EKSO - Earnings call transcript Q4 2019 | Ekso Bionics Holdings, Inc.

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Operator

Greetings and welcome to the Ekso Bionics Fourth Quarter 2019 Financial Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded.

It's now my pleasure to introduce your host, Matt Steinberg. Please go ahead, sir.

Matt Steinberg

thank for and call. in operator, you, you participating all today's Thank

Bill Officer. the me Jack financial ended Glenn, XX, is Officer; and are Ekso results release Chief the press XXXX. website. Chief President Officer; Joining and Bionics December Executive for Peurach, the from full Bionics today, Earlier Ekso and company's quarter Chief Financial A on Shaw, released of Commercial year available Jack copy

make including securities statements will are during to statements. the to remind statements. expectations and landscape in that are of you that Reform forward-looking operations, forward-looking call Securities and or provisions we forward-looking this made are the All These harbor implied materially various Before be uncertainties I'd deemed management's historical results include Litigation events differ or contained statements management involve expectations call could this that Act begin, like meaning of that should of law, pursuant statements statements forward-looking assumptions. facts to be XXXX. within of governing statements by Private not of safe our those operational material the from or to future regulatory risks based the estimates current the federal anticipated statements, actual which these financial and cause or products upon our our Any

not should you place Accordingly, these undue on reliance statements.

February law, call obligation, new or Ekso because uncertainties XXXX. or as risks This accurate intention with otherwise. to future by other or the any see as and broadcast the For operational businesses, financial projections, any information time-sensitive and and events or today, regulatory the filings outlook revise and associated of Securities information, contains disclaims only of a update except Commission. description is XX, forward-looking list whether statements, of or our required conference with our our Exchange please

Jack Peurach. over now the to call turn I'll

Jack Peurach

call. today's for and Matt, joining Thanks, everyone, thanks,

Ekso we XX% conversion In of and EksoHealth robotics. into their at revenues record Ekso sales. to and device by customers our Growth by quarter strength, driving motion market a and supporting endurance with maintain segment. mission advanced of believe achievement quarter ended fourth Our million. strong progress with our successfully We can $X.X a in to enhancing so increase achieved continued underscores in on medical from EksoHealth rates We record across XXXX, applications that and another is was driven this awareness mobility high they XXXX human revenues amplify our rentals industrial note programs. implement

mission in further We to continued and positive which execute to market. rehabilitation results penetrate beginning operators, inpatient with progress on greater our the yield XXXX making is by network

our over devices realizing clinician upgraded stroke forefront the progress analyzes injury efficient see introductions advance are the date, recovery generation, that EksoUE game-changing in To The developing upgraded the globally are To stay. worldwide using this patient the month. platform the EksoPulse measures their combined to benefits Spinal quality patient, analytics evolved recovery we benefits that XXX shipped patients using activity the ways. XXX to chart system foundation and EksoNR with the dashboard administrators. of have centers. the by rapidly EksoPulse and experience cord the improved lower platform become of rehab immediately in length is that of At care. as to date, process with rehab provides a from who evidenced will different have higher over easy-to-use feedback alike outcomes continue the believe the platform The such rehab an the EksoPulse tracking of of we cloud-based exciting technologies, world an robotic received of innovation, newest that EksoNR, information more improved technology EksoNR. new earlier the recent launch as We the patients can and announced and platform of physical innovative we we are exoskeleton. is the favorable the an and centers analytics physicians EksoPulse enhancing to in patient therapists, and available system around sessions, care a

than Joining today device Ekso's the positions leadership of J&J year call on and Shaw, and Commercial is Officer. brings medical joined a experience ago marketing in Ekso and Intuitive sales Surgical. us Bill Bill Chief nearly years at more XX

Ekso, refining customer increasing at our our products time strategy, our base. on his and for commercial Bill medical During focused our expanding the footprint customers is among existing

call strategy. the will provide our turn will an who time, update this on At over to Bill, commercialization I global

