Ekso Bionics Holdings, Inc. Common Stock Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Date: July 27, 2023 | Key Participants: CEO Scott Davis, COO Jason Jones, CFO Jerome Wong

Financial Performance Highlights

  • Q2 2023 Revenue: $4.7 million, up 36% from $3.5 million in Q2 2022. Driven by $1.5M increase in EksoHealth device sales, partially offset by $0.2M decrease in EksoWorks (due to contract manufacturer transition delays).
  • Gross Profit (Q2): $2.3 million (48% margin), vs. $1.6 million (47% margin) in Q2 2022. 37% increase primarily from higher EksoHealth sales and lower device costs.
  • Operating Expenses (Q2): $6.5 million, up from $4.9 million in Q2 2022 (due to HMC acquisition/integration, severance, and marketing).
  • Net Loss (Q2): $4.2 million ($0.31 per share), vs. $3.0 million ($0.23 per share) in Q2 2022.
  • First Half 2023 Revenue: $8.8 million, up 46% from $6.0 million in H1 2022 (EksoHealth sales +$3.6M).
  • First Half Gross Profit: $4.3 million (48% margin), vs. $2.9 million (47% margin) in H1 2022.
  • First Half Net Loss: $8.6 million ($0.64 per share), vs. $7.6 million ($0.59 per share) in H1 2022.
  • Cash Position: $13.3 million as of June 30, 2023. Cash used in operations: $7.1 million (improved from $8.5 million in H1 2022).

Business & Operational Highlights

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Operator: Hello, and welcome to the Ekso Bionics Q2 2023 Financial Results Conference Call and Webcast [Operator Instructions]. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Matt Steinberg with FINN Partners. Please go ahead, Matt. Matt Steinberg: Thank you, operator. And thank you all for participating in today's call. Joining me from Ekso Bionics are Scott Davis, Chief Executive Officer; Jason Jones, Chief Operating Officer; and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the second quarter of 2023. 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 will 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 r

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