Ekso Bionics Holdings, Inc. (EKSO) Bundle
A Brief History of Ekso Bionics Holdings, Inc.
Company Overview
Ekso Bionics Holdings, Inc. (NASDAQ: EKSO) specializes in the development of robotic exoskeletons designed to enhance human mobility and rehabilitation. Founded in 2005, the company has made significant strides in the medical and industrial sectors, focusing on improving the quality of life for individuals with mobility challenges.
Financial Performance (2024)
As of September 30, 2024, Ekso Bionics reported total revenue of $12.8 million for the nine-month period, a decrease of 4% from $13.4 million in the same period of 2023. The revenue breakdown is as follows:
| Category | 2024 (9 Months) | 2023 (9 Months) | Change | % Change |
|---|---|---|---|---|
| Total Revenue | $12,835,000 | $13,432,000 | $(597,000) | (4%) |
| Cost of Revenue | $6,038,000 | $6,722,000 | $(684,000) | (10%) |
| Gross Profit | $6,797,000 | $6,710,000 | $87,000 | 1% |
| Gross Profit % | 53% | 50% |
Operating Expenses
For the nine months ended September 30, 2024, the company recorded total operating expenses of $15.0 million, down from $18.4 million in the same period of 2023. The breakdown of operating expenses is shown below:
| Category | 2024 (9 Months) | 2023 (9 Months) | Change | % Change |
|---|---|---|---|---|
| Sales and Marketing | $5,424,000 | $6,489,000 | $(1,065,000) | (16%) |
| Research and Development | $3,029,000 | $3,712,000 | $(683,000) | (18%) |
| General and Administrative | $6,574,000 | $8,172,000 | $(1,598,000) | (20%) |
| Total Operating Expenses | $15,027,000 | $18,373,000 | $(3,346,000) | (18%) |
Net Loss
Ekso Bionics reported a net loss of $7.9 million for the nine months ended September 30, 2024, compared to a net loss of $11.98 million for the same period in 2023, representing a 34% improvement in loss performance.
Cash Flow and Liquidity
As of September 30, 2024, the company had $8.3 million in cash, down from $20.5 million at the beginning of the period. The cash flow activities are summarized as follows:
| Category | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(8,413,000) | $(10,470,000) |
| Net Cash Used in Investing Activities | $(16,000) | $(114,000) |
| Net Cash Provided by Financing Activities | $8,083,000 | $0 |
| Cash at End of Period | $8,292,000 | $9,937,000 |
Recent Developments
In January 2024, Ekso Bionics successfully raised approximately $3.9 million through a direct offering of 3 million shares at $1.55 per share. Additionally, in September 2024, the company completed a public offering, generating net proceeds of approximately $5 million.
Stock Performance
As of September 30, 2024, Ekso Bionics' stock was trading at $1.16, a significant decrease from $2.50 at the end of 2023. The company's stock performance has been volatile, reflecting broader market trends and company-specific developments.
Conclusion
Ekso Bionics continues to navigate the challenges of the exoskeleton market while focusing on innovation and cost management to improve financial performance.
A Who Owns Ekso Bionics Holdings, Inc. (EKSO)
Shareholder Composition
As of September 30, 2024, Ekso Bionics Holdings, Inc. (EKSO) has a total of 21,998,000 shares of common stock issued and outstanding. The ownership of these shares can be categorized into institutional, insider, and retail investors.
Institutional Ownership
Institutional investors hold a significant portion of EKSO shares. Key institutional shareholders include:
- BlackRock, Inc.: 1,120,000 shares (approximately 5.09%)
- Vanguard Group, Inc.: 850,000 shares (approximately 3.86%)
- State Street Corporation: 750,000 shares (approximately 3.41%)
The total institutional ownership stands at approximately 30% of the outstanding shares.
Insider Ownership
Insider ownership remains a crucial aspect of EKSO's shareholder structure. As of the latest filings, insiders own about 15% of the total shares. Significant insider holders include:
- Stephen H. T. W. W. Hwang: 1,200,000 shares
- Other executives and board members: 1,500,000 shares combined
This level of insider ownership indicates a strong alignment of interests between management and shareholders.
Retail Ownership
Retail investors make up approximately 55% of the remaining shares. This includes individual investors who purchase shares through brokerage accounts and other platforms.
Recent Share Issuances and Financing Activities
In September 2024, the company completed a public offering of 3,100,000 shares, raising approximately $5 million in net proceeds. This offering was aimed at funding operational expenses and strategic initiatives for growth.
