Ekso Bionics Holdings, Inc. Common Stock Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Date: July 29, 2021 | Participants: Jack Peurach (CEO), Jack Glenn (CFO), Bill Shaw (CCO)

Key Highlights

  • Continued momentum in 2021 with focus on network operators and subscription model adoption; 20 EksoNR bookings (11 subscriptions), up from Q1 2021.
  • Onsite demos returned to pre-COVID levels; monitoring COVID variants for potential impacts.
  • Industrial segment (EVO/EksoZeroG) saw strong customer interest and pilot programs across aerospace, automotive, construction, and logistics.
  • Strong cash position of $45.9M as of June 30, 2021; cash used in operations for H1: $5.6M.

Financial Results

  • Q2 2021 Revenue: $2.2M (up 16% from Q1 2021; down from $2.3M in Q2 2020) due to shift to subscription model deferring revenue.
  • Q2 2021 Gross Profit: $1.3M (58% margin, up from 56% in Q2 2020) driven by manufacturing efficiencies and better EVO cost profile.
  • Q2 2021 Operating Expenses: $4.6M (up from $4.4M in Q2 2020).
  • Q2 2021 Net Operating Loss: $3.3M (vs. $3.1M in Q2 2020), primarily from higher R&D and subscription revenue shift.
  • H1 2021 Revenue: $4.1M (up from $3.7M in H1 2020).
  • H1 2021 Gross Profit: $2.5M (61% margin, up from $1.9M / 51% margin in H1 2020).

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Operator: Greetings. Welcome to the Ekso Bionics Second Quarter 2021 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]. Please note, this conference is being recorded. I will now turn the conference over to your host, Matt Steinberg. Thank you. You may begin. Matt Steinber: 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, 2021. 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 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 statem

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