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Ekso Bionics Holdings, Inc. Common Stock Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Date: October 29, 2020 | Participants: Jack Peurach (CEO), Jack Glenn (CFO), Bill Shaw (CCO)

Key Financial Highlights (Q3 2020 vs Prior Periods)

  • Revenue: $2.9 million (EksoNR segment), +28% sequentially from Q2 2020 ($2.3 million); reached 90% of Q3 2019 level ($3.3 million). YTD 2020: $6.6 million vs. $10.2 million in 2019.
  • Gross Margin: Record 63% (up 7 points from Q2 2020; vs. 53% in Q3 2019), driven by higher ASPs, lower production costs, EVO introduction, and service mix. YTD 2020: 56% vs. 48% in 2019.
  • Operating Expenses: $4.2 million, down $1.3 million or 24% from Q3 2019 ($5.5 million). YTD 2020: $14 million, down $4.7 million or 25% from 2019.
  • Net Income: $2.5 million ($0.30 basic / $0.01 diluted loss per share) vs. $0.2 million ($0.04 per share) in Q3 2019, aided by $4.5 million warrant liability gain. YTD 2020 net loss: $11.8 million vs. $9.4 million in 2019.
  • Cash Flow: Record low quarterly operating cash use of $1.6 million (ex-restructuring) vs. $4.6 million in Q3 2019. YTD 2020: $7 million vs. $14.3 million in 2019. Ending cash: $14.5 million (includes $2.5 million from warrant exercises).
  • Bookings: 22 EksoNR units (17 new), with most pandemic-delayed orders still in pipeline rather than canceled.

Business & Operational Updates

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Operator: Greetings, and welcome to Ekso Bionics Third Quarter 2020 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] As a reminder, this conference is being recorded. For opening remarks I would now like to turn the call over to David Carey of Lazar Partners. Thank you, David. You may 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 September 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 est

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