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Ekso Bionics Reports Third Quarter 2023 Revenue Growth of 38%
Achieves Record Quarter of EVO Unit Sales SAN RAFAEL, Calif., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
About this update from Ekso Bionics Holdings, Inc.
[{"type":"text","content":"Achieves Record Quarter of EVO Unit Sales\nSAN RAFAEL, Calif., Oct. 26, 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 nine months ended September 30, 2023. Recent Highlights and Accomplishments Reported revenue of $4.6 million in the third quarter of 2023, an increase of 38% year-over-yearSold a total of 41 EksoHealth devices in the third quarter of 2023Record quarter of EVO unit salesGross profit of $2.5 million in the third quarter of 2023, compared to $1.7 million in the same period last year “We continued to generate strong sales of our EksoHealth devices reflecting solid multi-unit order flow with large network operators and continued customer adoption of our Indego product line,” said Scott Davis, the Company’s Chief Executive Officer. “In addition, we established a foundation to grow our EksoWorks business as evidenced by a record number of EVO unit sales in the quarter. Finally, we recently applied Ekso Indego Personal for code determination under the proposed Centers for Medicare & Medicaid Services (“CMS”) rule change to include personal exoskeletons in the Medicare benefit category for braces. If the proposed CMS rules are adopted and our application is approved, we believe the addressable market for our home and community devices for spinal cord injury patients could be significantly expanded.” Third Quarter 2023 Financial Results Revenue was $4.6 million for the quarter ended September 30, 2023, an increase of 38%, compared to $3.3 million for the same period in 2022. The Company sold a total of 41 EksoHealth units in the third quarter of 2023. Gross profit for the quarter ended September 30, 2023 was $2.5 million, an increase of 46% from the same period in 2022, representing a gross margin of approximately 53% in the third quarter of 2023, compared to a gross margin of 51% for the same period in 2022. The increase in gross margin was primarily due to lower device and service costs. Sales and marketing expenses for the quarter ended September 30, 2023 were $2.1 million, compared to $1.7 million for the same period in 2022. The increase was primarily due to additional headcount associated with the acquisition of the Human Motion Control (“HMC”) business...