Business
Ekso Bionics Reports Third Quarter 2021 Results
RICHMOND, Calif., Nov. 02, 2021 (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., Nov. 02, 2021 (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 September 30, 2021. Recent Highlights and Accomplishments Reported revenue of $3.0 million in the third quarter of 2021Achieved gross margin of approximately 59% in the third quarter of 2021Booked a total of 16 EksoNR units in the third quarter of 2021Strong cash position of $43.4 million as of September 30, 2021 “During the third quarter, we deepened relationships with top inpatient rehabilitation operators and increased market penetration across our industrial verticals to generate solid revenues,” said Jack Peurach, President and Chief Executive Officer of Ekso Bionics. “Strong order flow and greater customer demand resulted in an increase of capital purchases for our leading EksoNR exoskeleton devices. We are pleased that our commercial strategy is gaining traction with network operators, which comprised the majority of new U.S. bookings year to date. Concurrently, our industrial team has produced several initial orders with new customers as we focus on building greater awareness of our innovative EVO and EksoZeroG products.” Third Quarter 2021 Financial Results Revenue was $3.0 million for the quarter ended September 30, 2021, compared to $2.9 million for the same period in 2020. Revenue in the third quarter of 2021 included approximately $2.7 million in EksoHealth revenue and approximately $0.3 million in EksoWorks revenue. The increase in revenue was primarily due to an increase in EVO vest sales. Gross profit for the quarter ended September 30, 2021 was $1.8 million, unchanged from the same period in 2020. Gross margin was approximately 59% in the third quarter of 2021, compared with gross margin of 63% for the same period in 2020. The overall decrease in gross margin was primarily due to the increase in EksoHealth service parts and labor costs and changes in product mix. Sales and marketing expenses for the quarter ended September 30, 2021 were $1.7 million, a decrease of $0.1 million compared to the same period in 2020. The decrease was primarily due to reduced general marketing activities. Research and development expenses for the quarter ended September 30, 2021 were $0.6 ...