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Ekso Bionics announces third-quarter financial results

Robotic exoskeleton company Ekso Bionics Holdings Inc. recently reported the results of its third quarter of 2015, which ended Sept. 30, 2015.

“I am pleased to share the progress Ekso Bionics continued to make this past quarter, our highest revenue quarter ever,” Nathan Harding, chief executive officer and co-founder of Ekso Bionics, stated in a company press release. “On the medical front, we continued to grow the number of our multi-unit centers, and we see utilization by customers accelerating in the form of steps taken in our Ekso medical rehabilitation devices. On the able-bodied front, we continue to win cutting-edge projects with our government partners and we are seeing prospective customers experiencing quantifiable outcomes from using our industrial exoskeleton prototypes in the field.”

The company reported an increase in revenue of $2.9 million, or 84%, during the third quarter of 2014. Medical device revenue increased by $0.03 million, or 39%, during the same period in 2014. Engineering services revenue increased by $1 million, or 128%, during the third quarter of 2014.

Gross profit was reported at $468,000, a slight decrease from $480,000 in the third quarter of 2014.

The company reported a decrease in gross profit and margins for medical devices due to expenses including an accelerated maintenance program, field corrections and technological developments; however, these expenses were offset by increased gross profit and margins for engineering services.

Total operating expenses for the quarter were reported at $5,649, an increase from $4,212 in the third quarter of 2014. The net loss for the quarter was $5.2 million or ($0.05) per basic and diluted share, compared to net income of $12 million or $0.15 per basic share and ($0.04) per diluted share for the third quarter of 2014.

Ekso Bionics shipped a net 12 units and reported three rental units converted to purchases, bringing the total of sold or rented medical devices to 156. The company reported more than 25,000 patient sessions with a total of more than 33 million steps, an increase of 163% during the prior year period.

Reference:

www.eksobionics.com.

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