Ekso Bionics Holdings Inc. has reported its financial results for the first quarter of 2015, ended March 31.
Total revenue increased by 54% to $1.7 million, from $1.1 million in the first quarter of 2014. Cost of revenue was $798,000 as compared to $330,000 in the first quarter of 2014. Gross profit decreased year-over-year to $403,000, from $480,000 in 2014.
Total operating expenses in the first quarter of 2015 were $4.5 million, an increase of 15% over $4.4 million in 2014. Sales and marketing expenses increased by 21% and research and development expenses increased by 28%, but general and administrative expenses saw a 20% decrease. The net loss for the quarter was $4.1 million, or $.04 per basic and diluted share.
“I am pleased to share that we made progress on all three fronts of our business over the last quarter,” Nathan Harding, MME, CEO and co-founder of Ekso Bionics, stated in a company press release. “In our medical device business, we hit 21 million steps and continued to see our clinical collaborators deliver promising results. Our Ekso Labs was just awarded its second government contract already this year, and had an additional three patents granted. With our new industrial device business, we now have prototypes in field testing with large potential customers.”
The company shipped 16 units in the first quarter of 2015 compared to 12 units in the first quarter of 2014. Its Europe, Middle East and Africa division had its strongest quarter ever, which the company credits to its growing distributor network.
“We have accomplished a significant amount since going public just over a year ago, taking necessary steps to build a foundation for a strong and sustainable future growth. I look forward to providing regular updates on our progress, as our strategic initiatives of the recent quarters begin to bear fruit – including those to accelerate adoption of our medical exoskeletons as well as our industrial, able-bodied exoskeletons.”