Business
Ekso Bionics Reports Record Quarterly Sales of $5.0 Million in Second Quarter 2024
SAN RAFAEL, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso Bionics”), an industry leader in
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"SAN RAFAEL, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso Bionics”), an industry leader in exoskeleton technology for medical and industrial use, today reported financial results for the three and six months ended June 30, 2024. Recent Highlights and Accomplishments Reported revenues of $5.0 million in the second quarter of 2024Initial Medicare claims for Ekso Indego Personal are currently pending reimbursementSold a total of 37 EksoHealth devices in the second quarter of 2024Achieved gross margin of 53% for the quarter ended June 30, 2024 “We are pleased with our significant progress in the second quarter of 2024, highlighted by record sales and the announcement of Centers for Medicare & Medicaid Services’ (“CMS”) national Medicare pricing determination for our Ekso Indego Personal device,” said Scott Davis, Chief Executive Officer of Ekso Bionics. “With the Medicare reimbursement mechanisms in place, we are focused on reaching a larger U.S. population of individuals living with a spinal cord injury (“SCI”) and anticipate increased demand for Ekso Indego Personal in the second half of the year and longer term. Additionally, we are proud that our legacy EksoNR is chosen as the standard of care for neurorehabilitation by many leading network operators as we believe key stakeholders recognize the clinical and economic value of our innovative device. Looking ahead, we will continue to execute upon our scalable commercial strategy to drive growth while bringing transformational benefits to patients across the continuum of care.” Second Quarter 2024 Financial ResultsRevenue was $5.0 million for the quarter ended June 30, 2024, an increase of 5%, compared to $4.7 million for the same period in 2023. The Company sold a total of 37 EksoHealth devices in the second quarter of 2024. Gross profit for the quarter ended June 30, 2024 was $2.6 million, representing a gross margin of approximately 53%, compared to $2.3 million for the same period in 2023, representing a gross margin of 48%. The increase in gross margin was primarily due to an increase in the average selling price for the EksoNR and lower EksoHealth device and service costs. Sales and marketing expenses for the quarter ended June 30, 2024 were $1.8 million, compared to $2.3 million for the same period in 2023. The 2...