Ekso Bionics Reports Fourth Quarter and Full-Year 2024 Financial Results
SAN RAFAEL, Calif., March 03, 2025 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) ("Ekso Bionics" or the "Company"), an industry leader in exoskeleton technology for medical and industrial use, today reported financial results for the three and twelve months ended December 31, 2024.
Recent Highlights and Accomplishments
- Record Q4-2024 revenue of $5.1 million
- Q4-2024 gross margin increased 400 basis points year-over-year to 53%
- Subsequent to year-end, Company named National Seating & Mobility as its exclusive Ekso Indego® Personal device distributor within the U.S. complex rehabilitation technology (CRT) industry
"We are pleased to close out 2024 with record fourth quarter revenue, improved gross margin and growing interest in our unrivalled portfolio of Enterprise Health and Personal Health devices," said Scott Davis, the Company's Chief Executive Officer. "Looking ahead, our focus will be on aggressively executing two key pillars of our growth strategy: (1) broadening patient access to Ekso Indego® Personal and building upon our growing CMS claim pipeline for the device; and (2) further bolstering demand for our legacy EksoNR device. We look forward to updating investors as we progress."
Summary Fourth Quarter 2024 Financial Results
For the quarter ended December 31, 2024, the Company recorded revenue of $5.1 million, an increase of 5% compared to $4.8 million for the same period in 2023.
Gross profit for the 2024 fourth quarter was $2.7 million, an increase of 15% from the same period in 2023, representing a gross margin of approximately 53% in the fourth quarter of 2024, compared to a gross margin for the same period in 2023 of 49%. The increase in gross profit and gross margin was primarily due to cost savings in supply chain and a reduction in service costs.
Sales and marketing expenses for the 2024 fourth quarter were $1.9 million, compared to $2.0 million for the same period in 2023. The decrease was primarily due to lower headcount and discretionary payroll.
Research and development expenses for the three months ended December 31, 2024 were $845,000, compared to $1.3 million for the same period in 2023. The change was primarily due to lower discretionary payroll costs and decreases in the Company's use of product development consultants.
General and administrative expenses for the 2024 fourth quarter were $2.2 million, compared to $2.5 million for the same period in 2023. The decrease was primarily due to lower discretionary payroll.
Net loss applicable to common stockholders for the 2024 fourth quarter was $3.4 million, or $0.14 per basic and diluted share, compared to net loss of $3.2 million, or $0.22 per basic and diluted share, for the same period in 2023.
For the fourth quarter of 2024, the Company used $1.4 million of net cash in operations, compared to $1.6 million for the same period in 2023.
Summary Full Year 2024 Financial Results
For the full year ended December 31, 2024, the Company recorded revenue of $17.9 million, a decrease of 2% compared to $18.3 million for the same period in 2023.
Gross profit for the full year ended December 31, 2024 was $9.5 million, representing a gross margin of approximately 53%, compared to gross profit of $9.1 million for the same period in 2023, representing a gross margin of 50%. The increase in gross profit was primarily driven by cost savings in supply chain and a reduction in service costs.
Sales and marketing expenses for the full year ended December 31, 2024 were $7.3 million, compared to $8.5 million for the same period in 2023. The decrease was primarily due to lower headcount, discretionary payroll and consultant costs.
Research and development expenses for the full year ended December 31, 2024 were $3.9 million, compared to $5.0 million in the same period in 2023. The change was primarily due to lower discretionary payroll costs and decreases in the Company's use of product development consultants.
General and administrative expenses for the full year ended December 31, 2024 were $8.8 million, compared to $10.7 million in the same period in 2023. The decrease was primarily due to lower discretionary payroll, accounting and legal costs.
Net loss applicable to common shareholders for the full year ended December 31, 2024 was $11.3 million, or $0.56 per basic and diluted share, a 25% improvement compared to $15.2 million, or $1.10 per basic and diluted share, for the same period in 2023.
For the full year ended December 31, 2024, the Company used $9.8 million of net cash in operations, compared to $12.1 million for the same period in 2023.
As of December 31, 2024, the Company had cash and restricted cash of $6.5 million.
Conference Call Details
Ekso Bionics is pleased to invite all interested parties to participate in a conference call today at 1:30 p.m. PT / 4:30 p.m. ET, during which time the financial results and recent business developments will be discussed.
To participate in the conference call by telephone, please dial 877-407-6184 (domestic) or 201-389-0877 (international). The call will also be broadcast live and archived on the Company's website at www.eksobionics.com under "Presentations & Events" in the Investors section.
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. Based upon its industry-leading expertise, the Company focuses on improving health and quality of life with advanced robotics designed to enhance, amplify, and restore human function. Ekso Bionics is the only known 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.
