Ekso Bionics Holdings, Inc. (EKSO) Bundle
An Overview of Ekso Bionics Holdings, Inc. (EKSO)
An Overview of Ekso Bionics Holdings, Inc. (EKSO)
Ekso Bionics Holdings, Inc. (EKSO) was founded in 2005 and is headquartered in the San Francisco Bay area. The company specializes in designing, developing, and marketing wearable powered and non-powered exoskeleton products aimed at augmenting human strength, endurance, and mobility. Its products primarily serve the medical market, focusing on rehabilitation for individuals with neurological conditions, as well as providing solutions for industrial applications to assist able-bodied users in performing physically demanding tasks.
As of 2024, Ekso Bionics offers a range of products, including:
- EksoNR: A robotic exoskeleton for rehabilitation.
- Ekso Indego: A device designed for both therapy and personal use.
- EVO: An industrial exoskeleton aimed at reducing fatigue and increasing productivity in the workplace.
In terms of sales, Ekso Bionics reported a total revenue of $12.835 million for the nine months ended September 30, 2024, compared to $13.432 million for the same period in 2023, reflecting a decrease of 4%.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, Ekso Bionics reported revenues of $4.129 million, down from $4.607 million in the same quarter of 2023. The decrease was attributed to a reduction in sales from both the EksoHealth and EksoWorks segments.
Key financial metrics for the nine months ended September 30, 2024, include:
| Metric | 2024 | 2023 | % Change |
|---|---|---|---|
| Revenue | $12.835 million | $13.432 million | (4%) |
| Gross Profit | $6.797 million | $6.710 million | 1% |
| Operating Expenses | $15.027 million | $18.373 million | (18%) |
| Net Loss | $(7.917) million | $(11.984) million | 34% |
The company's gross profit margin improved to 53% for the nine months ended September 30, 2024, compared to 50% for the same period in 2023, indicating effective cost management strategies. Furthermore, operating expenses decreased by 18%, reflecting cost-cutting measures across sales, marketing, and general administrative functions.
Introduction to Company as One of the Leading Companies in the Industry
Ekso Bionics is recognized as a leader in the exoskeleton industry, leveraging its advanced technology to provide innovative solutions for rehabilitation and industrial applications. The company has established a strong presence in the medical sector, particularly following the recent establishment of Medicare reimbursement for its devices, which is expected to enhance revenue and market penetration.
As of September 30, 2024, the company had cash and cash equivalents totaling $8.292 million, reflecting a strategic position to support ongoing research, development, and operational initiatives. The company's commitment to advancing rehabilitation technology and improving the quality of life for patients positions it favorably within the market, making it a significant player in the exoskeleton industry.
Mission Statement of Ekso Bionics Holdings, Inc. (EKSO)
Mission Statement of Ekso Bionics Holdings, Inc. (EKSO)
Ekso Bionics Holdings, Inc. (EKSO) has established a mission statement that emphasizes its commitment to enhancing human capabilities through advanced exoskeleton technology. This mission serves as a foundation for the company's strategic direction and operational objectives, focusing on improving the quality of life for individuals with mobility impairments and augmenting human strength and efficiency in industrial applications.
Core Component 1: Innovation in Exoskeleton Technology
The first core component of Ekso Bionics' mission is its dedication to innovation. The company invests significantly in research and development, with approximately $3.0 million allocated to this area in the first nine months of 2024. This commitment is reflected in their product offerings, including the EksoNR and Ekso Indego devices, which are designed for rehabilitation in medical settings.
In the fiscal year 2024, the revenue generated from the EksoHealth segment was $12.4 million, showcasing the demand for their innovative products. The focus on innovation not only drives product development but also positions Ekso as a leader in the burgeoning field of assistive technologies.
Core Component 2: Commitment to Quality of Life
Ekso Bionics aims to improve the quality of life for users of its products. This commitment is evident in their user-centric design philosophy that prioritizes accessibility and effectiveness. The company reported a gross profit margin of 53% for the nine months ending September 30, 2024, indicating efficient cost management while maintaining high-quality standards in their product line.
The company's efforts to secure reimbursement from Medicare for the Ekso Indego Personal device further illustrate its commitment to enhancing patient access to life-changing technology. In 2024, the establishment of this reimbursement policy is expected to facilitate increased sales and wider adoption of their products, directly impacting users' quality of life.
Core Component 3: Empowering Industries
Ekso Bionics also focuses on empowering industries through its EksoWorks segment. This division offers exoskeleton solutions that enhance productivity and reduce worker fatigue in industrial environments. The revenue from EksoWorks was reported at $405,000 for the first nine months of 2024. By providing tools that enable workers to perform physically demanding tasks with greater ease, Ekso supports both safety and efficiency in the workplace.
In addition, the company is exploring strategic partnerships to expand its market reach and application of its technology in various sectors. This proactive approach is pivotal as industries increasingly recognize the benefits of exoskeleton technology in improving workforce capabilities and reducing occupational injuries.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue (Total) | $4.129 million | $4.607 million | -10% |
| Gross Profit | $2.209 million | $2.456 million | -10% |
| Operating Expenses | $4.848 million | $5.387 million | -10% |
| Net Loss | ($2.072 million) | ($3.365 million) | 38% |
Vision Statement of Ekso Bionics Holdings, Inc. (EKSO)
Vision Statement Overview
The vision statement of Ekso Bionics Holdings, Inc. (EKSO) is centered around the commitment to revolutionizing rehabilitation and enhancing the quality of life through advanced bionic technologies. This vision is expressed through the company's strategic focus on innovation and excellence in exoskeleton design and application.
