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Ekso Bionics Reports Preliminary Fourth Quarter and Full Year 2020 Financial Results
RICHMOND, Calif., Jan. 13, 2021 (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. 13, 2021 (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, 2020. Total revenue for the fourth quarter of 2020 is an estimated $2.3 million, compared to total revenue of $3.7 million in the fourth quarter of 2019. Total revenue for fiscal year 2020 is estimated to be approximately $8.9 million, compared to $13.9 million in 2019. Cash at December 31, 2020 was $12.9 million, compared to $10.9 million at December 31, 2019. “Our estimated fourth quarter 2020 revenue reflected solid performance as we executed on key initiatives while navigating through COVID-related market challenges,” commented Jack Peurach, President and Chief Executive Officer of Ekso Bionics. “During the quarter, we continued to gain traction with our network operator strategy in the medical business. We believe that our new subscription model, which reduces capital constraints, will facilitate additional strategic deals and further expand our installed base in 2021. We are also pleased that our latest industrial innovation, EVO™, generated strong customer excitement and solid initial adoption trends following its August 2020 launch. Looking ahead, we remain confident that as the COVID situation improves, our growing pipeline of opportunities will build greater momentum supported by our compelling value propositions in both the medical and industrial fronts.” 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, 2020. As of the date of this press release, the Company has not completed its financial statement reporting process for the period and year ended December 31, 2020, and the Company’s independent registered accounting firm has not audited the preliminary financial data discussed in this press release. During the course of the Company’s quarter-end closing procedures and review process, the Company may identify items that would require it to make adjustments, which may be material to the information presented above. As a result, the estimates above constitute forward-looking information and are subject to risks an...