Why Ekso Bionics Popped 28 Percent Today


 
 
06:42 08/07/2018

Ekso Bionics Holdings, Inc. EKSO  today reported financial results for the three months ended June 30, 2018. Revenue was $3.0 million for the quarter ended June 30, 2018, which includes approximately $2.4 million in medical device revenue, and $0.6 million in industrial sales.

Revenue was $1.9 million for the quarter ended June 30, 2017, which included approximately $1.5 million in medical revenue, $0.4 million in industrial sales.

Gross profit for the quarter ended June 30, 2018 was $1.0 million, compared to $0.4 million in the quarter ended June 30, 2017, representing a gross margin of just under 33%. This compares to a gross margin for the same period last year of 21%.

Revenue for the six months ended June 30, 2018 was $5.5 million, which includes approximately $4.5 million in medical device revenue, and $1.0 million in industrial sales, compared to $3.3 million for the same period in the prior year. The increase in revenue for the 2018 period is primarily due to a higher volume of medical device sales.

Gross profit for the six months ended June 30, 2018 was approximately $1.7 million, comprised of $1.6 million from medical device sales and $0.1 million from industrial sales, compared to $0.7 million during the same period of 2017. The increase was primarily due to higher sales of medical devices and a higher average selling price.

“In the second quarter of 2018 we achieved records for total revenue, revenue from our rehabilitation segment and placement of rehabilitation units,” said Jack Peurach, President and Chief Executive Officer of Ekso Bionics.

“These records reflect the compelling value proposition that we are able to demonstrate to our customers, particularly those in the rehabilitation market. We believe that EksoGT provides value by enabling better patient outcomes, improving the economics of delivering effective rehabilitation care and allowing customers to increase their patient base. Our expanding international partnership with Ford for the EksoVest demonstrates our ability to deliver an equally compelling value proposition to customers in our industrial segment. The growing traction and execution of our sales strategies, combined with improvements in our customer acquisition costs and operating expenses, are strengthening our financial position. This gives us a solid platform for continued growth of our existing product lines while allowing us to invest in innovating our next generation of mobility solutions.”


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