Ekso Bionics announces fourth quarter financial results
Ekso Bionics Holdings Inc., a company based in San Rafael known for its creation of robotic exoskeletal devices, has recently unveiled its fourth-quarter earnings, reporting an impressive $5.1 million in revenue. This marks a 5% increase compared to the previous year. Over the entire year of 2024, the company reported a total revenue of $17.9 million, a decrease of approximately $400,000, or 1.9%. The decline can be attributed to the lack of two major delivery networks that the company utilized in 2023, impacting their overall earnings.
During the fourth quarter, Ekso Bionics also revealed a quarterly net loss of $3.4 million, a slight increase from the $3.2 million loss reported in the same period the year before. The primary reason for this rise in loss is an unrealized $1.2 million loss on foreign exchange. This loss is typically associated with discrepancies in the balance sheet resulting from international sales transactions.
In terms of operating expenses, Ekso Bionics reported $4.9 million for the fourth quarter, a significant decrease of 15% compared to the same period in 2023. Looking towards the future, CEO Scott Davis expressed the company’s commitment to pursuing two key areas of growth. These areas include expanding patient access to the Ekso Indego Personal device for home use and further increasing demand for the EksoNR version utilized in rehabilitation facilities.
With current assets totaling $18.8 million, Ekso Bionics’ equipment is specifically designed to assist patients affected by paralysis and mobility issues resulting from conditions such as strokes, multiple sclerosis, or brain injuries. By focusing on these two pillars of growth strategy, the company aims to enhance its presence and impact in the market.
It is evident that Ekso Bionics is dedicated to improving the lives of individuals facing mobility challenges through its innovative robotics technology. With a clear vision and strategic approach to growth, the company continues to make strides in its mission to provide solutions for those in need of assistance due to various health conditions.
