Business
Ekso Bionics Reports Fourth Quarter and Year End 2022 Results
SAN RAFAEL, Calif., March 28, 2023 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"SAN RAFAEL, Calif., March 28, 2023 (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 and twelve months ended December 31, 2022. Recent Highlights and Accomplishments Completed the acquisition of the Human Motion Control (“HMC”) business unit including the Indego® product line from Parker Hannifin CorporationGenerated revenue of $12.9 million for the 2022 full year, an increase of 15% year-over-yearBooked a total of 100 EksoHealth devices for the 2022 full year, including Indego bookings post-acquisitionStrong cash position of $20.5 million as of December 31, 2022 “With the successful acquisition of the Indego product line, FDA clearance of EksoNR for rehabilitation use in patients with Multiple Sclerosis and continued progress towards becoming standard of care for patient rehabilitation, 2022 was a transformative year for Ekso Bionics,” said Scott Davis, Chief Executive Officer of Ekso Bionics. “We are pleased that the integration of the HMC acquisition is progressing smoothly, enabling us to now reach more patients across the continuum of care, including the home. Supported by our expanded product portfolio and continued strong EksoNR demand, we believe we are well-positioned to execute on our core growth drivers in 2023 and beyond.” Fourth Quarter 2022 Financial Results Revenue was $3.6 million for the quarter ended December 31, 2022, compared to $4.1 million for the same period in 2021. Revenue in the fourth quarter of 2022 included approximately $3.5 million in EksoHealth revenue and approximately $0.1 million in EksoWorks revenue. The Company booked a total of 27 EksoHealth devices in the fourth quarter of 2022. Gross profit for the quarter ended December 31, 2022 was $1.7 million, compared to $2.4 million in the same period in 2021, representing a gross margin of approximately 47% in the fourth quarter of 2022, compared to a gross margin for the same period in 2021 of 59%. The decline in gross margin was primarily due to an increase in service and supply chain costs, elevated labor costs, and lower average selling prices of device sales due to sales channel mix. Sales and marketing expenses for the quarter ended December 31, 2022 were $1.9 million, compared to $2.0 millio...