[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited statements show an $8.3 million cash balance, a $7.9 million net loss for the nine months ended, and a going concern warning Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Items | Sep 30, 2024 (unaudited) | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and restricted cash | $8,292 | $8,638 | | Total current assets | $21,066 | $20,208 | | Total assets | $29,209 | $28,918 | | Total current liabilities | $7,506 | $8,117 | | Total liabilities | $14,339 | $16,312 | | Total stockholders' equity | $14,870 | $12,606 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $4,129 | $4,607 | $12,835 | $13,432 | | Gross Profit | $2,209 | $2,456 | $6,797 | $6,710 | | Loss from operations | ($2,639) | ($2,931) | ($8,230) | ($11,663) | | Net loss | ($2,072) | ($3,365) | ($7,917) | ($11,984) | | Net loss per share | ($0.10) | ($0.24) | ($0.42) | ($0.88) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($8,413) | ($10,470) | | Net cash used in investing activities | ($16) | ($114) | | Net cash provided by financing activities | $8,083 | $0 | | Net decrease in cash | ($346) | ($10,588) | | Cash at end of period | $8,292 | $9,937 | - The company has a history of significant operating losses and negative cash flows, raising **substantial doubt about its ability to continue as a going concern** for the next year[18](index=18&type=chunk)[20](index=20&type=chunk) - As of September 30, 2024, the **accumulated deficit was $247.1 million**[18](index=18&type=chunk)[20](index=20&type=chunk) [Note 6. Revenue](index=16&type=section&id=Note%206.%20Revenue) Revenue of $12.8 million for the nine months was driven by the EksoHealth segment, with a backlog of $3.4 million Revenue by Major Source - Nine Months Ended Sep 30, 2024 (in thousands) | Revenue Source | EksoHealth | EksoWorks | Total | | :--- | :--- | :--- | :--- | | Device revenue | $9,337 | $351 | $9,688 | | Service and support | $2,292 | - | $2,292 | | Subscriptions | $413 | - | $413 | | Parts and other | $388 | $54 | $442 | | **Total** | **$12,430** | **$405** | **$12,835** | - As of September 30, 2024, the company had **deferred revenue of $4.0 million**, primarily from unearned revenue on extended support and maintenance contracts[59](index=59&type=chunk)[60](index=60&type=chunk) - The company has a **non-cancellable backlog of $3.4 million** from unfulfilled customer orders and other services, expected to be recognized in 2024 and 2025[62](index=62&type=chunk) [Note 9. Notes Payable, net](index=21&type=section&id=Note%209.%20Notes%20Payable%2C%20net) The company holds two major debt instruments, including a $2.0 million loan with a restrictive cash covenant - The BoC Term Loan has a liquidity covenant requiring the company to maintain cash equal to the **outstanding balance of $2.0 million** in accounts with the lender[79](index=79&type=chunk) - In connection with the HMC Acquisition, the company issued a **$5.0 million unsecured, subordinated promissory note** to Parker Hannifin, payable in quarterly installments[83](index=83&type=chunk) [Note 11. Capitalization and Equity Structure](index=25&type=section&id=Note%2011.%20Capitalization%20and%20Equity%20Structure) The company raised capital through two equity offerings in 2024 and has a significant number of warrants outstanding - In September 2024, the company completed an underwritten public offering, raising **net proceeds of approximately $5.0 million** through the sale of common stock and various warrants[96](index=96&type=chunk)[210](index=210&type=chunk) - In January 2024, a registered direct offering of common stock raised **net proceeds of approximately $3.9 million**[97](index=97&type=chunk)[211](index=211&type=chunk) - As of September 30, 2024, the company had warrants outstanding to purchase approximately **15.6 million shares of common stock**[100](index=100&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [Note 16. Segment Disclosures](index=34&type=section&id=Note%2016.%20Segment%20Disclosures) The EksoHealth segment dominates revenue, with the Americas being the largest geographic market Segment Gross Profit - Nine Months Ended Sep 30, 2024 (in thousands) | Segment | Revenue | Cost of Revenue | Gross Profit | | :--- | :--- | :--- | :--- | | EksoHealth | $12,430 | $5,685 | $6,745 | | EksoWorks | $405 | $353 | $52 | | **Total** | **$12,835** | **$6,038** | **$6,797** | Revenue by Geographic Region - Nine Months Ended Sep 30, 2024 (in thousands) | Region | Revenue 2024 | Revenue 2023 | | :--- | :--- | :--- | | Americas | $7,143 | $9,890 | | EMEA | $4,063 | $2,664 | | APAC | $1,629 | $878 | | **Total** | **$12,835** | **$13,432** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses lower Q3 revenue, improved net loss, and a strategic focus on the Personal Health line - The company's Personal Health business line is expected to have a **higher growth rate** than the Enterprise Health line, driven by recent CMS approval for Medicare reimbursement[169](index=169&type=chunk)[172](index=172&type=chunk) Results of Operations Comparison - Q3 2024 vs Q3 2023 (in thousands) | Metric | Q3 2024 | Q3 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $4,129 | $4,607 | ($478) | (10)% | | Gross Profit | $2,209 | $2,456 | ($247) | (10)% | | Total Operating Expenses | $4,848 | $5,387 | ($539) | (10)% | | Net Loss | ($2,072) | ($3,365) | $1,293 | (38)% | - **Operating expenses decreased across the board** in Q3 2024 vs Q3 2023: Sales and marketing down 14%, and R&D down 33%, due to lower headcount and consultant use[191](index=191&type=chunk) - The company's unrestricted cash was approximately **$6.3 million** as of September 30, 2024, and management states that **substantial doubt exists** about meeting cash needs[208](index=208&type=chunk)[219](index=219&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk profile during the first nine months of 2024 - **No material changes in market risk** were identified for the nine months ended September 30, 2024[224](index=224&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective - The principal executive and financial officers concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2024[226](index=226&type=chunk) - No changes occurred in the most recent fiscal quarter that have **materially affected**, or are reasonably likely to materially affect, the company's internal control[228](index=228&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company believes current legal proceedings will not have a material adverse effect on its financials - Based on current knowledge, any reasonably possible losses from legal proceedings are **not expected to have a material adverse effect** on the business[230](index=230&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) Key risks include market competition, dependence on third-party reimbursement, and potential shareholder dilution - The company faces **intense competition** and acknowledges that its market size assumptions may be inaccurate, which could adversely affect business development[232](index=232&type=chunk)[234](index=234&type=chunk) - Sales of Personal Health products are **highly dependent on reimbursement** from third-party payers like Medicare (CMS), and unfavorable changes could diminish sales[236](index=236&type=chunk)[238](index=238&type=chunk) - The company is currently seeking **CE Certificates of Conformity under the EU MDR** for its Ekso Indego devices, which cannot be sold in the EU until approved[242](index=242&type=chunk) - Shareholders face **potential dilution** from future equity issuances, which the company expects to pursue to fund operations[243](index=243&type=chunk)[245](index=245&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the third quarter - **No director or officer adopted or terminated a Rule 10b5-1 trading plan** during the third quarter of 2024[246](index=246&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including warrant forms, equity plans, and officer certifications - The report includes filed exhibits such as forms of warrants, the company's equity incentive plan, CEO/CFO certifications, and iXBRL data[248](index=248&type=chunk)

