Ekso Bionics Holdings, Inc. Common Stock Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Date: July 28, 2022 | Key Executives: Steven Sherman (Chairman & CEO), Scott Davis (President & COO), Jerome Wong (Interim CFO)

Key Financial Highlights (Q2 2022 vs Q2 2021)

  • Revenue: $3.5 million, up 57% from $2.2 million (driven by higher EksoNR device sales volume).
  • Gross Profit: $1.6 million; Gross Margin: 47% (down from 58% due to higher service/inventory costs from supply chain issues and product mix).
  • Operating Expenses: $4.9 million (up from $4.6 million, mainly from increased sales/marketing and R&D).
  • Net Operating Loss: $3.2 million (improved from $3.3 million loss).
  • Gain on Warrant Liabilities: $1.0 million.
  • Cash Position: $31.9 million as of June 30, 2022; H1 2022 operating cash use: $8.5 million.

First Half 2022 Performance (vs H1 2021)

  • Revenue: $6.0 million, up 46% from $4.1 million (EksoNR sales + expired royalty recognition).
  • Gross Margin: 47% (down from 61%).
  • Operating Expenses: $10.3 million (up from $9.0 million, including stock-based comp and severance).
  • Net Operating Loss: $7.5 million (worse than $6.5 million loss).

Business & Operational Updates

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Operator: Hello, and welcome to the Ekso Bionics Q2 2022 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to David Carey. Please go ahead. David Carey: Thank you, operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Steven Sherman, Chairman and Chief Executive Officer; Scott Davis, President and Chief Operating Officer; and Jerome Wong, Interim Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the second quarter of 2022. A copy of the press release is available on the company's website. 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 made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, 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. These statements involve material risks and uncertainties that could cause actual results or events to mater

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