Ekso Bionics Reports 2Q, YTD Financial Results
Ekso Bionics Holdings, Richmond, California, reported second quarter (2Q) financial results for the three months ending June 30 and year-to-date (YTD).
Financial highlights include:
- Revenue was $1.9 million, which includes about $1.5 million in medical device revenue, and $0.4 million in industrial sales. Revenue was $1.6 million for 2Q 2016, which included about $1.2 million in medical revenue, and $0.3 in industrial sales.
- Gross profit for 2Q was $0.4 million, comprised of $0.3 million from medical device sales and $0.1 million from industrial sales, compared to gross profit of $0.2 million for 2Q 2016.
- Research and development expenses totaled $2.6 million in 2Q compared to $2.2 million in 2Q 2016, an increase of $0.4 million.
- Sales and marketing expenses were $3.3 million in 2Q compared to $2.9 million a year ago, an increase of $0.4 million.
- YTD revenue was $3.3 million, which includes about $2.4 million in medical device revenue, and $0.9 million in industrial sales, compared to $10.0 million for the same period in the prior year.
Cash on hand on June 30, 2016, was $10.7 million, compared to $16.9 million at December 31, 2016. For the six months ending June 30, the company used $16.9 million of cash in operations, compared to $14.1 million for the six months ending June 30, 2016. The company said that the increase in cash used was driven by general increases in selling, marketing, and research and development, as the company continued to build its team and capabilities and commercialized its medical and industrial device businesses until the company implemented its program to lower operating costs.