Ekso Bionics Holdings, Inc. Common Stock Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Company reported encouraging start to 2021 with focus on raising customer engagement, physician awareness, and new subscription access model for exoskeleton devices.
  • Recorded 16 NR bookings (up sequentially), including 7 units under new subscription offering.
  • Subscription model driving faster adoption, higher units per order, and shorter sales cycles, though impacting near-term revenue recognition (monthly over contract term vs. upfront capital sales).
  • Strong conversion/renewal rate of 86% for Ekso Health; over $700k in contracted subscription revenue.
  • Partnerships expanded: Vibra Healthcare pilot completed; new APAC partnership with Royal Rehab (Australia); collaboration with U.S. Physiatry for physician education webinars.
  • Ekso-aided steps exceeded 130 million across 300+ institutions globally.

Financial Results

  • Revenue: $1.9 million, up 30% from $1.5 million in Q1 2020 (impacted by COVID-19 but showing normalization as cases decline); noted sequential dip from Q4 2020 due to subscription shift.
  • Gross profit: $1.2 million; record gross margin of 65%, improved from 43% in Q1 2020 and 60% in Q4 2020 (driven by higher ASPs for EksoNR, more medical device sales, lower EVO production costs, and higher service margins).
  • Operating expenses: $4.4 million, down 19% from $5.4 million in Q1 2020 (prudent cost management).

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Operator: Hello, and welcome to the Ekso Bionics First Quarter 2021 Financial Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Matt Steinberg with Lazar Finn Partners. Matt, please go ahead. Matt Steinberg: Thank you, operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Jack Peurach, President and Chief Executive Officer; Jack Glenn, Chief Financial Officer; and Bill Shaw, Chief Commercial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended March 31, 2021. A copy of the press release is available on the company's Web site. Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should not be deemed to be forward-looking statements. All forward-looking statements, including our future financial or operational expectations or our expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions.

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