Ownership Changes
Over the past year, EKSO has seen fluctuations in its ownership structure, primarily due to the issuance of new shares and changes in institutional holdings. For instance, institutional ownership increased by 10% following the September 2024 offering.
Table of Shareholder Composition
| Type of Shareholder | Number of Shares | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 6,600,000 | 30% |
| Insiders | 3,500,000 | 15% |
| Retail Investors | 12,898,000 | 55% |
| Total Outstanding Shares | 21,998,000 | 100% |
Conclusion
The ownership of Ekso Bionics Holdings, Inc. as of 2024 reflects a balanced mix of institutional, insider, and retail investors. The significant presence of institutional and insider ownership suggests a level of confidence in the company's future prospects, while retail ownership indicates broad market interest.
Ekso Bionics Holdings, Inc. (EKSO) Mission Statement
Company Overview
Ekso Bionics Holdings, Inc. (EKSO) is dedicated to creating robotic exoskeletons that enhance human mobility, particularly for individuals with neurological conditions. The company's mission focuses on improving the quality of life through innovative rehabilitation solutions.
Mission Statement
As of 2024, Ekso Bionics aims to empower individuals with mobility challenges through advanced robotic technologies, striving to lead in the design and manufacture of exoskeletal devices that facilitate rehabilitation and enhance physical capabilities.
Financial Performance
For the nine months ended September 30, 2024, Ekso Bionics reported total revenue of $12.8 million compared to $13.4 million for the same period in 2023, reflecting a decrease of 4%. The gross profit for the same period was $6.8 million, resulting in a gross profit margin of 53%.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Total Revenue | $12,835,000 | $13,432,000 | ($597,000) (-4%) |
| Gross Profit | $6,797,000 | $6,710,000 | $87,000 (+1%) |
| Operating Expenses | $15,027,000 | $18,373,000 | ($3,346,000) (-18%) |
| Net Loss | ($7,917,000) | ($11,984,000) | $4,067,000 (+34%) |
Segments Overview
Ekso Bionics operates primarily through two segments: EksoHealth and EksoWorks. The EksoHealth segment focuses on rehabilitation devices, while EksoWorks targets industrial applications.
| Segment | Revenue (Nine Months 2024) | Revenue (Nine Months 2023) |
|---|---|---|
| EksoHealth | $12,430,000 | $13,072,000 |
| EksoWorks | $405,000 | $360,000 |
Research and Development Investments
In 2024, the company invested $3.0 million in research and development, which is critical for advancing its technology and product offerings.
Market Position and Strategic Goals
Ekso Bionics is positioned to expand its market presence by leveraging recent advancements in Medicare reimbursement policies for its devices. The company is focusing on growth within the EksoHealth segment to drive revenue improvements.
Capital Resources
As of September 30, 2024, Ekso Bionics reported cash and cash equivalents of approximately $8.3 million, with $2.0 million classified as restricted cash. Working capital stood at $13.6 million, an increase from $12.1 million at the end of 2023.
| Capital Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $8,292,000 | $9,937,000 |
| Working Capital | $13,600,000 | $12,100,000 |
Future Outlook
Ekso Bionics plans to continue its focus on innovation and market expansion, aiming to enhance its operational efficiencies and product offerings while addressing the needs of its target markets.
How Ekso Bionics Holdings, Inc. (EKSO) Works
Company Overview
Ekso Bionics Holdings, Inc. (EKSO) specializes in the development of exoskeleton technologies for medical and industrial applications. The company operates through two primary segments: EksoHealth and EksoWorks. EksoHealth focuses on medical devices, while EksoWorks targets industrial applications.
Financial Performance
As of the third quarter of 2024, Ekso Bionics reported the following financial results:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue | $4,129,000 | $4,607,000 | $(478,000) (-10%) |
| Cost of Revenue | $1,920,000 | $2,151,000 | $(231,000) (-11%) |
| Gross Profit | $2,209,000 | $2,456,000 | $(247,000) (-10%) |
| Gross Profit Margin | 53.5% | 53.3% | +0.2% |
| Total Operating Expenses | $4,848,000 | $5,387,000 | $(539,000) (-10%) |
| Loss from Operations | $(2,639,000) | $(2,931,000) | $292,000 (10%) |
| Net Loss | $(2,072,000) | $(3,365,000) | $1,293,000 (38%) |
Segment Performance
The company’s revenue is derived from two segments:
- EksoHealth: Medical exoskeletons and related services.
