, an increase in marketing activities, and severance expense.

Research and development expenses for the six months ended June 30, 2023 were $2.6 million, compared to $1.8 million for the same period in 2022. The increase was primarily due to higher costs associated with the acquisition of HMC.

General and administrative expenses for the six months ended June 30, 2023 were $6.0 million, compared to $5.1 million for the same period in 2022. The increase was primarily due to HMC-related audit and integration costs.

Net loss applicable to common stockholders for the six months ended June 30, 2023 was $8.6 million, or $0.64 per basic and diluted share, compared to net loss of $7.6 million, or $0.59 per basic and diluted share, for the same period in 2022.

Cash on hand on June 30, 2023 was $13.3 million, compared to $20.5 million at December 31, 2022.

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.

A live webcast of the event is available in the “Investors” section of the Company’s website at www.eksobionics.com, or by clicking here. 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. 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. Ekso Bionics 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
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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, including the Company’s focus on securing more multi-unit orders with large network operators and its ability to obtain sustainable, long-term growth, the expected benefits of the acquisition of HMC, potential technological and operational improvements 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, including the Company’s most recently filed Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. 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 Carey
212-867-1768
investors@eksobionics.com




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Ekso Bionics Holdings, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 30December 31,
20232022
Assets(Unaudited)
Current assets:
Cash and restricted cash$13,307 $20,525 
Accounts receivable, net 5,052 4,625 
Inventories5,602 5,187 
Prepaid expenses and other current assets759 700 
Total current assets24,720 31,037 
Property and equipment, net2,304 2,680 
Right-of-use assets1,146 1,307 
Intangible assets, net5,053 5,217 
Goodwill431 431 
Other assets332 231 
Total assets$33,986 $40,903 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$3,155 $3,151 
Accrued liabilities2,393 2,278 
Deferred revenues, current1,286 1,121 
Note payable, current2,937 2,310 
Lease liabilities, current358 341 
Total current liabilities10,129 9,201 
Deferred revenue1,632 1,032 
Notes payable, net3,301 3,767 
Lease liabilities907 1,087 
Warrant liabilities107 233 
Other non-current liabilities103 141 
Total liabilities16,179 15,461 
Stockholders' equity:
Common stock14 13 
Additional paid-in capital250,000 248,813 
Accumulated other comprehensive income359 563 
Accumulated deficit(232,566)(223,947)
Total stockholders' equity17,807 25,442 
Total liabilities and stockholders' equity$33,986 $40,903 
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Ekso Bionics Holdings, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30, 		Six Months Ended June 30,
2023202220232022
Revenue$4,703 $3,465 $8,825 $6,032 
Cost of revenue2,449 1,824 4,571 3,182 
Gross profit2,254 1,641 4,254 2,850 
Operating expenses:
Sales and marketing2,349 1,841 4,437 3,470 
Research and development1,398 873 2,552 1,793 
General and administrative2,791 2,156 5,997 5,053 
Total operating expenses6,538 4,870 12,986 10,316 
Loss from operations(4,284)(3,229)(8,732)(7,466)
Other (expense) income, net:
Interest expense, net(61)(29)(172)(56)
Gain on revaluation of warrant liabilities152 999 126 899 
Unrealized gain (loss) on foreign exchange(7)(718)210 (972)
Other expense, net(30)(1)(51)(3)
Total other income (expense), net54 251 113 (132)
Net loss$(4,230)$(2,978)$(8,619)$$(7,598)
Net loss per share, basic and diluted$(0.31)$(0.23)$(0.64)$$(0.59)
Weighted average number of shares of common stock outstanding, basic and diluted13,637 12,884 13,467 12,807 
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v3.23.2
Document and Entity Information Document
Jul. 27, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 27, 2023
Entity Registrant Name Ekso Bionics Holdings, Inc.
Entity Central Index Key 0001549084
Amendment Flag false
Entity Incorporation, State or Country Code NV
Entity File Number 001-37854
Entity Tax Identification Number 99-0367049
Entity Address, Address Line One 101 Glacier Point, Suite A
Entity Address, City or Town San Rafael
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94901
City Area Code 510
Local Phone Number 984-1761
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol EKSO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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