Ekso Bionics (EKSO) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 sales of $5.0 million, up 5% year-over-year, driven by growth in EksoHealth and international demand, with 37 devices sold and strong performance in EMEA and Asia.

• Gross margin improved to 53% in Q2 2024 from 48% in Q2 2023, due to higher average selling prices and lower costs.

• Net loss narrowed to $2.4 million ($0.13/share) in Q2 2024 from $4.2 million ($0.31/share) in Q2 2023, reflecting improved margins and reduced operating expenses.

• CMS national Medicare reimbursement for Ekso Indego Personal was established, with initial claims pending and expected to expand access for SCI patients.

• Expanded global distribution and deepened relationships with neurorehabilitation centers, with EksoNR devices present at nine of the top ten U.S. rehab centers.

Financial highlights

• Q2 2024 revenue: $5.0 million, up 5% year-over-year; six-month revenue: $8.7 million, flat year-over-year.

• Q2 2024 gross profit: $2.6 million (53% margin), up from $2.3 million (48% margin) in Q2 2023.

• Operating expenses for Q2 2024: $5.0 million, down from $6.5 million in Q2 2023, mainly due to lower headcount and discretionary costs.

• Q2 2024 net loss: $2.4 million ($0.13/share), improved from $4.2 million ($0.31/share) in Q2 2023.

• Cash and restricted cash at June 30, 2024: $5.9 million, down from $8.6 million at year-end 2023.

Outlook and guidance

• Anticipates increased demand for Ekso Indego Personal in H2 2024 and beyond due to CMS reimbursement and pipeline expansion.

• Expects significant positive revenue impact from Indego Personal in 2025, targeting a $2 billion addressable market.

• Management expects operating cash requirements to exceed cash provided by operations in the near term and may seek additional financing.

• Forecasts stabilization of U.S. sales cycles for large IDN customers later in the year.