Ekso Bionics Holdings has reported its financial results for the quarter ended Sept. 30.
Total revenue was $1.6 million for the third quarter, compared with $0.8 million during the third quarter of 2013, according to a company press release.
The company reported an increase in medical device revenue from $0.4 million in the third quarter of 2013 to $0.8 million in the third quarter of 2014, due primarily to a doubling in the number of medical device sales amortized to revenue compared with the previous year, according to the release.
Net income was reported at $12 million, or $0.15 per basic share, compared with a net loss of $1.9 million, or a loss of $0.9 per basic share, last year. The company ended the third quarter with cash and cash equivalents of $7.2 million.
Operating expenses increased by 113%, up to $4.2 million compared with $2 million during the same period last year, which the company attributed largely to an increase in labor costs.
Non-operating income was $15.8 million, compared with a net loss of $0.2 million last year, due to the recognition of a $15.8 million non-cash gain related to the insurance of warrants in a private placement financing in the first quarter of 2014 that were qualified as liabilities, according to the release.
“While still very early in our efforts to create a new industry, we see an uptick in Ekso GT [robotic exoskeleton] shipments, an acceleration of steps taken and growing third-party validation of the benefits for robotic neuro-rehabilitation, specifically Ekso Bionics robotic exoskeletons,” Nathan Harding, CEO and co-founder of Ekso Bionics, said in the release.