Ekso Bionics Holdings, Inc. Common Stock Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Ekso Bionics Q4 & Full Year 2023 Earnings Summary

Financial Highlights
  • Q4 2023 Revenue: $4.8 million, +36% vs. Q4 2022 ($3.6 million), driven by higher EksoNR and Indego device sales volume.
  • Full Year 2023 Revenue: Record $18.3 million, +42% vs. 2022 ($12.9 million), primarily from $5.9 million increase in EksoHealth device sales.
  • Q4 Gross Profit: $2.4 million (49% margin) vs. $1.7 million (47% margin) in Q4 2022; full-year gross profit $9.1 million (50% margin) vs. $6.2 million (48% margin) in 2022 due to lower device/service costs and product mix.
  • Operating Expenses: Q4 $5.8 million (-5% vs. $6.1 million in Q4 2022) from lower G&A/legal costs; full year $24.2 million (+11% vs. $21.8 million in 2022) due to HMC acquisition/integration.
  • Net Loss: Q4 $3.2 million ($0.22/share) vs. $3.2 million ($0.24/share) in Q4 2022; full year $15.2 million ($1.10/share) vs. $15.1 million ($1.16/share) in 2022.
  • Cash & Liquidity: $8.6 million at Dec 31, 2023; plus ~$3.9 million net proceeds from subsequent registered direct offering.
  • Operating Cash Burn: Q4 $1.6 million (improved from $3.7 million in Q4 2022); full year $12.1 million.
EksoHealth Segment Performance
  • Q4: 38 devices sold; full year: record 151 devices sold (+51% vs. 2022).

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Operator: Greetings, and welcome to the Ekso Bionics' Fourth Quarter 2023 Financial Results Conference Call. At this 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. It is now my pleasure to introduce your host, Matt Steinberg, 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 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, 2023. 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 made during this call, that are not statements of historical facts, should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operational expectations or our expectations of the regulatory landscape governing our products and operations, are based upon manageme

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