Exhibit 99.1 Ekso Bionics Announces Third Quarter 2024 Financial Results SAN RAFAEL, Calif., October 28, 2024 -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the "Company"), an industry leader in exoskeleton technology for medical and industrial use, today reported financial results for the three and nine months ended September 30, 2024. Recent Highlights and Accomplishments ● Reported revenue of $4.1 million in the third quarter of 2024 ● Sold a total of 33 EksoHealth devices in the third quarter of 2024 ● ...

SAN RAFAEL, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the "Company"), an industry leader in exoskeleton technology for medical and industrial use, today reported financial results for the three and nine months ended September 30, 2024. Recent Highlights and Accomplishments Reported revenue of $4.1 million in the third quarter of 2024 Sold a total of 33 EksoHealth devices in the third quarter of 2024 Announced receipt of initial Centers for Medicare & Medicaid Serv ...

SAN RAFAEL, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton technology for medical and industrial use, today announced that it will release financial and business results for the third quarter 2024 after the close of trading on Monday, October 28, 2024. Management will host a conference call beginning at 1:30 p.m. PT / 4:30 p.m. ET to discuss the financial results and recent business developments. A live webcast of the e ...

SAN RAFAEL, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the "Company" or "Ekso Bionics"), an industry leader in exoskeleton technology for medical and industrial use, today announced the pricing of an underwritten public offering of 6,000,000 total units and pre-funded units for gross proceeds of approximately $6.0 million prior to deducting underwriting discounts and commissions and offering expenses. The offering is comprised of 3,100,000 units, priced at a public ...

