Ekso Bionics reported its first quarter (Q1) financial results for the three months ended March 31.
The company recorded revenue of $3.4 million, compared to $3.8 million in Q1 2024. The change was primarily due to lower sales of legacy EksoNR devices, partially offset by higher Ekso Indego Personal device sales.
Gross profit was $1.8 million, representing a gross margin of approximately 53.5 percent, compared to $2 million for Q1 2024, representing a gross margin of 51.9 percent. The change in gross profit was driven by a decrease in revenues from Enterprise Health devices, partially offset by cost savings in supply chain and a reduction in service costs. The increase in gross margin was primarily due to cost savings in the supply chain and a reduction in service costs, partially offset by lower margin sales related to increased volume through distribution.
Sales and marketing expenses were $1.7 million, compared to $1.8 million for the same period in 2024. The decrease was primarily due to lower headcount and travel expenses.
Research and development expenses were $1 million, compared to $1.1 million for the same period in 2024. The change was primarily due to a decrease in the company’s use of product development consultants and lower discretionary payroll, partially offset by severance expense.
General and administrative expenses were $2.6 million, compared to $2.3 million for Q1 2024. The increase was primarily due to an impairment loss of an intangible asset, and higher legal and audit costs, partially offset by lower discretionary payroll.
Net loss applicable to common stockholders was $2.9 million, or $0.12 per basic and diluted share, compared to net loss of $3.4 million, or $0.20 per basic and diluted share, for the same period in 2024.
The company used $2 million of net cash in operations, compared to $3.5 million for the same period in 2024. As of March 31, the company had cash and restricted cash of $8.1 million.
