Ekso Bionics Holdings reported its financial results for the three months ended March 31, 2024.
Highlights of the first quarter (1Q) included:
- Received final payment determination for Medicare reimbursement from the Centers for Medicare & Medicaid Services (CMS) for Ekso Indego Personal.
- Reported revenues of $3.8 million.
- Achieved gross margin of 52 percent.
- Sold 29 EksoHealth units
“We started 2024 by making meaningful progress on our long-term business objectives highlighted by CMS’ final payment determination of our Ekso Indego Personal for Medicare reimbursement,” said CEO Scott Davis. “The pricing decision from CMS marked a pivotal step in our commercial strategy as we build demand within the clinical, home, and community use settings. Looking ahead, we remain focused on further developing the market for Indego Personal, while strengthening relationships with new and existing network operators for our Enterprise devices to maximize our growth potential.”
The company reported the following results:
- Revenue of $3.8 million compared to $4.1 million for the same period in 2023.
- A gross profit margin of approximately 52 percent compared to a gross margin of 49 percent for 1Q 2023. The overall increase in gross margin was primarily due to lower EksoHealth device and service costs.
- Sales and marketing expenses were $1.8 million, compared to $2.1 million for 1Q 2023. The decrease was primarily due to lower headcount.
- General and administrative expenses for the quarter were $2.3 million, compared to $3.2 million for 1Q 2023. The decrease was primarily due to a decrease in legal activity, lower headcount, and the absence of costs associated with the acquisition and integration of Human Motion Control in the comparable quarter.
- Net loss applicable to common stockholders was $3.4 million, or $0.20 per basic and diluted share, compared to net loss of $4.4 million, or $0.33 per basic and diluted share, for 1Q 2023.
- Cash and restricted cash was $8.8 million, compared to $8.6 million on December 31, 2023.
The company hosted a conference call on April 30 to discuss the financial results and recent business developments. A live webcast of the event will be available in the Investors section of the Ekso Bionics website and will be available for one month following the completion of the call.