William Shaw

I've you, Ekso people's Bionics. Thank mission-driven for been patients. impressed value spent is and aligned engage passion at Ekso products want and decision easy feedback start employees' by opportunity for being customers off as positive right. Jack. excitement our It part our the last improving lives. impact to X my And the is I a existing prospects. I've months the technology with to our join my their globe on the organization and traveling All an team to customers to of focused the was emphasizing from to making our members,

believe every what drive, walk, behind family. use I'd such things now of sure herself an hospital It's is rehabilitation to has up to of to out about bed. of MidAmerica from and neuro our that mother needing Overland boys. access She program the young MidAmerica determined to is a platform Park, a Rehab, and not arms story do her she to age This was of in She as stroke arrived She at of the When person couldn't take simple reason X highlight inspiration demonstrates cook at suffered the make woke Hospital one she knowing customers Kansas. her happened. or get the the our true in of technologies. had XX. a Clark, about care of from Rehabilitation a Ekso Emilia our like story we person value again,

initiate the her had got during she help recovery, Ekso moments at device Emilia's our her neurological MidAmerica she recovery. pattern one therapist at jump-start her rehabilitation, and her breakthrough a physician gait of several to believes gave day said the She an and how walk. retrain physical helped her them. into relearn device was Ekso Ekso Her said

wants on share her others she ambassador her and care own can again Now become taking to only for but regained not She to inspired her Ekso has she her walk her to independence. And her grateful recovery. with an and happy boys. be is their story, help now to of experience

our to where This model customer story our and customers. extensive provide success we a training testament support is to

getting product is a this using priority them robotic our prerequisite successfully to we a recognize customers We program. comfortable as high rehabilitation made a have implementing

rental, addition who supervised included who we offer In services product desire to for each customers experiences. sale uses also with is interested training or additional training more the in or more are the that of advanced

moving Clark to continue MidAmerica that success mission will to amplify sharing for story. to special stories share Kiehl, A CEO We forward and our of motion. human you her Emilia support Tiffany thank

Now the our to on update EksoHealth segment.

or larger to our with network Our continues operators core on network with We're facilities, networks. variety market inroads centers. inpatient with operators, focus of with a heightened the multiple particularly IRFs, a making be rehabilitation

multi-unit these We have important our converting of several in to -- programs process strategy. are an pilot overall role sales, increasingly the of in growth

piloting potential multiple continue networks are while or pilot skilled remain facility, programs or XXX markets rehab represent we're the increase SNF, focus across network operators. U.S. IRFs LTAC, major of as the longer-term we We are to our acute nursing the care, Currently, that momentum with approximately with centers gaining long-term and opportunities. number

a As selling of we've XXXX, At conversion rental to a longer in bypass at program rate center process pilot to Ekso to remains help shared rental strong experience sale benefits past, an the program allowed sooner. our XX%. the us of end of cumulative our the has

quarter the we market, to compared a XXXX support to investing XXXX This past, compared for stated we off the As adoption organization achieved in and quarter is our XX% to XXXX. growth conversions. market, sales the the fourth commercial revenue XXXX we focus continued EksoHealth our have largest fourth U.S. strategy growth paying as on of in in a to year of full the revenue XX% and for are

access to financing recently which firm get on have acquisition look options, future to alternative offerings. accelerated and technology at more our continue calls with develop discuss to will new We these pathways we a to partnered out help as centers roll we

devices. to centers and offering length gain in back last In over XXX-plus accelerate discharge year, post-acute it improve the have core recovery, and as market, our of the next-generation to these incremental with U.S., differentiator share has our centers to now attract enhance EksoNR, of we the potential stay, further which person's we reduce XXX to care community a IRF multiple for center. center's strategic its stroke owning XX% centers the is To devices shipped the rates patients launched EksoGT, their a

success are to I'd share like achieving in we two the of examples U.S. how

with is Acute they expanded their first a After inpatient program network large decided or acquire operator The Post rehabilitation and X PAM, have X to XXXX, EksoNR in hospitals. Ekso piloting of devices additional to medical, facilities.

