Ekso Bionics reports second-quarter results

Ekso Bionics Holdings, Inc. recently reported financial results for the quarter ending June 30, 2015.

The company reported revenue of $2.1 million for the three months ending June 30, 2015, a 75% increase over the $1.2 million revenue reported for the second quarter of 2014. Gross profit increased by $457,000 over the second quarter of 2014, from $45,000 to $502,000, while overall gross margins saw a 20% increase.

Medical device revenue increased by $0.4 million, or 52%, over the same quarter in 2014. Engineering services revenue increased by $0.6 million, or 110%, over the same quarter last year. Ekso Bionics shipped 17 new units in the second quarter of 2015 and has sold or rented more than 145 medical devices overall.

“I am pleased to report that shipments of Ekso Bionics medical exoskeletons and utilization continue to increase,” Nathan Harding, CEO and co-founder of Ekso Bionics, said in a press release. “I am equally excited by the number of studies our partner sites have initiated on our medical exoskeletons in rehabilitation. It is clearly the right time for us to leverage that progress by initiating our own pivotal study, an important step towards becoming standard of care.”

The company recorded more than 21,000 patient sessions with a total of 26.5 million steps, an increase of 16.5 million steps over last year. It also held the first Exoskeleton Clinical Science Organization meeting.

Total expenses decreased by $60.5 million, mostly due to a noncash benefit in the 2014 period related to outstanding warrants issued. Net loss for the second quarter of 2015 was $5.6 million, or (6 cents) per basic and dilated share, compared to $56.1 million, or 72 cents per basic share or (5 cents) per diluted share for the second quarter of 2014.

Reference: www.eksobionics.com

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