Investor’s Roundup: Ekso Bionics Holdings (NASDAQ: EKSO)

On Friday, Shares of Ekso Bionics Holdings (NASDAQ: EKSO) showed the bearish trend with a lower momentum of -2.61% to $1.49. The company traded total volume of 407,562 shares as contrast to its average volume of 416.01K shares. The company has a market value of $100.87M and about 67.70M shares outstanding.

Ekso Bionics Holdings, Inc. (EKSO), an industry leader in exoskeleton technology for medical and industrial use, recently stated financial results for the three and twelve months ended December 31, 2018.

Fourth Quarter 2018 Financial Results:

Revenue was $3.30M for the quarter ended December 31, 2018, contrast to $2.50M for the quarter ended December 31, 2017. Revenues in the fourth quarter of 2018 included about $2.60M in medical device revenue, contrast to $2.10M in the same period in 2017, and $0.70M in industrial sales, contrast to $0.30M in the same period in 2017. The Company shipped 25 EksoGT systems in the fourth quarter of 2018, counting 11 rental units. This brings total placements to 354 units, of which 44 are rentals.

Gross profit for the quarter ended December 31, 2018 was $1.50M, contrast to $0.80M in the quarter ended December 31, 2017, representing a gross margin of about 45%. This compares to a gross margin for the same period last year of 32%. The overall increase in gross margins is mainly attributable to strong execution of the Company’s medical segment. Gross margin improvement also reflects progress made in product reliability, cost reduction and superior customer service.

Sales and marketing expenses for the quarter ended December 31, 2018 were $2.90M, contrast to $3.60M for the quarter ended December 31, 2017, a decrease of $0.70M. This decrease was mainly because of a reduction in the Company’s general marketing and trade show expenses in favor of a more focused and financially efficient investment in sales and direct marketing activities to drive operational productivity.

Research and development expenses for the quarter ended December 31, 2018 were $1.40M, contrast to $2.00M for the quarter ended December 31, 2017, a decrease of $0.60M. This decrease was mainly because of a shift in expenses to sales and direct marketing activities.

General and administrative expenses for the quarter ended December 31, 2018 were $2.40M, contrast to $3.30M for the quarter ended December 31, 2017, a decrease of $0.90M. This decrease was mainly because of a decrease in expenses associated with business development-related activities in China and lower employment costs.

Net loss applicable to common stockholders for the quarter ended December 31, 2018 was $4.10M, or $0.07 per basic and diluted share, contrast to $9.00M, or $0.15 per basic and diluted share, for the quarter ended December 31, 2017.

Full Year 2018 Financial Results:

Revenue for the full year ended December 31, 2018 was $11.30M, a 54% increase contrast to $7.40M for the same period in the prior year. Revenue in the full year 2018 includes about $8.80M in medical device revenue and $2.50M in industrial sales. The Company shipped 90 EksoGT systems in 2018, a nearly 50% increase over the 61 units shipped in 2017.

Gross profit for the full year ended December 31, 2018 was about $4.30M, representing a gross margin of about 38%. This compares to gross profit of $2.10M for the same period last year, representing a gross margin of 28%. The increase in gross profit was mainly because of higher sales volume and the continued focus on optimizing average sales price of medical devices.

Sales and marketing expenses were $13.80M for the full year ended December 31, 2018, contrast to $13.20M for the same period in the prior year, a boost of $0.60M. The increase was mainly because of one-time severance costs related to the reduction of the Company’s marketing organization, a boost in clinical research activity and a boost in sales activities.

Research and development expenses were $5.80M for the full year ended December 31, 2018, contrast to $9.50M in the same period in 2017, a decrease of $3.70M. This decrease was mainly because of a shift in focus to sales of commercialized products.

General and administrative expenses were $11.70M for the full year ended December 31, 2018, contrast to $10.70M in the same period in 2017. The increase was mainly because of one-time expenses related to the departures of the former Chief Executive Officer and Chief Financial Officer as well as other nonrecurring expenses, partially offset by a shift in expenses to sales and direct marketing activities to drive operational productivity.

Net loss applicable to common shareholders for the full year ended December 31, 2018 was $27.00M, or $0.44 per basic and diluted share, contrast to $29.10M, or $0.82 per basic and diluted share, for the full year ended December 31, 2017.

Cash on hand at December 31, 2018 was $7.70M, contrast to $27.80M at December 31, 2017. For the year ended December 31, 2018, the Company used $22.20M of cash in operations, contrast to $31.20M for the year ended December 31, 2017.

The Company offered gross profit margin of 41.30%. ROE was recorded as -501.00% while beta factor was 1.53. The stock, as of recent close, has shown the weekly downbeat performance of -16.29% which was maintained at 20.16% in this year.

Leave a Reply

Your email address will not be published. Required fields are marked *