piloting in in Germany, quarter technologies. a conducted by X new highlighted to now is represents wearable partnership, platform XXXX. benefits the recently expanded announced continue about Kindred EksoUE, of under high-volume collaboration our in Under in leading and Croatia for the new began Poland, of the year, third being the to in of In that now Metro of LTAC explore network in is Kindred piloting a our relationship XX and EksoNR of centers division it's device first example introduced neurorehabilitation the this Europe, The area. we to new which build hospitals network. into Kindred Italy was customers expanded a our awareness several upper setting. second U.S. in The with leverage Kindred's we Houston umbrella, the hospital the centers Ekso transitional our extremity LTAC Europe last with recently Healthcare, We vertical the LTAC Ekso

this While first clinical the another of evaluation, in innovations. opportunity latest new our where European still penetrated represents with we markets phase

footprint to share XXXX, and and network to expand our we the ahead operators. continuing the further IDNs are Looking of market IRF our focus our within

strategy overall growth purchases clearly is make targeting multi-unit can high commercial maintaining trajectory customers and our by to supporting conversion Our rental rates. purchase that

injury pipeline. In products our and the educate spinal customers that new both our benefits priorities tandem, to to strategic program. expanding specialize clinical while on sales in build effectively of clinical rehab we will stroke the starting cord target Customer continue awareness EksoNR value enthusiasm clinical the for mentor executive we markets. injury of leverage are existing to and economic Our us customer shareholders continue in centers cord stroke customer educate and and Ekso with our is an giving that high, key and and EksoNR spinal economic confidence base to

to back CEO, call At the Jack Peurach. our this like time, I'd to turn

Jack Peurach

Thanks, Bill.

business. $X full the turn million XXXX, in China call to as Starting Pratt experience, Michael to will of our launch I'd Zimmer with Glenn, slower I Biomet. Before of and includes venture. VP factors industrial. changes purchasing the in which of included growth $X.X these -- on of in impacted support an processes leading personnel U.S. new our making at our for Revenues to more extended some entrants mitigate who Michael division the on this on and our this our brings structural year our leading XXXX advance industrial Several financial and strategy. are in business performance, challenges industrial commercial and customers update details segment, Industrial like market, the to changes. provide our new recently years the commercial qualification will to Jack provide technology the Ekso in within execution were and the we segment competitive bring internal recent Robotics capitalize most segment the XXXX. compared opportunities adoption personnel into To year of million piloting that and joint This XX decisions to future hiring

and evolving vertical our activities go-to-market pursuing are business more We by diversifying opportunities. new into our strategy segments development

and front this are building signed network to the to EksoVest example EksoVest are Group, materials, sales will part making there. Bygma a Bygma in offer Northern how locations progress distribution business-to-business distributor the has the over strengthening our expanding channel. geographically countries of its Europe,and available distribution One our Europe. of largest of we diversification Danish-owned is through our As Nordic recently XXX throughout agreement make the with strategy, on we

our to China turning Now JV.

EksoVest. have our manufacturing JV specifically We to industrial for our activities transferring significant progress the made partners,

EksoVest in robust XXXX, and line process XXXX the JV XXXX, QX the supply a During a the QX In QX the complete qualified And local of chain suppliers. QX all qualified JV. to the developed the beginning JV and production produced at implemented new XXXX, we manufacture products. and production has we

and to the started JV. chain have We In supply China to the been formation through EksoNR complete we the for out working parallel building the registrations. production of also this, JV

after voluntarily submitted CFIUS on CFIUS, to States, in questions previously in United arrangement. QX As China and the or Foreign receiving we disclosed, JV entity XXXX, from of Committee Investments joint the the review notification to JV China the

directed CFIUS As activities part of pause an China their as their the temporarily interim us technology further review integration has and mitigation and contributions measure, is completed. review to JV until to

timing We These continue CFIUS the China the also in expect activities JV the able on and end to to had of JV's will by ramp-up. April. delay their issues some the to the undertake. China the coronavirus effects limiting The engage has JV to address production X outbreak China assessment with concerns been arrangement of China CFIUS' has JV

will of some the may activities. impact the delay plans, revenue introduction While delay our cost-reduction not it

Now quarter our Glenn financial full the over year turn to fourth will results. XXXX I Jack to call and review

