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Ekso Bionics Announces 61% Increase in First Quarter 2023 Revenues
Highest Quarterly Revenues in Company History SAN RAFAEL, Calif., April 27, 2023 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"Highest Quarterly Revenues in Company History SAN RAFAEL, Calif., April 27, 2023 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso Bionics”), an industry leader in exoskeleton technology for medical and industrial use, today reported financial results for the three months ended March 31, 2023. Recent Highlights and Accomplishments Achieved record revenues of $4.1 million in the first quarter of 2023, up 61% from the first quarter of 2022Delivered products across continuum of care following the addition of the Indego® product lineBooked a total of 23 EksoHealth devices in the first quarter of 2023Cash position of $16.3 million at March 31, 2023 “Driven by the continued execution of our commercial strategy, we are proud to have achieved our strongest revenue quarter to-date,” said Scott Davis, Chief Executive Officer of Ekso Bionics. “Record first quarter revenues reflect our team’s success in securing multi-unit orders with large network operators, as well as contributions from our recently acquired Indego product line. Now that we have an expanded product offering across the continuum of care, we look to build upon our positive momentum to drive long-term growth.” First Quarter 2023 Financial Results Revenue was $4.1 million for the quarter ended March 31, 2023, an increase of 61% compared to $2.6 million for the same period in 2022. The Company booked a total of 23 EksoHealth devices in the first quarter of 2023. Gross profit for the quarter ended March 31, 2023 was $2.0 million, an increase of 65% from the same period in 2022, representing a gross margin of approximately 49% in the first quarter of 2023, compared to a gross margin of 47% for the same period in 2022. The overall increase in gross margin was primarily due to an increase in EksoHealth device sales and lower device costs. Sales and marketing expenses for the quarter ended March 31, 2023 were $2.1 million, compared to $1.6 million for the same period in 2022. The increase was primarily due to higher compensation costs associated with the acquisition of the Human Motion Control (“HMC”) business unit and an increase in marketing activities. Research and development expenses for the quarter ended March 31, 2023 were $1.2 million, compared to $0.9 million for the same period in 2022. The increase was primarily due to higher costs as...