ChronoScale (CHRN) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $5.1 million, up 5% year-over-year, with gross margin rising to 53% from 49% due to supply chain and service cost savings.

• Full-year 2024 revenue was $17.9 million, down 2% year-over-year, but gross profit increased to $9.5 million with a 53% margin, up from 50%.

• Net loss for Q4 2024 was $3.4 million ($0.14/share), compared to $3.2 million ($0.22/share) in Q4 2023; full-year net loss improved 25% to $11.3 million ($0.56/share) from $15.2 million ($1.10/share) in 2023.

• Named National Seating & Mobility as exclusive U.S. distributor for Ekso Indego® Personal device in the complex rehabilitation technology industry.

Financial highlights

• Q4 2024 gross profit rose 15% year-over-year to $2.7 million; full-year gross profit was $9.5 million, up from $9.1 million.

• Operating expenses for Q4 2024 decreased across sales/marketing ($1.9M), R&D ($845K), and G&A ($2.2M) compared to Q4 2023.

• Full-year operating expenses declined: sales/marketing ($7.3M vs $8.5M), R&D ($3.9M vs $5.0M), G&A ($8.8M vs $10.7M).

• Net cash used in operations was $1.4 million in Q4 2024 and $9.8 million for the year, both improved from 2023.

• Cash and restricted cash at year-end 2024 totaled $6.5 million.

Outlook and guidance

• Focus remains on expanding patient access to Ekso Indego® Personal and building the CMS claim pipeline.

• Plans to bolster demand for the legacy EksoNR device as part of growth strategy.