Commitment to Innovation
Ekso Bionics aims to be a leader in the design and development of bionic exoskeletons. The company is focused on continuous research and development, with a significant portion of its resources allocated to this area. For the nine months ended September 30, 2024, the company spent approximately $3.03 million on research and development, a decrease of 18% compared to $3.71 million during the same period in 2023.
Enhancing Quality of Life
At the core of EKSO's vision is the goal of improving patients' mobility and independence. The company focuses on creating products that facilitate rehabilitation for individuals with mobility challenges. The EksoHealth segment generated $12.43 million in revenue for the nine months ended September 30, 2024, compared to $13.07 million in the same period in 2023, indicating a slight decline but reflecting ongoing demand for their devices.
Market Leadership
EKSO strives for market leadership in the bionic technology space. The company aims to expand its reach globally while maintaining a strong presence in the U.S. market. As of September 30, 2024, the company's total liabilities were approximately $14.34 million, down from $16.31 million at the end of 2023. This reduction indicates a strategic focus on financial health as they pursue growth opportunities.
Collaboration and Partnerships
Ekso Bionics actively seeks partnerships to enhance its technological capabilities and market reach. The company has established collaborations with notable institutions, allowing it to leverage existing research and technology. The establishment of Medicare CMS reimbursement for the Ekso Indego Personal device is a significant milestone, expected to drive revenue growth and expand access to their products.
Financial Performance Indicators
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) | Change |
|---|---|---|---|
| Revenue | $12.83 million | $13.43 million | -4% |
| Gross Profit | $6.80 million | $6.71 million | +1% |
| Operating Expenses | $15.03 million | $18.37 million | -18% |
| Net Loss | $(7.92) million | $(11.98) million | +34% |
Future Outlook
Looking forward, Ekso Bionics is committed to enhancing its product offerings and expanding its market presence. The company reported a cash balance of approximately $8.3 million as of September 30, 2024, with an effective unrestricted cash of about $6.29 million after considering cash restrictions. This financial positioning supports their vision of growth and innovation in the bionic technology sector.
Core Values of Ekso Bionics Holdings, Inc. (EKSO)
Commitment to Innovation
The core value of commitment to innovation is fundamental to Ekso Bionics Holdings, Inc. (EKSO). This value emphasizes the importance of continuous improvement and advancement in technology to enhance the quality of life for individuals utilizing their products.
In 2024, Ekso Bionics launched the Ekso Indego Personal device, which received Medicare CMS reimbursement approval, allowing broader access for patients. This initiative aligns with their goal to innovate in the medical device sector, focusing on exoskeleton technology. The revenue from EksoHealth for the nine months ended September 30, 2024, was $12.4 million, reflecting a strategic push towards expanding their product line.
Customer-Centric Approach
Ekso Bionics places a strong emphasis on a customer-centric approach, which is crucial for maintaining its market position in the medical device industry. This value drives the company to prioritize customer needs and feedback in product development.
In 2024, the company reported a gross profit margin increase to 53% compared to 50% in 2023, attributed to cost-saving measures and improved customer service. Additionally, the company has established a dedicated support line for healthcare professionals to facilitate better service and training related to their products.
Integrity and Accountability
Integrity and accountability are essential values that guide the operations of Ekso Bionics. The company is committed to transparency in its financial reporting and compliance with regulations.
As of September 30, 2024, Ekso Bionics had an accumulated deficit of $247.1 million, reflecting its ongoing investment in research and development while maintaining transparency with stakeholders. The company also adheres to stringent licensing agreements, ensuring that they fulfill obligations related to intellectual property, such as paying 1% of net sales of licensed medical devices to the Regents of the University of California.
Collaboration and Teamwork
The value of collaboration and teamwork underpins the culture at Ekso Bionics. The company believes in fostering a collaborative environment to drive innovation and achieve operational excellence.
In 2024, Ekso Bionics has actively engaged in partnerships with academic institutions for research purposes, enhancing its product development capabilities. The company has also issued shares to employees as part of its 401(k) matching program, demonstrating a commitment to team welfare and engagement.
Focus on Quality
Focus on quality is a core value that Ekso Bionics upholds to ensure that its products meet high standards of safety and effectiveness. This commitment is critical in the medical device market, where reliability is paramount.
In Q3 2024, Ekso Bionics reported that their devices underwent rigorous testing protocols, contributing to the company's ability to maintain a competitive edge. The EksoWorks segment reported an increase in device revenue, indicating customer trust in product quality.
| Core Value | Initiatives | Financial Impact |
|---|---|---|
| Commitment to Innovation | Launch of Ekso Indego Personal device | Revenue of $12.4 million from EksoHealth |
| Customer-Centric Approach | Dedicated support line for healthcare professionals | Gross profit margin increased to 53% |
| Integrity and Accountability | Transparent financial reporting | Accumulated deficit of $247.1 million |
| Collaboration and Teamwork | Partnerships with academic institutions | Employee participation in 401(k) matching program |
| Focus on Quality | Rigorous testing protocols for devices | Increased device revenue in EksoWorks segment |
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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.