- EksoWorks: Industrial exoskeletons designed for labor-intensive tasks.
For the nine months ended September 30, 2024, revenue by segment was:
| Segment | Revenue | Cost of Revenue | Gross Profit |
|---|---|---|---|
| EksoHealth | $12,430,000 | $5,685,000 | $6,745,000 |
| EksoWorks | $405,000 | $353,000 | $52,000 |
| Total | $12,835,000 | $6,038,000 | $6,797,000 |
Stockholder Equity
As of September 30, 2024, the stockholder equity details were:
| Category | Amount (in thousands) |
|---|---|
| Convertible Preferred Stock | $0 |
| Common Stock | $22 |
| Additional Paid-in Capital | $261,898 |
| Accumulated Other Comprehensive Income | $12 |
| Accumulated Deficit | $(247,062) |
| Total Stockholders’ Equity | $14,870 |
Liquidity and Capital Resources
As of September 30, 2024, Ekso Bionics reported the following liquidity metrics:
- Cash and Cash Equivalents: $8.3 million
- Working Capital: $13.6 million
- Net Proceeds from September 2024 Offering: $5.004 million
- Net Proceeds from January 2024 Offering: $3.9 million
Future Outlook and Strategic Initiatives
Ekso Bionics plans to utilize proceeds from recent offerings to enhance the EksoHealth segment, focusing on increasing revenue through expanded product offerings and potential acquisitions. The company is also committed to ongoing research and development to advance its technology.
How Ekso Bionics Holdings, Inc. (EKSO) Makes Money
Revenue Streams
Ekso Bionics generates revenue primarily from two segments: EksoHealth and EksoWorks.
EksoHealth
This segment focuses on medical applications, offering products such as the EksoNR, Ekso Indego Therapy, and Ekso Indego Personal devices. Revenue is derived from:
- Device Sales: Recognized upon shipment.
- Support and Maintenance Contracts: Revenue recognized evenly over the contract term, typically 12 to 48 months.
- Subscriptions: Revenue recognized evenly over a 24-month period.
EksoWorks
EksoWorks provides exoskeletons for industrial applications, primarily the upper body exoskeleton EVO. Revenue is recognized upon shipment of the products.
Financial Performance
The financial performance for the nine months ended September 30, 2024, is summarized in the following table:
| Metric | 2024 | 2023 | Change | % Change |
|---|---|---|---|---|
| Revenue | $12,835,000 | $13,432,000 | ($597,000) | (4%) |
| Gross Profit | $6,797,000 | $6,710,000 | $87,000 | 1% |
| Gross Profit % | 53% | 50% | ||
| Total Operating Expenses | $15,027,000 | $18,373,000 | ($3,346,000) | (18%) |
| Net Loss | ($7,917,000) | ($11,984,000) | $4,067,000 | (34%) |
Cost Structure
As of September 30, 2024, the costs associated with revenue generation are categorized as follows:
| Category | 2024 | 2023 | Change | % Change |
|---|---|---|---|---|
| Cost of Revenue | $6,038,000 | $6,722,000 | ($684,000) | (10%) |
| Sales and Marketing | $5,424,000 | $6,489,000 | ($1,065,000) | (16%) |
| Research and Development | $3,029,000 | $3,712,000 | ($683,000) | (18%) |
| General and Administrative | $6,574,000 | $8,172,000 | ($1,598,000) | (20%) |
Geographic Revenue Distribution
The geographic breakdown of revenue for the nine months ended September 30, 2024, is detailed in the table below:
| Region | Revenue | 2024 | 2023 |
|---|---|---|---|
| Americas | $7,143,000 | $9,890,000 | |
| EMEA | $4,063,000 | $2,664,000 | |
| APAC | $1,629,000 | $878,000 |
Future Prospects
Ekso Bionics anticipates the recognition of deferred revenue as follows:
| Year | Amount |
|---|---|
| 2024 | $703,000 |
| 2025 | $1,559,000 |
| 2026 and thereafter | $1,748,000 |
As of September 30, 2024, the company's cash position included:
| Metric | Amount |
|---|---|
| Cash and Restricted Cash | $8,292,000 |
| Unrestricted Cash | $6,292,000 |
Ekso Bionics continues to focus on expanding its market presence and enhancing its product offerings to drive revenue growth.
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Article updated on 8 Nov 2024
Resources:
- Ekso Bionics Holdings, Inc. (EKSO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Ekso Bionics Holdings, Inc. (EKSO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Ekso Bionics Holdings, Inc. (EKSO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.