Business
Ekso Bionics Reports First Quarter 2020 Results
RICHMOND, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton technology
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":" RICHMOND, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- 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, 2020.\n Ekso Bionics Business Update Reported revenue of $1.5 million in the first quarter of 2020, as customers delayed orders due to the COVID-19 global pandemic.Cash utilization decreased to $1.7 million in the first quarter of 2020, down from $5.2 million in the first quarter of 2019.Signed new pilot programs with two network operators in March. “The COVID-19 pandemic has affected inpatient rehabilitation facilities as they temporarily shifted priorities and responses to pandemic-related medical equipment. We are, however, encouraged that the majority of our customers have indicated that they still plan to place orders for our exoskeleton products in the future, which gives us optimism for our longer-term prospects. To align our expenses with the current business environment, we took measures to adjust our cost structure, which included furloughing a portion of our workforce. Despite these unprecedented challenges, we continue to regularly engage with our current and prospective customers through video conferencing, virtual training events and online education demos to offer our support and showcase the value of our Ekso devices. Although market uncertainties related to the pandemic make it difficult for us to project the full impact on our business and customers, we believe that we are well-positioned to serve our customers when business conditions begin to normalize,” said Jack Peurach, President and Chief Executive Officer of Ekso Bionics. First Quarter 2020 Financial Results Revenue for the quarter ended March 31, 2020 was $1.5 million, compared to $3.6 million for the same period in 2019. Revenue in the first quarter of 2020 included approximately $1.2 million in EksoHealth revenue, compared to $2.8 million in the same period in 2019, and approximately $0.3 million in EksoWorks sales, compared to $0.8 million in the same period in 2019. The decline in revenue was due to a decrease in volume of medical device sales driven by the impact of COVID-19, as customers shifted their priorities to prepare for and manage their business during the pandemic. The pandemic has a...