Q2 2024 Ekso Bionics Holdings Inc Earnings Call Transcript
Key Points
- Ekso Bionics Holdings Inc (EKSO) achieved record quarterly sales of $5 million in Q2 2024.
- The company sold 37 EksoHealth devices, indicating strong demand for their products.
- Gross margin improved to 53% from 48% in the same quarter last year, driven by higher average selling prices and lower device costs.
- CMS established a Medicare reimbursement level of $91,031 for the Ekso Indego Personal, expanding access to individuals with spinal cord injuries.
- Operating expenses decreased significantly from $6.5 million in Q2 2023 to $5 million in Q2 2024, reflecting cost management efforts.
- Despite record sales, the company still reported a net loss of $2.4 million for the quarter.
- US sales were slightly affected by typical fluctuations in procurement cycles for larger integrated delivery network customers.
- Cash and restricted cash decreased from $8.6 million as of December 31, 2023, to $5.9 million as of June 30, 2024.
- Revenue for the first half of 2024 was slightly down at $8.7 million compared to $8.8 million for the same period in 2023.
- The company is still in the early stages of ramping up the CMS reimbursement process for the Ekso Indego Personal, with only a handful of claims submitted so far.
Greetings, and welcome to the Ekso Bionics Q2 2024 financial results. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Matt Steinberg with FINN Partners. Thank you, matt. You may begin.
Thank you, operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Scott Davis, Chief Executive Officer; and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.
Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meanings of the federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are not statements of historical facts should be deemed to be
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