Ekso Bionics (EKSO) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was $4.1 million, down from $4.6 million in Q3 2023, with 33 EksoHealth devices sold and net loss narrowing to $2.1 million ($0.10/share) from $3.4 million ($0.24/share) in Q3 2023.

• Nine-month revenue was $12.8 million (down from $13.4 million), with net loss improving to $7.9 million ($0.42/share) from $12 million ($0.88/share) in 2023.

• Achieved initial CMS reimbursement for Ekso Indego Personal, expanding access for spinal cord injury patients and marking a significant milestone.

• Cost savings in supply chain, reduced service costs, and lower headcount contributed to improved gross profit and margin.

• International sales, especially in Europe, reached record levels, while U.S. sales were impacted by procurement cycle delays and labor strikes.

Financial highlights

• Q3 2024 sales were $4.1 million (down 10% year-over-year); 33 devices sold; gross margin was 53.5%, up from 53.3% in Q3 2023.

• Operating expenses for Q3 2024 were $4.8 million, down from $5.4 million in Q3 2023; nine-month operating expenses were $15 million, down from $18.4 million.

• Net loss for Q3 2024 was $2.1 million ($0.10/share); nine-month net loss was $7.9 million ($0.42/share).

• Cash and restricted cash as of September 30, 2024: $8.3 million, with $2.0 million restricted under loan covenants.

• Net cash used in operations for nine months: $8.4 million, down from $10.5 million year-over-year.

Outlook and guidance

• Anticipates positive impact from upcoming IDN procurement renewal cycles in North America and strong demand in Europe to support growth in Q4 2024 and 2025.

• Ongoing efforts to expand indications for Indego products through clinical studies and to normalize procurement cycles.

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