Business
Ekso Bionics Reports Record Revenues of $4.7 Million in Second Quarter 2023
Record number of EksoHealth devices booked in second quarter 2023 SAN RAFAEL, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq:
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"Record number of EksoHealth devices booked in second quarter 2023\nSAN RAFAEL, Calif., July 27, 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 six months ended June 30, 2023. Recent Highlights and Accomplishments Achieved record revenues of $4.7 million in the second quarter of 2023, an increase of 36% year-over-yearBooked a total of 44 EksoHealth devices in the second quarter of 2023Gross profit of $2.3 million in the second quarter of 2023, compared to $1.6 million in the same period last yearCash position of $13.3 million as of June 30, 2023 “Our strong second quarter results reflect solid commercial execution and continued growth in bookings from our clinical and personal use device customers,” said Scott Davis, Chief Executive Officer of Ekso Bionics. “Highlighted by a record number of EksoHealth device bookings resulting in robust revenue growth of 36% year-over-year, more patients than ever are benefitting from our innovative portfolio of exoskeleton devices across the continuum of care. Looking ahead, we remain focused on securing more multi-unit orders with large network operators to drive sustainable, long-term growth.” Second Quarter 2023 Financial Results Revenue was $4.7 million for the quarter ended June 30, 2023, an increase of 36%, compared to $3.5 million for the same period in 2022. The Company booked a total of 44 EksoHealth devices in the second quarter of 2023. Gross profit for the quarter ended June 30, 2023 was $2.3 million, an increase of 37% from the same period in 2022, representing a gross margin of approximately 48% in the second quarter of 2023, compared to a gross margin of 47% for the same period in 2022. The increase in gross margin was primarily due to lower device costs. Sales and marketing expenses for the quarter ended June 30, 2023 were $2.3 million, compared to $1.8 million for the same period of 2022. The increase was primarily due to higher compensation costs associated with the acquisition of the Human Motion Control (“HMC”) business unit, severance expense and an increase in marketing activities. Research and development expenses for the quarter ended June 30, 2023 were $1.4 million, compared to $0.9 million for the same per...