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01/09 22:53
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlighted several negative factors: a significant revenue decline, reduced gross profit and margins, and an increased net loss. The Q&A revealed deferred sales due to regulatory issues and uncertainty in Enterprise Health sales recovery. Despite some progress in the Indego Personal business and cost management efforts, the challenges in coding, coverage, and payment processes, alongside supply chain risks and AI integration uncertainties, contribute to a negative sentiment. The lack of clear guidance on grant reliance further exacerbates concerns, likely leading to a negative stock price reaction.
Revenue $2.1 million for Q2 2025, compared to $5 million for Q2 2024, a decrease primarily driven by short-term delays in completing certain multi-device Enterprise Health sales, partially offset by higher Ekso Indego Personal device sales.
Gross Profit $800,000 for Q2 2025, compared to $2.6 million for Q2 2024, a decrease driven by reduced revenues from Enterprise Health devices, partially offset by increased revenues from Ekso Indego Personal devices and reduced service costs.
Gross Margin 40% for Q2 2025, compared to 53% for Q2 2024, a decrease due to fixed cost of goods in relation to decreased Enterprise Health device sales, lower margin sales through distribution, and increased shipping costs, partially offset by improved margins in service.
Operating Expenses $4.8 million for Q2 2025, a 4% improvement from $5 million for Q2 2024, attributed to cost management efforts.
Net Loss $2.7 million for Q2 2025, compared to $2.4 million for Q2 2024, an increase due to lower revenues despite cost management efforts.
Cash and Restricted Cash $5.2 million as of June 30, 2025, no year-over-year comparison provided.
Ekso Indego Personal device: Sales increased significantly, contributing to a 50% growth in Personal Health product revenues year-over-year for the first half of 2025. The device enables individuals with spinal cord injuries to stand and walk independently.
EksoNR device: Continues to serve as a legacy product for rehabilitation settings, assisting individuals recovering from acute and chronic conditions.
Medicare beneficiaries pipeline: Pipeline of over 45 Medicare beneficiaries for Ekso Indego Personal device, up 200% from the end of 2024. This growth is attributed to CMS pricing determination in 2024, which removed barriers for Medicare enrollees.
New distribution partnerships: First order received from National Seating & Mobility and partnership with Bionic P&O, expanding distribution for Ekso Indego Personal device.
Revenue performance: Revenue for Q2 2025 was $2.1 million, down from $5 million in Q2 2024, due to delays in multi-device Enterprise Health sales.
Gross margin: Gross margin decreased to 40% in Q2 2025 from 53% in Q2 2024, impacted by lower Enterprise Health device sales and increased shipping costs.
AI and NVIDIA partnership: Joined NVIDIA Connect program to develop AI capabilities for exoskeletons, including a new AI voice agent for the EksoNR device.
eksoUniversity launch: Introduced a virtual platform for continuing education for physical therapists, aimed at increasing awareness and adoption of exoskeleton technology.
Revenue Decline: The company experienced a significant revenue decline in Q2 2025, with revenue dropping to $2.1 million from $5 million in Q2 2024. This was attributed to delays in completing multi-device Enterprise Health sales and economic uncertainties affecting customer purchases.
Gross Margin Reduction: Gross margin decreased from 53% in Q2 2024 to 40% in Q2 2025, driven by fixed costs, lower-margin sales, and increased shipping costs.
Net Loss: Net loss increased to $2.7 million in Q2 2025 from $2.4 million in Q2 2024, reflecting financial strain.
Customer Purchase Delays: Some U.S. customers delayed purchases due to loss of federal grants and economic uncertainties, pushing sales into late 2025 or early 2026.
Regulatory and Reimbursement Challenges: While CMS pricing determination for the Indego Personal Exoskeleton created opportunities, the company faces complexities in coding, coverage, and payment processes, which could hinder market penetration.
Supply Chain and Distribution Risks: The company relies on partnerships with distributors like National Seating & Mobility and Bionic P&O, which introduces risks related to supply chain and distribution performance.
AI Integration Risks: The company is investing in AI capabilities for its devices, but the success of these initiatives depends on effective implementation and market acceptance.
Deferred Multi-Device Enterprise Health Sales: The company is confident in closing a significant portion of deferred multi-device Enterprise Health sales before year-end 2025.
Ekso Indego Personal Growth: Personal Health product revenues grew by more than 50% year-over-year in the first half of 2025. The company expects increasing contributions from Personal Health products during the remainder of the year and beyond.
CMS Pricing Determination Impact: The CMS pricing determination for the Indego Personal Exoskeleton in Q2 2024 has created significant opportunities for Medicare enrollees with spinal cord injuries. The company has shifted focus to advancing a scalable go-to-market strategy for the personal channel.
AI Integration and NVIDIA Partnership: Ekso has joined the NVIDIA Connect program to develop a proprietary foundation model for human motion and physical rehabilitation. The company is integrating AI capabilities into its devices, including a new AI voice agent for the EksoNR device.
Revenue Recovery: The company anticipates recovering from the Q2 2025 revenue shortfall by closing deferred sales and capitalizing on customer demand in the Enterprise Health market.
Pipeline Development: The company has developed a pipeline of over 45 Medicare beneficiaries as potential candidates for the Indego Personal device in 2025, representing a 200% increase from 2024.
Strategic Partnerships: Partnerships with PRIA Healthcare, National Seating & Mobility, and Bionic P&O are expected to enhance market access and distribution for the Indego Personal device.
AI-Powered Growth Strategy: The integration of AI capabilities is a key pillar of the company's growth strategy, aimed at advancing exoskeleton technology and enabling broader adoption for personal use.
The selected topic was not discussed during the call.
The earnings call highlighted several negative factors: a significant revenue decline, reduced gross profit and margins, and an increased net loss. The Q&A revealed deferred sales due to regulatory issues and uncertainty in Enterprise Health sales recovery. Despite some progress in the Indego Personal business and cost management efforts, the challenges in coding, coverage, and payment processes, alongside supply chain risks and AI integration uncertainties, contribute to a negative sentiment. The lack of clear guidance on grant reliance further exacerbates concerns, likely leading to a negative stock price reaction.
The earnings call presents a mixed picture: while there are positive developments such as improved cash position, strong gross margins, and strategic partnerships, there are also concerns about revenue decline, macroeconomic uncertainties, and reliance on enterprise health. The Q&A section did not alleviate these concerns, with management unable to provide clear guidance on certain issues. The lack of a share repurchase program further tempers positive sentiment. Given these factors, the likely stock price movement is neutral, within the -2% to 2% range over the next two weeks.
The earnings call presents a mixed outlook. Positive aspects include improved gross margins and reduced operating expenses, along with optimistic guidance for multi-unit orders in North America. However, the company missed EPS expectations and faces regulatory and market access challenges, which could temper investor enthusiasm. The lack of a share repurchase program and unclear timelines for private payer engagement further contribute to a neutral sentiment. The company's financial performance shows slight improvement, but not enough to strongly impact the stock price positively or negatively.
The earnings call presents mixed signals: improved financial metrics, optimistic guidance, and expanding market presence are positive, but offset by regulatory uncertainties, competitive pressures, and supply chain risks. The lack of a share repurchase program and unclear management responses in the Q&A session further contribute to a cautious outlook. With no new partnerships or strong catalysts, the stock is likely to remain stable, resulting in a neutral sentiment.
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