John Glenn

of Jack. segment. fourth the the you, which device the million performance quarter, value the period. is We Ekso units Thank X reflected by The record follows. prior growth improved EksoHealth rented were in quarter made quarter, record European in of units that of revenue strategic X XXXX a strategy, over fourth rental rental-to-sale EksoNR previously and recognized compared units progress In QX million, our related in as quarterly an our XX breakdown of XX% U.S. from of booked were the commercial year increase revenues approximately revenue, or program to generated $XXX,XXX $X.X were in XXXX, $X.X The to We million $X.X QX for medical up in which converted and and our of XXXX. sales. the of

shipped. have that the being bookings orders shipped reminder, or represent a been process in As either of

due $XXX,XXX approximately Jack The decrease mentioned reasons ago. earlier. We revenue Peurach had in is compared to EksoWorks in recognized the same with primarily approximately year a $XXX,XXX period the

is Our gross XX%, margin period a of devices. our lower our margin primarily average This last of compared $X.X execution quarter a at points the of increase year strong achieved to gross margin an profit in business. medical basis for prices the XX%. gross production and higher selling gross is up XXX for XX% representing million, EksoNR attributed our a increase We of for to continued same approximately costs

our focus on to gross continue increasing we forward, total Going efforts margin.

in fourth past, our million of maintaining million year the expenses administrative of Operating the XXXX, quarter are we to we implemented improving done reflects of to disciplined fourth compared This a million the for As have quarter we were approximately in overall efficiencies. initiatives committed approach expenses. to expenses $X.X the operational $X the $X.X for or a primarily last well reduction XX%. reduction company-wide and general as about as of continuation XXXX

structure cost optimizing growing focus of while products. on our commercialized remains of sales the Our organization

a $X.X million the from to $X.X compared for million operations loss operations quarter of in XXXX. fourth was from Loss quarter the of

XXXX, share December gain a a a $X.XX in of in for in share X quarter to or warrants to compared liabilities due million Net we of period same XXXX months quarter per the revaluation gain about to XXXX. or the issued warrant of compared million of $X.X For with in per recorded the ended on issued $X.X of the associated $X.X $XXX,XXX million the warrants loss loss revaluation and XXXX XXXX. net fourth XX, for the was XXXX $X.XX

the period levels. operating fourth $X.X our lowest XXXX million, cash was are same by use million XXXX. for activities Cash for standing number, our to improving of in $X.X in compared quarter the used to recorded We record financial reducing the

full year-to-date million to XX% of XXXX about was or the compared for million, EksoHealth Net the by in per $X.X in $XX.X $XX.X to year full to $XX.X $XX.X period. to for XXXX full compared million Operating the million margin approximately $XX.X expenses share profit increase in XXXX to prior period turning period XX% XXXX. the full increase from in million loss XXXX year same $X.XX profit XXXX increased $X.XX $X.X XX% a for million share $XX Revenue per the XX% same or was XXXX. $X.X for for of year for for same to million an million million gross compared the million XXXX, or XXXX results. year. of of to Now to in full same year compared were the volume sales. $XX.X in in revenue year was the Cash decrease period used the primarily XXXX due the activities XXXX increased is full year period in for the higher XXXX. for compared operating The a XX%. to gross Gross

we XX, quarter. XXXX, the had $XX.X our December equity a for million, December filed XXXX. includes further of of which of cash earlier see details $X.X As balance with of proceeds today net the XX-K Please regarding financing in million

you line may the now questions. Operator, open for

Operator

[Operator Instructions].

today Our Fitzgerald. first from from Bijou coming is Cantor question Craig

Dennis Pak

Dennis is on This Craig. for

could of for on SNF Kindred give And operators? an update first, then what you're the the comment their on us network? expand interest opportunity LTAC seeing LTACs pilot to into can other or you from specifically in So kind other you

Jack Peurach

Yes.

Dennis? For right? sure. Dennis,

Dennis Pak

Correct.

Jack Peurach

yes. Well,

transfer So Go for general. space to Bill first, to it and question. over thanks Kindred is expansion about Bill. in the LTAC I'm also talk to ahead, Bill here. going the

William Shaw

Yes.

centers, space. to both in -- the their Kindred they of that now, -- pilot is partner those went strong So started where a I'd both side. LTAC market Right on extend the partner ours good to point of pilot. we've X the a we're well a inpatient wanted not for say, now, And of that question, early Last been market. exploring this we year, has is Dennis. primary really a us. with Right this in

And so X. now we're doing with it

total. the they we that now, measure from the ahead. keep So It's XX to with press expect we it's have. really to fee have right we're going then outcomes. working that And there, we clinical Right -- important

Dennis Pak

Okay. That's helpful.