As filed with the Securities and Exchange Commission on August 28, 2024. Registration No. 333-281081 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S‑1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 EKSO BIONICS HOLDINGS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Mark B. Baudler Austin D. March Wilson Sonsini Goodr ...

Ekso Bionics (EKSO) has reached a significant milestone in terms of transforming mobility solutions, particularly for individuals with spinal cord injuries (SCI). The company recently secured initial reimbursement from the Centers for Medicare & Medicaid Services (CMS) for its Ekso Indego Personal exoskeleton. This achievement is poised to expand Ekso Bionics' foothold in the growing exoskeleton technology market, which is gaining traction in both medical and industrial sectors. Strategic Implications The C ...

Ekso Bionics CEO Scott Davis said the following in the Q2 earnings report. The bad news for Ekso Bionics starts with its diluted earnings per share of -13 cents. That's worse than the -11 cents per share Wall Street was expecting. Even if it's an improvement over the company's -31 cents per share from the same period of the year prior. "With the Medicare reimbursement mechanisms in place, we are focused on reaching a larger U.S. population of individuals living with a spinal cord injury ("SCI") and anticipa ...

Financial Data and Key Metrics Changes - Revenue for the first half of 2024 was $8.7 million, slightly down from $8.8 million in the same period of 2023 [7] - Net loss applicable to common stockholders for the first half of 2024 was $5.8 million or $0.33 per share, compared to a net loss of $8.6 million or $0.64 per share for the same period in 2023 [8] - Record quarterly sales of $5 million in Q2 2024, up from $4.7 million in Q2 2023 [45] - Gross profit for Q2 2024 was $2.6 million, with a gross margin of approximately 53%, compared to a gross profit of $2.3 million and a gross margin of 48% in Q2 2023 [45] Business Line Data and Key Metrics Changes - Sold a total of 66 EksoHealth devices in the first half of 2024, with 37 devices sold in Q2 2024 [7][17] - The performance in the EksoHealth segment was driven by growth in the Enterprise Health business, particularly the EksoNR and Ekso therapy devices [17] - Device revenue in the Industrial segment, EksoWorks, increased by approximately $150,000 from the same period a year ago [61] Market Data and Key Metrics Changes - Strong international demand, particularly in the EMEA region, driven by adoption in neurorehabilitation programs [4] - Increased interest in the Ekso Indego Personal device following CMS reimbursement decisions, with initial claims submitted [18][39] Company Strategy and Development Direction - The company is focused on expanding its market footprint through relationships with Integrated Delivery Networks (IDNs) and securing larger multiunit capital deals [40] - Plans to enhance content marketing efforts and leverage patient testimonials to drive interest and adoption of devices [5] - A scalable go-to-market strategy is being implemented to facilitate patient engagement and training for the Ekso Indego Personal [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future prospects and the potential for significant revenue growth from the Ekso Indego Personal in 2025 and beyond [34][39] - The company is committed to ensuring access to the Indego Personal for qualified individuals and is bullish on growth opportunities in the spinal cord injury community [42] - Management noted that U.S. sales were slightly affected by fluctuations in procurement cycles but maintained strong sales to individual clinics and hospitals [58] Other Important Information - Cash and restricted cash as of June 30, 2024, was $5.9 million, down from $8.6 million as of December 31, 2023 [47] - Operating expenses for Q2 2024 were $5 million, down from $6.5 million in Q2 2023, primarily due to lower general and administrative expenses [20] Q&A Session Summary Question: Where is the interest pipeline for Indego Personal materializing from? - Interest is coming from individuals with spinal cord injuries, physical therapists, clinics, and physicians [9][24] Question: Was there any drag in the quarter from Indego Personal units shipped? - No, all devices shipped in the quarter were able to recognize revenue [11] Question: How many Indego Personal units have been delivered since the CMS decision? - The company has submitted initial claims and is seeing an increase in the pipeline of inquiries [51] Question: Can you characterize the mix of inquiries from individuals versus clinics? - The mix is approximately 50-50 between individuals and clinics [68] Question: Do you expect the inquiry mix to change over time? - There is a direct correlation between marketing efforts and increased interest, suggesting potential changes in the mix [70]

Another stock from the same industry, Accelerate Diagnostics (AXDX) , has yet to report results for the quarter ended June 2024. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Ekso Bionics (EKSO) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to loss of $0.31 per share a year ago. These figures are adjusted for non-recurring items. Ekso Bionics, which belongs to the Zacks Medical - Instruments ...