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 March 31, 2021.
Recent Highlights and Accomplishments
“Our commercial strategy is gaining traction in our target markets as we are seeing a positive customer response for our subscription model and continued momentum with our network strategy,” said Jack Peurach, President and Chief Executive Officer of Ekso Bionics. “By reducing the sales cycle and customer capital barriers, our subscription model is helping our team facilitate an increased number of multi-unit orders with top network operators globally, and we are seeing this success translate to our industrial segment. Supported by our solid financial position, we remain focused on expanding customer awareness and engagement of our innovative solutions while maximizing our selling opportunities in both the medical and industrial segments.”
First Quarter 2021 Financial Results
Revenue was $1.9 million for the quarter ended March 31, 2021, compared to $1.5 million for the same period in 2020. Revenue in the first quarter of 2021 included approximately $1.7 million in EksoHealth revenue and approximately $0.2 million in EksoWorks sales.
Gross profit for the quarter ended March 31, 2021 was $1.2 million, compared to $0.6 million in the same period in 2020, representing a record gross margin of approximately 65% in the first quarter of 2021, compared to a gross margin for the same period in 2020 of 43%. The overall increase in gross margin is primarily due to higher average selling prices on the Company’s EksoNR devices, an increased proportion of EksoHealth sales, lower production costs of EVO compared to the previous generation vest, and higher service margins.
Sales and marketing expenses for the quarter ended March 31, 2021 were $1.8 million, a decrease of $0.7 million, or approximately 29%, compared to the same period in 2020. The decrease was primarily due to lower employee compensation, selling, general marketing and trade show expenses.
Research and development expenses for the quarter ended March 31, 2021 were $0.6 million, compared to $0.7 million for the same period in 2020, a decrease of $0.1 million. The decrease was primarily due to lower employee compensation and product development activity expenses.
General and administrative expenses for the quarter ended March 31, 2021 were $2.0 million, compared to $2.2 million for the same period in 2020, a decrease of $0.2 million, or approximately 10%. The decrease was primarily due to lower employee compensation and outside legal expenses.
Gain on warrant liabilities for the quarter ended March 31, 2021 associated with the revaluation of warrants issued in 2019, 2020 and 2021 was de minimis, compared to a $2.5 million gain associated with 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 March 31, 2021 was $3.7 million, or $0.34 per basic and diluted share, compared to net loss of $2.5 million, or $0.44 per basic and diluted share, for the same period in 2020.
Cash on hand at March 31, 2021 was $49.5 million, compared to $12.9 million at December 31, 2020. For the quarter ended March 31, 2021, the Company used $2.0 million of cash in operations, compared to $1.7 million for the same period in 2020.
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: 13718303. 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. The Company 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 (i) 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 March 31, 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 March 31, 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 Carey
212-867-1768
This email address is being protected from spambots. You need JavaScript enabled to view it.
| Ekso Bionics Holdings, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (In thousands, except par value) | ||||||
| March 31, | December 31, | |||||
| 2021 | 2020 | |||||
| Assets | (unaudited) | |||||
| Current assets: | ||||||
| Cash | $ | 49,539 | $ | 12,862 | ||
| Accounts receivable, net | 2,276 | 3,224 | ||||
| Inventories, net | 2,154 | 1,978 | ||||
| Prepaid expenses and other current assets | 636 | 356 | ||||
| Total current assets | 54,605 | 18,420 | ||||
| Property and equipment, net | 1,096 | 1,172 | ||||
| Right-of-use assets | 568 | 685 | ||||
| Other assets | 235 | 320 | ||||
| Total assets | $ | 56,504 | $ | 20,597 | ||
| Liabilities and Stockholders' Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | 1,652 | 1,501 | ||||
| Accrued liabilities | 1,475 | 1,429 | ||||
| Deferred revenues, current | 1,493 | 1,496 | ||||
| Note payable, current | 814 | 0 | ||||
| Lease liabilities, current | 547 | 548 | ||||
| Total current liabilities | 5,981 | 4,974 | ||||
| Deferred revenues | 1,644 | 1,806 | ||||
| Notes payable, net | 2,262 | 3,075 | ||||
| Lease liabilities | 99 | 233 | ||||
| Warrant liabilities | 5,501 | 6,037 | ||||
| Other non-current liabilities | 42 | 38 | ||||
| Total liabilities | 15,529 | 16,163 | ||||
| Stockholders' equity: | ||||||
| Common stock | 13 | 8 | ||||
| Additional paid-in capital | 244,117 | 204,376 | ||||
| Accumulated other comprehensive loss | (382 | ) | (847 | ) | ||
| Accumulated deficit | (202,773 | ) | (199,103 | ) | ||
| Total stockholders' equity | 40,975 | 4,434 | ||||
| Total liabilities and stockholders' equity | $ | 56,504 | $ | 20,597 | ||
| Ekso Bionics Holdings, Inc. | ||||||
| Condensed Consolidated Statements of Operations | ||||||
| (In thousands, except per share amounts) | ||||||
| (Unaudited) | ||||||
| Three Months Ended March 31, | ||||||
| 2021 | 2020 | |||||
| Revenue | 1,910 | 1,468 | ||||
| Cost of revenue | 675 | 831 | ||||
| Gross profit | 1,235 | 637 | ||||
| Operating expenses: | ||||||
| Sales and marketing | 1,793 | 2,520 | ||||
| Research and development | 603 | 711 | ||||
| General and administrative | 1,978 | 2,187 | ||||
| Total operating expenses | 4,374 | 5,418 | ||||
| Loss from operations | (3,139 | ) | (4,781 | ) | ||
| Other (expense) income, net: | ||||||
| Interest expense | (26 | ) | (52 | ) | ||
| Gain on revaluation of warrant liabilities | 11 | 2,519 | ||||
| Other expense, net | (516 | ) | (220 | ) | ||
| Total other (expense) income, net | (531 | ) | 2,247 | |||
| Net loss | $ | (3,670 | ) | $ | (2,534 | ) |
| Basic and diluted net loss per share | $ | (0.34 | ) | $ | (0.44 | ) |
| Weighted average number of shares of common stock outstanding, basic and diluted | 10,752 | 5,803 | ||||
| Last Trade: | US$1.31 |
| Daily Change: | 0.02 1.55 |
| Daily Volume: | 29,624 |
| Market Cap: | US$23.450M |
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