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 industry, growth and strategy, including the Company's focus will be on aggressively executing on its growth strategy and the corresponding pillars of that strategy. 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, the Company's inability to obtain adequate financing to fund and grow the Company's operations and necessary to develop or enhance the Company's technology, the Company's inability to successfully collaborate with its network of existing neuro-rehabilitation facilities, physicians, and DMEs in seeking CMS reimbursements, the Company's inability to obtain future reimbursements from CMS in a timely manner and at the expected reimbursement levels, the Company's ability to raise funds to operate and grow its business, the Company's inability to obtain insurance coverage beyond CMS, the Company's inability to obtain additional indications of use for its devices, 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, 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, including the Company's most recently filed Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. To learn more about Ekso Bionics please visit the Company's website at www.eksobionics.com or refer to the Company's X page, formerly Twitter, at @EksoBionics. Any forward-looking statements made in this press release speak only as of the date of this press release. The Company does not undertake to update these forward-looking statements, except as required by law.
Contact:
Stephen Kilmer
Investor Relations
Direct: (646) 274-3580
Email: [email protected]
| Ekso Bionics Holdings, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and restricted cash | $ | 6,493 | $ | 8,638 | ||||
| Accounts receivable, net | 7,238 | 5,645 | ||||||
| Inventories | 4,571 | 5,050 | ||||||
| Prepaid expenses and other current assets | 541 | 875 | ||||||
| Total current assets | 18,843 | 20,208 | ||||||
| Property and equipment, net | 1,577 | 2,018 | ||||||
| Right-of-use assets | 788 | 977 | ||||||
| Intangible assets, net | 4,580 | 4,892 | ||||||
| Goodwill | 431 | 431 | ||||||
| Other assets | 433 | 392 | ||||||
| Total assets | $ | 26,652 | $ | 28,918 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,552 | $ | 1,847 | ||||
| Accrued liabilities | 2,352 | 2,664 | ||||||
| Deferred revenues, current | 1,956 | 1,993 | ||||||
| Notes payable, current | 1,250 | 1,250 | ||||||
| Lease liabilities, current | 427 | 363 | ||||||
| Total current liabilities | 7,537 | 8,117 | ||||||
| Deferred revenues | 1,920 | 2,169 | ||||||
| Notes payable, net | 3,854 | 4,832 | ||||||
| Lease liabilities | 452 | 723 | ||||||
| Warrant liabilities | 1 | 366 | ||||||
| Other non-current liabilities | 181 | 105 | ||||||
| Total liabilities | 13,945 | 16,312 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 22 | 15 | ||||||
| Additional paid-in capital | 262,203 | 251,580 | ||||||
| Accumulated other comprehensive income | 957 | 156 | ||||||
| Accumulated deficit | (250,475 | ) | (239,145 | ) | ||||
| Total stockholders' equity | 12,707 | 12,606 | ||||||
| Total liabilities and stockholders' equity | $ | 26,652 | $ | 28,918 | ||||
| Ekso Bionics Holdings, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Three Months Ended December 31, (Unaudited) | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 5,090 | $ | 4,847 | $ | 17,925 | $ | 18,279 | |||||||
| Cost of revenue | 2,376 | 2,478 | 8,414 | 9,200 | |||||||||||
| Gross profit | 2,714 | 2,369 | 9,511 | 9,079 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 1,884 | 1,983 | 7,308 | 8,472 | |||||||||||
| Research and development | 845 | 1,313 | 3,874 | 5,025 | |||||||||||
| General and administrative | 2,215 | 2,522 | 8,789 | 10,694 | |||||||||||
| Total operating expenses | 4,944 | 5,818 | 19,971 | 24,191 | |||||||||||
| Loss from operations | (2,230 | ) | (3,449 | ) | (10,460 | ) | (15,112 | ) | |||||||
| Other (expense) income, net: | |||||||||||||||
| Interest expense, net | (59 | ) | (66 | ) | (269 | ) | (302 | ) | |||||||
| Loss on modification of warrant | - | - | (109 | ) | - | ||||||||||
| Gain (loss) on revaluation of warrant liabilities | 34 | (319 | ) | 474 | (133 | ) | |||||||||
| Unrealized (loss) gain on foreign exchange | (1,159 | ) | 635 | (965 | ) | 412 | |||||||||
| Other income (expense), net | 1 | (15 | ) | (1 | ) | (63 | ) | ||||||||
| Total other (expense) income, net | (1,183 | ) | (1,183 | ) | (870 | ) | (86 | ) | |||||||
| Net loss | $ | (3,413 | ) | $ | (3,214 | ) | $ | (11,330 | ) | $ | (15,198 | ) | |||
| Net loss per share, basic and diluted | $ | (0.14 | ) | $ | (0.22 | ) | $ | (0.56 | ) | $ | (1.10 | ) | |||
| Weighted average number of shares of | |||||||||||||||
| Common stock outstanding, basic and diluted | 24,640 | 14,446 | 20,161 | 13,867 | |||||||||||
