Ekso Bionics Holdings, Inc. Common Stock Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Call Date: April 30, 2020 | Period: Quarter ended March 31, 2020

Financial Highlights (Q1 2020 vs Q1 2019)

  • Revenue: $1.5 million (down from $3.6 million) due to COVID-19 related order delays in the final weeks of the quarter.
  • Gross Profit: $0.6 million at 43% margin (down from $1.6 million at 44% margin), primarily from lower medical device sales volume.
  • Operating Expenses: $5.4 million (down 17% from $6.5 million) after cost reduction measures including furloughs.
  • Net Loss: $2.5 million or $0.44 per share (improved from $6.6 million or $1.51 per share), aided by a $2.5 million gain on warrant liabilities (vs $1.1 million loss in prior year).
  • Cash Used in Operations: $1.7 million (down from $5.2 million).
  • Cash Balance: $8.5 million as of March 31, 2020.
  • Other: Completed 1-for-15 reverse stock split on March 24; regained NASDAQ compliance on April 7.

COVID-19 Impact and Operational Response

  • Orders delayed (not canceled) in both medical and industrial segments, impacting late-quarter bookings; strong pipeline maintained with most opportunities expected to resume post-normalization.
  • Implemented virtual selling, training, and support models to maintain customer engagement without in-person visits.

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Operator: Greetings and welcome to the Ekso Bionics First Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, David Carey. Please go ahead, sir. David Carey: 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, 2020. 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 law, 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 be deemed to be forward-looking statements. All forward-looking statements, including our future financial or operational expectations, or expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions. These statements involv

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