Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) announced that it recognized revenue from the sale of 16 Ekso GT systems in the fourth quarter ended December 31, 2016, an increase of 33% compared to 12 systems for the third quarter of 2016. Total systems sold in the fourth quarter of 2016 include the sale of 12 new units, the conversion of two rental units to a sale and the recognition of revenue on two units previously deferred. The Company also recognized revenue from the sale of 58 industrial units in the fourth quarter of 2016, an increase of 29% compared to 45 units for the third quarter of 2016. For the full year ended December 31, 2016, the Company sold 41 Ekso GT systems and 142 industrial units.
Based on currently available operating and ﬁnancial information, Ekso Bionics expects to report revenue of over $2.5 million for the fourth quarter ended December 31, 2016, an increase of more than 50% compared to revenues of $1.6 million for the third quarter of 2016. For the full year, Ekso expects to report revenue of over $14.0 million compared to revenue of $8.7 million in 2015. The 2016 revenue includes $6.5 million resulting from the one-time, non-cash recognition of previously deferred medical device revenue due to a change in the Company’s accounting policy for medical device revenue. The 2015 revenue included $4.4 million from Engineering Services, whose resources Ekso Bionics has since redeployed to further the development of its next-generation medical device and industrial products. The Company finished the year with approximately $16.8 million of cash on its balance sheet.
The anticipated results in this press release are based on management’s preliminary unaudited analysis of ﬁnancial results for the period and year ended December 31, 2016. As of the date of this press release, the Company has not completed its financial statement reporting process for the period ended December 31, 2016. During the course of that process, the Company may identify items that would require it to make adjustments, which may be material, to the information presented above. As a result, the estimates above constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary operating results.
“The sales, marketing and clinical traction our team is gaining, now that we have a few quarters under our belt with an FDA clearance, is evidenced by our results this quarter, which represents our strongest quarter for the North American medical device business since the inception of Ekso Bionics. This progress supports the excitement and optimism we have for our potential in the rehabilitation market,” commented Thomas Looby, President and Chief Executive Ofﬁcer. “We see similar momentum building in our industrial business, as pilot programs are readily transitioning to commercial opportunities. I believe that the continued execution of our solid growth strategies, the large target market opportunities, and the value proposition of our technologies will continue to bolster the market’s embracing of our products.”
The Company also has received IRB approvals from three of the eight centers that are actively involved with Ekso’s previously announced WISE study. Two of the IRB-approved centers are actively enrolling patients. WISE is the Ekso-sponsored study, led by Burke Rehabilitation Institute, that is evaluating improvement in independent gait speeds of incomplete spinal cord injury patients undergoing rehabilitation with the Ekso GT.
“Together, these significant achievements position Ekso Bionics to accelerate the adoption of the Ekso GT as the standard of care, and for 2017 to be a really impactful year for our company and our customers,” added Looby. (Original Source)
Shares of Ekso are currently rising 9.13% to $4.54, or up $0.38 in pre-market trading Monday. EKSO has a 1-year high of $6.38 and a 1-year low of $3.45. The stock’s 50-day moving average is $4.34 and its 200-day moving average is $4.69.
Ekso Bionics Holdings, Inc. designs, develops and sells wearable bionic human exoskeletons that have applications in healthcare, industrial, military, and consumer markets. The company operates through Engineering Services and Medical business segments. The Engineering services segment engages in research and development service arrangements, technology license agreements, and government grants. The Medical service segment designs, engineers, and manufactures exoskeletons for applications in the medical and military markets.