Ekso Bionics Holdings, Inc. Common Stock Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Q1 2023 vs Q1 2022)
  • Revenue: Record $4.1 million, +61% YoY (vs $2.6 million). Driven by $2.1 million increase in EksoHealth, partially offset by $0.6 million decline in EksoWorks.
  • Gross Profit: $2.0 million (49% margin, vs 47% margin). 65% YoY increase due to higher EksoHealth device sales and lower device costs.
  • Operating Expenses: $6.4 million (vs $5.4 million). Rise primarily from HMC acquisition costs and higher marketing, offset by lower service costs.
  • Operating Loss: $4.4 million (vs $4.2 million loss).
  • Cash Used in Operations: $4.2 million.
  • Cash Position: $16.3 million as of March 31, 2023.
EksoHealth Performance
  • Delivered $4.0 million revenue. Booked 23 devices, including second-largest multi-unit EksoNR order with a large network operator (IDM).
  • Secured multiple multi-unit orders with IDMs; cumulative conversion/renewal rate at 81%; ~$1.4 million contracted unrecognized subscription revenue.
  • EMEA revenue +67% YoY; first Ekso Indego personal device booked in Europe.
  • Indego (from HMC acquisition) contributions modest in Q1 but expected to grow significantly through 2023.
Other Business Updates

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Operator: Greetings, and welcome to the Ekso Bionics First Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Steinberg, FINN Partners. Thank you, sir. You may begin. 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; Jerome Wong, Chief Financial Officer; and Jason Jones, Chief Operating Officer. Today, Ekso Bionics released financial results for the quarter ended March 31, 2023. A copy of the press release is available on the company's website. Before we begin, I'd 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 fact should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operating expectations, or our expectations of the regulatory landscape governing our products and operations are based upon management's current est

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