Ekso Bionics Holdings, Inc. Common Stock Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights: Company reported resilience amid COVID-19 challenges in rehab market, with strong execution on subscription model for EksoNR devices, early traction for new EVO industrial exoskeleton, and significant operational cost reductions. Over 130 million steps taken by patients to date using Ekso technology. Cash position strengthened by $40M public offering in Feb 2021 for growth initiatives.

Financial Performance - Q4 2020 vs Q4 2019

  • Revenue: $2.3 million (down from $3.7 million; impacted by rising COVID cases delaying orders)
  • Gross Profit: $1.4 million at 60% margin (down from $1.9 million at 50% margin; margin improvement due to higher avg selling prices, lower production costs, and EVO introduction)
  • Operating Expenses: $4.4 million (down 7% from $4.7 million)
  • Net Loss: $4.0 million or $0.48 per share (vs $2.7 million or $0.53 per share)
  • EksoNR Bookings: 14 units (incl. subscriptions)

Financial Performance - Full Year 2020 vs Full Year 2019

  • Revenue: $8.9 million (down from $13.9 million)
  • Gross Profit: $5.1 million at 57% margin (down from $6.8 million at 49% margin)
  • Operating Expenses: $18.4 million (down 22% from $23.4 million)
  • Net Loss: $15.8 million or $2.21 per share (vs $12.1 million or $2.53 per share; includes $3.1M warrant liability loss vs prior year gain)

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Operator: Greetings, and welcome to Ekso Bionics' Fourth Quarter 2020 Financial Results Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Matt Steinberg, of Lazar Finn Partners. Thank you. You may begin. Matt Steinberg: 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 and full year ended December 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 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 statements involve material risks and uncertainties that could cause actual results or events to materially diff

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