Business
Ekso Bionics Reports Second Quarter 2022 Results
RICHMOND, Calif., July 28, 2022 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton technology
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"RICHMOND, Calif., July 28, 2022 (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 months ended June 30, 2022. Recent Highlights and Accomplishments Reported revenue of $3.5 million in the second quarter of 2022, an increase of 57% year-over-yearReceived 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market EksoNR for use with Multiple Sclerosis (MS) patientsBooked a total of 17 EksoNR units in the second quarter of 2022Strong cash position of $31.9 million as of June 30, 2022 “Led by the largest multi-unit order in company history, Ekso achieved strong revenue growth in the second quarter,” said Steven Sherman, Chairman and Chief Executive Officer of Ekso Bionics. “The FDA’s recent clearance of EksoNR for the MS indication is an important milestone that gives a significant patient segment access to our proven treatment solutions and expands our market opportunity. Our team has also continued to proactively manage supply chain constraints. Looking ahead, with increasing customer awareness and demand of our innovative devices, we remain focused on sustaining solid execution and delivering value to shareholders.” Second Quarter 2022 Financial Results Revenue was $3.5 million for the quarter ended June 30, 2022 compared to $2.2 million for the same period in 2021. Revenue in the second quarter of 2022 included approximately $3.2 million in EksoHealth revenue and approximately $0.2 million in EksoWorks revenue. The Company booked a total of 17 EksoNR units in the second quarter of 2022. Gross profit increased 27% for the three months ended June 30, 2022 compared to the same period of 2021, largely owing to the increase in EksoHealth revenue. Gross margin was approximately 47% for the three months ended June 30, 2022, compared to a gross margin of 58% for the same period in 2021. The overall decrease in gross margin was primarily due to an increase in EksoHealth service and inventory costs, partially offset by positive sales mix. Sales and marketing expenses for the quarter ended June 30, 2022 were $1.8 million, an increase of $0.1 million, or 3%, compared to the same period of 2021. The increase was primarily the result of higher general sales and marketing act...