Sold Record Number of Annual EksoHealth Units in 2023
Recent Highlights and Accomplishments
- Achieved record revenue of
$18.3 million for the 2023 full year, an increase of 42% year-over-year - Sold a total of 151 EksoHealth units for the 2023 full year
- Launched GaitCoach software for EksoNR
- Announced net proceeds of
$3.9 million from a registered direct offering inJanuary 2024
“We are excited to have closed 2023 with record revenues driven by strong demand for our EksoHealth devices and expanded offerings across the continuum of care from hospital to home,” said
Fourth Quarter 2023 Financial Results
Revenue was
Gross profit for the quarter ended
Sales and marketing expenses for the quarter ended
Research and development expenses for the quarter ended
General and administrative expenses for the quarter ended
Net loss applicable to common stockholders for the quarter ended
Full Year 2023 Financial Results
Revenue for the full year ended
Gross profit for the full year ended
Sales and marketing expenses for the full year ended
Research and development expenses for the full year ended
General and administrative expenses for the full year ended
Net loss applicable to common shareholders for the full year ended
Cash on hand at
For the full year ended
Update on
On
Conference Call
Management will host a conference call today beginning at
Investors interested in listening to the conference call may do so by dialing 877-407-3036 for domestic callers or 201-378-4919 for international callers. A live webcast of the event will be available in the “Investors” section of the Company’s website at www.eksobionics.com, or by clicking here. The webcast will also be available on the Company’s website for one month following the completion of the call.
About
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding the plans, objectives and expectations of management with respect to the Company’s industry, growth and strategy, the actions the Company will take in seeking a reimbursement from CMS and the success of such actions, the timing and amounts of potential CMS reimbursement, the Company’s growth prospects and the assumptions underlying or relating to the foregoing. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing to fund and grow the Company's operations and necessary to develop or enhance the Company’s technology, the Company’s ability to obtain reimbursement from CMS at acceptable levels or at all and the effect and the timing of CMS’s decisions with respect thereto, the significant length of time and resources associated with the development of the Company's products, the Company's failure to achieve broad market acceptance of the Company's products, the failure of the Company’s sales and marketing efforts or of partners to market the Company’s products effectively, adverse results in future clinical studies of the Company's medical device products, the failure of the Company to obtain or maintain patent protection for the Company's technology, the failure of the Company to obtain or maintain regulatory approval to market the Company's medical devices, lack of product diversification, existing or increased competition, disruptions in the Company’s supply chain, the Company’s ability to successfully integrate the HMC business and its personnel, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the
Contact:
212-867-1768
investors@eksobionics.com
Condensed Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and restricted cash | $ | 8,638 | $ | 20,525 | ||||
Accounts receivable, net | 5,645 | 4,625 | ||||||
Inventories | 5,050 | 5,187 | ||||||
Prepaid expenses and other current assets | 875 | 700 | ||||||
Total current assets | 20,208 | 31,037 | ||||||
Property and equipment, net | 2,018 | 2,680 | ||||||
Right-of-use assets | 977 | 1,307 | ||||||
Intangible assets, net | 4,892 | 5,217 | ||||||
431 | 431 | |||||||
Other assets | 392 | 231 | ||||||
Total assets | $ | 28,918 | $ | 40,903 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,847 | $ | 3,151 | ||||
Accrued liabilities | 2,664 | 2,278 | ||||||
Deferred revenues, current | 1,993 | 1,121 | ||||||
Notes payable, current | 1,250 | 2,310 | ||||||
Lease liabilities, current | 363 | 341 | ||||||
Total current liabilities | 8,117 | 9,201 | ||||||
Deferred revenues | 2,169 | 1,032 | ||||||
Notes payable, net | 4,832 | 3,767 | ||||||
Lease liabilities | 723 | 1,087 | ||||||
Warrant liabilities | 366 | 233 | ||||||
Other non-current liabilities | 105 | 141 | ||||||
Total liabilities | 16,312 | 15,461 | ||||||
Stockholders' equity: | ||||||||
Common stock | 15 | 13 | ||||||
Additional paid-in capital | 251,580 | 248,813 | ||||||
Accumulated other comprehensive income | 156 | 563 | ||||||
Accumulated deficit | (239,145 | ) | (223,947 | ) | ||||
Total stockholders' equity | 12,606 | 25,442 | ||||||
Total liabilities and stockholders' equity | $ | 28,918 | $ | 40,903 | ||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Years ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | $ | 4,847 | $ | 3,551 | $ | 18,279 | $ | 12,912 | |||||||
Cost of revenue | 2,478 | 1,873 | 9,200 | 6,698 | |||||||||||
Gross profit | 2,369 | 1,678 | 9,079 | 6,214 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 1,983 | 1,945 | 8,472 | 7,157 | |||||||||||
Research and development | 1,313 | 945 | 5,025 | 3,626 | |||||||||||
General and administrative | 2,522 | 3,224 | 10,694 | 10,987 | |||||||||||
Total operating expenses | 5,818 | 6,114 | 24,191 | 21,770 | |||||||||||
Loss from operations | (3,449 | ) | (4,436 | ) | (15,112 | ) | (15,556 | ) | |||||||
Other (expense) income, net: | |||||||||||||||
Interest expense, net | (66 | ) | (66 | ) | (302 | ) | (156 | ) | |||||||
(Loss) gain on revaluation of warrant liabilities | (319 | ) | 306 | (133 | ) | 1,317 | |||||||||
Unrealized gain (loss) on foreign exchange | 635 | 1,049 | 412 | (655 | ) | ||||||||||
Other expense, net | (15 | ) | (31 | ) | (63 | ) | (30 | ) | |||||||
Total other income (expense), net | 235 | 1,258 | (86 | ) | 476 | ||||||||||
Net loss | $ | (3,214 | ) | $ | (3,178 | ) | $ | (15,198 | ) | $ | (15,080 | ) | |||
Net loss per share, basic and diluted | $ | (0.22 | ) | $ | (0.24 | ) | $ | (1.10 | ) | $ | (1.16 | ) | |||
Weighted average number of shares of common | |||||||||||||||
stock outstanding, basic and diluted | 14,446 | 13,160 | 13,867 | 12,962 | |||||||||||
Source:
2024 GlobeNewswire, Inc., source