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Ekso Bionics Reports Preliminary Fourth Quarter and Full Year 2019 Financial Results; Company Achieves Record Fourth Quarter Revenue
RICHMOND, Calif., Jan. 10, 2020 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (NASDAQ: EKSO), an industry leader in exoskeleton technology for medical and
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"RICHMOND, Calif., Jan. 10, 2020 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (NASDAQ: EKSO), an industry leader in exoskeleton technology for medical and industrial use, today announced preliminary top line financial results for the fourth quarter and fiscal year ended December 31, 2019.\n Total revenue for the fourth quarter of 2019 is an estimated $3.7 million, reflecting year-over-year growth of 12.1% compared to total revenue of $3.3 million in the fourth quarter of 2018, and the highest quarterly revenue ever recorded by the Company. Estimated total revenue for the fourth quarter of 2019 includes approximately $3.2 million in medical revenue. The Company also estimates recognized revenue of approximately $0.5 million on shipments of its industrial products in the fourth quarter of 2019. Total revenue for fiscal year 2019 is estimated to be approximately $13.9 million, compared to $11.3 million in 2018. This reflects estimated year-over-year growth of 23.0%. Cash on hand at December 31, 2019 was $10.9 million, compared to $7.7 million at December 31, 2018. “We are very pleased with the record revenue estimated to have been achieved in the fourth quarter of 2019 and remain committed to identifying additional growth opportunities in 2020,” said Jack Peurach, President and Chief Executive Officer of Ekso Bionics. “We believe that partnering with network operators is the most efficient way to drive adoption and to make this technology accessible to the most patients as quickly as possible. We are also working to grow our industrial segment by taking steps to engage with a broader mix of companies in additional markets beyond the manufacturing sector, including a variety of construction companies. We remain confident that our technologies in both the medical and industrial segments offer customers, patients and workers a compelling value proposition and have substantial clinical and commercial benefit.” The anticipated results discussed in this press release are based on management’s preliminary, unaudited analysis of financial results for the period and year ended December 31, 2019. As of the date of this press release, the Company has not completed its financial statement reporting process for the period ended December 31, 2019, and the Company’s independent registered accounting firm has not audited the preliminary financia...