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
months ended June 30, 2021.
Recent Highlights and
Accomplishments
- Reported revenue of
$2.2 million in the second quarter of 2021
- Achieved gross
margin of approximately 58% in the second quarter of 2021
- Booked a total of
20 EksoNR units in the second quarter of 2021, including 11
subscription units worldwide
- Expanded
partnership with Kindred Healthcare into its Long-Term Acute Care
business division with a multi-unit order
- Strong cash
position of $45.9 million as of June 30, 2021
“We are pleased with the execution of our
commercial strategy in the second quarter, as we continued gaining
traction with top inpatient rehabilitation operators, resulting in
several multi-unit EksoNR orders,” said Jack Peurach, President and
Chief Executive Officer of Ekso Bionics. “As we head into the
second half of the year, we remain focused on building sales
momentum by facilitating faster EksoNR adoption through our new
subscription model. The industrial side of our business generated
solid order growth in the second quarter and our commercial team is
focused on expanding awareness of our innovative EVO and EksoZeroG
products across several new market verticals.”
Second Quarter 2021 Financial
Results
Revenue was $2.2 million for the quarter ended
June 30, 2021, compared to $2.3 million for the same period in
2020. Revenue in the second quarter of 2021 included approximately
$1.9 million in EksoHealth revenue and approximately $0.3 million
in EksoWorks sales. The decrease in revenue was primarily due to
the Company’s shift in its strategic focus on customer acquisition
through the subscription model. Subscription revenues are deferred
and recognized over the period of the contract, typically over 12
months.
Gross profit for the quarter ended June 30, 2021
was $1.3 million, an increase of 3% compared with the same period
in 2020. Gross margin was approximately 58% in the second quarter
of 2021, compared with gross margin of 56% for the same period in
2020. The overall increase in gross margin was primarily due to
increased EksoWorks margins, driven by the reduced cost of the EVO
vest compared to the prior generation, and the reduction of
collaborative arrangements, which generally have lower gross
margins, in overall revenue composition.
Sales and marketing expenses for the quarter
ended June 30, 2021 were $1.8 million, an increase of $0.1 million
compared to the same period in 2020. The increase was primarily due
to increased general marketing activities.
Research and development expenses for the
quarter ended June 30, 2021 were $0.7 million, an increase of
approximately $0.3 million compared to the same period in 2020,
primarily due to investments in new product development.
General and administrative expenses for the
quarter ended June 30, 2021 were $2.1 million, compared to $1.9
million for the same period in 2020, an increase of $0.2 million.
The increase was primarily due to increased employee headcount and
compensation expense, which was partially offset by a reduction in
outside legal expenses.
Gain on warrant liabilities for the quarter
ended June 30, 2021 was $0.9 million associated with the
revaluation of warrants issued in 2019, 2020 and 2021, compared
with a loss of $8.6 million due to the revaluation of warrants
issued in 2015, 2019 and 2020, for the same period in 2020.
Net loss applicable to common stockholders for
the quarter ended June 30, 2021 was $1.3 million, or $0.10 per
basic share and $0.11 per diluted share, compared to net loss of
$11.8 million, or $1.88 per basic and diluted share, for the same
period in 2020.
Six Months Ended June 30,
2021
Revenue for the six months ended June 30, 2021
was $4.1 million, which includes approximately $3.6 million in
EksoHealth revenue and $0.5 million in EksoWorks sales, compared to
$3.7 million for the same period in 2020. The increase in revenue
was primarily due to an increase in EksoHealth sales volume driven
by improving business conditions following the impact of the
COVID-19 pandemic.
Gross profit for the six months ended June 30,
2021 was approximately $2.5 million, representing a gross margin of
approximately 61%, compared to gross profit of $1.9 million for the
same period in 2020, representing a gross margin of 51%. The
increase in gross margin was primarily due to improved EksoWorks
margins driven by lower production costs of the EVO compared to the
previous-generation vest and the reduction of collaborative
arrangements in overall revenue composition.
Sales and marketing expenses for the six months
ended June 30, 2021 were $3.6 million, compared to $4.2 million for
the same period in 2020, a decrease of approximately $0.7 million.
The decrease was primarily due to lower employee expenses as a
result of the Company’s previously implemented cost reduction
initiatives.
Research and development expenses for the six
months ended June 30, 2021 were $1.3 million, compared to $1.2
million in the same period in 2020, an increase of $0.1 million,
primarily due to investments in new product development. The
increase was partially offset by a decrease in employee
compensation expenses as a result of the aforementioned cost
reduction initiatives.
General and administrative expenses for the six
months ended June 30, 2021 were $4.1 million, unchanged from the
same period in 2020.
Gain on warrant liabilities for the first six
months ended June 30, 2021 was $0.9 million due to the revaluation
of warrants issued in 2019, 2020 and 2021, compared to a $6.1
million loss associated with the revaluation of warrants issued in
2015, 2019 and 2020.
Net loss applicable to common shareholders for
the six months ended June 30, 2021 was $4.9 million, or $0.42 per
basic share and $0.44 per diluted share, compared to net loss of
$14.3 million, or $2.37 per basic and diluted share, for the same
period in 2020.
Cash on hand at June 30, 2021 was $45.9 million,
compared to $12.9 million at December 31, 2020. In February 2021,
the Company raised gross proceeds of $40 million in an underwritten
public offering priced at $10.25 per share.
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 will be 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.
