Richmond, Calif.-based Ekso Bionics Holdings Inc. has reported financial results for the quarter and year ended Dec. 31, 2014.
Total revenue for the year was $5.3 million, a 61% increase over 2013’s total revenue of $3.3 million. Medical device revenue increased by $1.3 million to $2.9 million and engineering services revenue increased by $.7 million to $2.4 million primarily due to the company’s work on the U.S. Special Operations Command’s Tactical Assault Light Operator Suit (TALOS) project.
“Thanks to the hard work of all at Ekso Bionics and the support of our many customers and stakeholders, I am excited about the progress we made in our first year as a public company and towards leading this young exoskeleton industry to its full potential,” Nathan Harding, CEO and cofounder, stated in a company press release.
Operating expenses for the year increased by 69%, from $10.9 million in 2013 to $18.4 million. Non-operating expenses increased from $1.6 million in 2013 to $17 million. The $15.4 million increases is primarily from an increase in non-cash charges relating to outstanding warrants.
Total revenue for the fourth quarter of 2014 was $1.5 million in comparison with $.8 million for the same period of 2013. Medical device revenue was $.9 million in comparison with $.5 million for the same period of 2013. Engineering services revenue was $.6 million compared to $.3 million for the same period of 2013.
The company reported a net loss for the fourth quarter of $20.2 million, or $.23 per share and a net loss for the year of $33.8 million or $.43 per basic share.
According to the release, Ekso Bionics shipped 64 devices in 2014, a 250% increase over 2013. The company also was awarded the second phase grant for the TALOS project and announced the start of a nine-center, approximately 70-patient Pan-European study examining the ways the Ekso GT might improve clinical outcomes for spinal cord injury patients.
Disclosure: Harding reports no relevant financial disclosures.