Ekso Bionics Holdings Inc. recently announced its financial results for the quarter and year ended Dec. 31, 2015. The results included a revenue increase for the fourth quarter of 2015 to $1.9 million, compared to $1.5 million for the same period of 2014, and a full-year revenue increase of 63% or $3.4 million to $8.7 million in 2015 from $5.3 million the prior year.
“We are pleased to report fourth-quarter results that reflect the building momentum of our Ekso technology, which is still in early stages of commercialization. We had many accomplishments in 2015 that will fuel our success as we head into 2016,” Max Scheder-Bieschin, chief financial officer of Ekso Bionics, said in a company press release.
In the fourth quarter of 2015, the company’s medical device revenue increased 22% to $1.1 million and engineering service revenue increased 46% to $0.8 million. Gross profit was $0.02 million compared to $0.6 million for the same period of 2014. Operating expenses were $6.5 million compared to $5.4 million in the fourth quarter of 2014.
Medical device revenue for the full year of 2015 increased 45% to $4.3 million, and engineering services revenue increased 83% to $4.4 million. Gross profit for 2015 was $1.2 million compared to $1.6 million for 2014. Operating expenses were $22.7 million compared to $18.4 million in the prior year. Net loss for the full year was $24.2 million or $0.24 per basic share and $0.26 per diluted share, according to the release.
Cash was $19.6 million as of Dec. 31, 2015, and cash flow from operations in 2015 was $18.3 million compared to $15 million in 2014.
The company’s annual meeting of stockholders will be held May 24, 2016, in Richmond, Calif.