Q3 2024 Ekso Bionics Holdings Inc Earnings Call Transcript
Key Points
- Ekso Bionics Holdings Inc (EKSO) achieved a significant milestone with the approval and reimbursement of the initial CMS claim for the Ekso Indigo Personal device, benefiting patients with spinal cord injuries.
- The company has seen success in digital marketing strategies, resulting in an influx of new qualified leads.
- Ekso Bionics Holdings Inc (EKSO) has improved its operating margins by reducing operating expenses and achieving cost savings in supply chain and inventory management.
- International demand, particularly in Europe, remains strong, with record sales levels achieved in the region.
- The company has a strong presence in the U.S., with Ekso NR devices deployed in nine of the top ten rehabilitation centers, indicating its technology is becoming a standard of care for lower extremity neurorehabilitation.
- Quarterly sales decreased to $4.1 million in Q3 2024 from $4.6 million in Q3 2023, indicating a decline in revenue.
- U.S. sales were affected by fluctuations in procurement cycles and delays in capital purchases by several customers.
- The reimbursement process for CMS claims is taking time, with only one claim reimbursed to date, causing potential delays in revenue recognition.
- Sales of the Ekso Works industrial segment were impacted by labor strikes in U.S. manufacturing industries.
- The company experienced lower margin sales due to increased volume through distribution, affecting overall profitability.
Greetings and welcome to the Ekso Bionics quarter 3, 2024 financial results call. (Operator Instructions) As a reminder this conference is being recorded. It is now my pleasure to introduce Matt Steinberg, Finn partners. Thank you. 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 September 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 meaning 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 forward
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