Ekso Bionics Holdings, Inc. Common Stock Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Call Date: July 30, 2020. Participants: Jack Peurach (CEO), Jack Glenn (CFO), Bill Shaw (CCO).

Key Financial Highlights

  • Revenue: $2.3 million in Q2 2020, up sequentially from $1.5 million in Q1 2020; down from $3.3 million in Q2 2019. YTD 2020 revenue: $3.7 million vs. $6.9 million in YTD 2019.
  • Gross Profit & Margin: $1.3 million (record 56% margin) in Q2 2020 vs. $1.6 million (48% margin) in Q2 2019. YTD 2020 gross profit: $1.9 million (51% margin) vs. $3.2 million (46% margin) in YTD 2019.
  • Operating Expenses: $4.4 million in Q2 2020, down 35% from $6.7 million in Q2 2019. YTD 2020: $9.8 million, down 26% from prior year.
  • Net Loss: $11.8 million ($1.88/share) in Q2 2020 vs. $3.1 million ($0.65/share) in Q2 2019, impacted by $8.6 million warrant liability loss. YTD 2020: $14.3 million ($2.37/share) vs. $9.6 million ($2.12/share) in YTD 2019.
  • Cash & Financing: $13.3 million cash at June 30, 2020. Raised $11.1 million gross proceeds in June/July via offering and warrant exercises. Cash used in operations (excl. restructuring): $3.8 million in Q2 vs. $4.6 million in Q2 2019; YTD $5.7 million vs. $9.7 million prior year.

Business & Operational Updates

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Operator: Greetings, and welcome to Ekso Bionics Second Quarter 2020 Financial Results 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. I would now like to turn the conference over to your host, David Carey of Lazar Partners. Please begin. 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 June 30, 2020. 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 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 our expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions. These stat

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