Business
Ekso Bionics Provides COVID-19 Business Update and Reports Preliminary First Quarter 2020 Financial Results
- Company Regains Nasdaq Listing Compliance - RICHMOND, Calif., April 09, 2020 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO), an industry
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"- Company Regains Nasdaq Listing Compliance -\n RICHMOND, Calif., April 09, 2020 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO), an industry leader in exoskeleton technology for medical and industrial use, today announced preliminary financial results for the first quarter ended March 31, 2020 and provided an update on the impact of the COVID-19 pandemic on its business activities. In addition, the Company confirmed that as of April 7, 2020, it has regained compliance with the minimum bid price requirement required by the listing rules of the Nasdaq Capital Market. The COVID-19 pandemic impacted Ekso Bionics' business in the first quarter as its customers shifted their priorities to prepare for and manage their business during the pandemic. This has caused many of its customers to delay orders, which are typically booked in the last few weeks of a quarter. It is important to note that a majority of the Company’s customers have indicated that their originally planned orders are delayed and not canceled, pending the return to a more normal environment. Total revenue for the first quarter of 2020 is estimated to be in the range of $1.4 - $1.5 million. Cash at March 31, 2020 is estimated at $8.5 million, compared to $10.9 million at December 31, 2019. Ekso Bionics is taking several steps to adjust its business to the current circumstances. To reduce expenses and adjust operations to match customer needs, the Company has furloughed a portion of its workforce. The Company is also in the process of applying for the loans under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) administered by the U.S. Small Business Administration, as well as a similar program in Germany. Ekso Bionics has also adapted its support, training, and service models to ensure all of its customers can continue their Ekso programs without interruption and without Ekso Bionics personnel being present at customers’ facilities. These revised work models also allow the Company to engage with prospective customers to ensure that it can support new business as customers’ businesses return to normal. \"The COVID-19 pandemic has impacted our customers’ businesses, and subsequently, our business as customers delay longer-term technology decisions. As a result, we have shifted our business operations to reduce expenses and...