Ekso Bionics (EKSO) 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%.

• Full-year 2024 revenue was $17.9 million, down from $18.3 million in 2023, but gross margin improved to 53% from 50%.

• Net loss for Q4 2024 was $3.4 million ($0.14/share); full-year net loss improved 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 post year-end.

• Building a scalable go-to-market strategy for personal health products, with anticipated growth in 2025.

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.

• Q4 operating expenses decreased 15% to $4.9 million; full-year operating expenses fell 17% to $20 million.

• Q4 sales and marketing expenses decreased to $1.9 million; full-year S&M expenses fell to $7.3 million.

• Q4 R&D expenses dropped to $845,000; full-year R&D expenses were $3.9 million, down from $5.0 million.

• Cash and restricted cash at year-end was $6.5 million; net cash used in operations for 2024 was $9.8 million.

Outlook and guidance

• Focus for 2025 is on expanding patient access to Ekso Indego® Personal and increasing CMS claim pipeline.

• Expecting increased multi-unit orders from enterprise health customers as procurement cycles normalize in 2025.

• Anticipates meaningful growth in personal health segment, with a backlog of over 25 Medicare-eligible candidates for Indego Personal.

• Projecting continued growth in APAC and normalized growth in Europe after exceptional 2024 performance.

• Majority of 2025 revenue still expected from enterprise, but personal health contribution to increase.