Ekso Bionics Holdings, Inc. Common Stock Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Completed acquisition of Human Motion & Control (HMC) business unit from Parker Hannifin, adding Ekso Indego Therapy and Ekso Indego Personal exoskeletons for home/community use and expanding product portfolio across the continuum of care.
  • EksoNR received FDA clearance for multiple sclerosis (MS) indication; first exoskeletal device with this designation.
  • 100 EksoHealth device bookings for full year 2022; cumulative conversion/renewal rate of 81%; over $2.2 million in contracted unrecognized subscription revenue.
  • Record annual international revenue, with APAC growing >60% year-over-year vs. 2021.
  • EksoHealth segment revenue up >20% vs. 2021, driven by strong EksoNR demand and multi-unit orders from network operators/IDNs.

Financial Performance - Q4 2022 vs. Q4 2021

  • Revenue: $3.6 million (down from $4.1 million), including 27 EksoHealth devices booked (2 Indego devices post-acquisition).
  • Gross profit: $1.7 million; gross margin 47% (down from 59%), impacted by higher service/supply chain costs, elevated labor costs, and lower average selling prices due to sales channel mix.
  • Operating expenses: $6.1 million (down 14% from $7 million), primarily due to lower legal and consulting expenses.
  • Net operating loss: $4.4 million (improved from $4.6 million loss).
  • Gain on warrant liabilities: $0.3 million (down from $2 million gain).

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Operator: Greetings, and welcome to the Ekso Bionics Fourth Quarter 2022 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 with FINN Partners. Thank you, Matt. 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. Earlier today, Ekso Bionics released financial results for the quarter and year ended December 31, 2022. 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

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