A replay of the call will be available for two
weeks by dialing 877-660-6853 for domestic callers or 201-612-7415
for international callers, using Conference ID: 13720543. 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 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
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 commercial
strategy and future revenues or other financial results 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, changes resulting from the Company’s
finalization of its financial statements for and as of the three
months ended June 30, 2021, information or new changes in facts or
circumstances that may occur prior to the filing of the Company’s
Quarterly Report on Form 10-Q for the three months ended June 30,
2021 that are required to be included in such report, the Company's
inability to obtain adequate financing to fund 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 due to the outbreak of the COVID-19 virus, 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. The Company does not undertake to update these
forward-looking statements.
Contact: David
Carey212-867-1768investors@eksobionics.com
Ekso Bionics
Holdings, Inc. |
|
Condensed
Consolidated Balance Sheets |
|
(In
thousands, except par value) |
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Assets |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash |
$ |
45,938 |
|
$ |
12,862 |
|
|
|
Accounts
receivable, net |
|
2,756 |
|
|
3,224 |
|
|
|
Inventories,
net |
|
1,953 |
|
|
1,978 |
|
|
|
Prepaid
expenses and other current assets |
|
648 |
|
|
356 |
|
|
Total current assets |
|
51,295 |
|
|
18,420 |
|
|
Property and equipment, net |
|
1,059 |
|
|
1,172 |
|
|
Right-of-use assets |
|
456 |
|
|
685 |
|
|
Other assets |
|
163 |
|
|
320 |
|
|
Total assets |
$ |
52,973 |
|
$ |
20,597 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts
payable |
$ |
1,428 |
|
$ |
1,501 |
|
|
|
Accrued
liabilities |
|
1,317 |
|
|
1,429 |
|
|
|
Deferred
revenues, current |
|
1,422 |
|
|
1,496 |
|
|
|
Note
payable, current |
|
- |
|
|
- |
|
|
|
Lease
liabilities, current |
|
514 |
|
|
548 |
|
|
Total current liabilities |
|
4,681 |
|
|
4,974 |
|
|
Deferred revenues |
|
1,526 |
|
|
1,806 |
|
|
Notes payable, net |
|
1,991 |
|
|
3,075 |
|
|
Lease liabilities |
|
- |
|
|
233 |
|
|
Warrant liabilities |
|
4,626 |
|
|
6,037 |
|
|
Other non-current liabilities |
|
53 |
|
|
38 |
|
|
Total liabilities |
|
12,877 |
|
|
16,163 |
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common
stock |
|
13 |
|
|
8 |
|
|
|
Additional
paid-in capital |
|
244,636 |
|
|
204,376 |
|
|
|
Accumulated
other comprehensive loss |
|
(507 |
) |
|
(847 |
) |
|
|
Accumulated
deficit |
|
(204,046 |
) |
|
(199,103 |
) |
|
Total stockholders' equity |
|
40,096 |
|
|
4,434 |
|
|
Total liabilities and stockholders' equity |
$ |
52,973 |
|
$ |
20,597 |
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,211 |
|
$ |
2,264 |
|
$ |
4,121 |
|
$ |
3,731 |
|
|
Cost of
revenue |
|
919 |
|
|
1,005 |
|
|
1,594 |
|
|
1,835 |
|
|
Gross
profit |
|
1,292 |
|
|
1,259 |
|
|
2,527 |
|
|
1,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
1,787 |
|
|
1,712 |
|
|
3,580 |
|
|
4,232 |
|
|
Research and development |
|
709 |
|
|
452 |
|
|
1,312 |
|
|
1,163 |
|
|
General and administrative |
|
2,144 |
|
|
1,943 |
|
|
4,122 |
|
|
4,130 |
|
|
Restructuring |
|
- |
|
|
244 |
|
|
- |
|
|
244 |
|
|
Total
operating expenses |
|
4,640 |
|
|
4,351 |
|
|
9,014 |
|
|
9,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(3,348 |
) |
|
(3,092 |
) |
|
(6,487 |
) |
|
(7,873 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net: |
|
|
|
|
|
|
|
|
Interest expense |
|
(27 |
) |
|
(38 |
) |
|
(53 |
) |
|
(90 |
) |
|
Gain (loss) on revaluation of warrant liabilities |
|
875 |
|
|
(8,574 |
) |
|
886 |
|
|
(6,055 |
) |
|
Warrant issuance expense |
|
- |
|
|
(329 |
) |
|
- |
|
|
(329 |
) |
|
Gain on forgiveness of PPP loan |
|
1,099 |
|
|
- |
|
|
1,099 |
|
|
- |
|
|
Other income (expense), net |
|
128 |
|
|
266 |
|
|
(388 |
) |
|
46 |
|
|
Total other
income (expense), net |
|
2,075 |
|
|
(8,675 |
) |
|
1,544 |
|
|
(6,428 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(1,273 |
) |
$ |
(11,767 |
) |
$ |
(4,943 |
) |
$ |
(14,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic |
$ |
(0.10 |
) |
$ |
(1.88 |
) |
$ |
(0.42 |
) |
$ |
(2.37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, diluted |
$ |
(0.11 |
) |
$ |
(1.88 |
) |
$ |
(0.44 |
) |
$ |
(2.37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
stock outstanding, basic |
|
12,655 |
|
|
6,261 |
|
|
11,709 |
|
|
6,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of common |
|
|
|
|
|
|
|
|
stock outstanding, diluted |
|
12,737 |
|
|
6,261 |
|
|
11,839 |
|
|
6,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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