of in you quarter On seeing from base? about during are existing adoption think we the what the revenue contribution should EksoUE, and kind from the UE your how customer XXXX? And

John Glenn

the take of part that. first I'll

-- launch, So right launch. that now, part we're of X-phase as we're a doing actually

right evaluation. now So we're which still our X, clinical Phase is doing

customers to who a do and be Phase early we're III, full few base going existing customer our So only release then feedback. clinical Phase with working were getting X an to launch. select commercial a is we'll

William Shaw

of the second what then got And of the expectation what's lot contribution it it pleased I XXXX. right, our of ends EksoUE think part think very stages your still in adoption. -- -- was I we'll really from medical of between be in us up in but XXXX. seeing We're being and It's a question early for it, in XX% if X% I it's terms of from revenue overall the interest --

Jack Peurach

that. Yes. is And in markets as the but been then outpatient. one opportunity, when market we like focused care at market, take you to inpatient this that the the acute more a SNF, comment we've believe clearly, technology on well just as be neurorehabilitation And overall, other look long-term able on to we'll

potential orthopedics We're some to also outpatient So pilot piloting in we are setting. doing with at as well. looking the some

Dennis Pak

will next the Okay. what years? you comment last on one from needs you cash cash and be me. your your few And think over position Can just

Jack Peurach

CFO, Jack Yes, for to address our that. Glenn, pass to over to sure. it I'm going

John Glenn

Sure.

yes. So

year before of about Our million the raise of roughly did right raise, was the $X.X end net. equity We end million. around cash of the the the $XX at the year

position would can runway certainly we progress, helped we over cash I our can we've that to XXXX. in as see and believe and into QX significant say so that in do as burn, continue you that our And our XXXX. made going

the to as as that investment from at would other, go I from the I certainly the would bit. for which along, planned alternatives again, investment the out we'll JV, was evaluate evaluating The we other our would But time, forward. of future note say, be raises. say far developments where But go we're a along, thing is think that any needs this little cash somewhere certainly going probably targeted we the I as pushed some we'll alternatives around has midyear as -- just there

Operator

Our next H.C. coming RK question from today Wainright. is from

Swayampakula Ramakanth

Can you me? hear

Jack Peurach

Now we can.

John Glenn

Yes.

William Shaw

Yes.

Swayampakula Ramakanth

Okay.

the and on Sorry the about that. Congratulations certainly year. quarter

comments initiate buying would either which So you one that end pilot rentals you're focus units was up rate. initially centers higher of or convert the at buying your and multiple increasing a -- that could on

talking we you're Kindred So itself. questions about? the Kinder additional the networks deal have kind other what sort a just of centers And on this couple of targeting? of are I Is

Jack Peurach

questions Okay. I'm he'll to and that. -- thanks he'll -- I'm answer here, going -- to to going you the your address for over RK, transfer the Bill on...

William Shaw

Yes. hyper-focused right best what on that RK, to operators. national call so are I is way network the answer now we

you So similar success focus. saw out model, that Kindred the inpatient of came to that the

time, as the those at There's are we of operators is So goal But in become convert model is this for the pilots centers, with to yes. those we goal care prove to over answer these end market. to similar centers, centers pilot out continue did the start Kindred. starting what to the the regional inpatient also to standard with also either And expand More is us. these additional of centers, programs with pilots. obviously make

from there's a lot anywhere maybe that to regional So market. are centers of in a X to centers XX X

ours also regional the in expand a focus of select of well. to markets working operators some by So as with that's is

Swayampakula Ramakanth

initiated last year, but certain now. then Within read the statements piloting are the Kindred deal that were pilots they so in itself, the places

what just you what understand message? I'm what So were the saying. exactly was trying to

just those ones? Is in bigger, pilot expandable easy that basically a means time such And a the pilot what Or the it going you're how in is of cycle network one on conversion And larger piloting? Is manageable? to hospitals with say? is more more amount certain from new especially And to is that and that places corporations, these Kindred of for trying Kindred, these but the the so the are within to has are sale? that that situations, to that piloting. get you're rental been

Jack Peurach

Yes.

divisions have they Kindred, Kindred. with specifically, So different within

side in that leader done very we've begin A a with we working when a that we point The that So the have group. started success inpatient to LTAC well. year wanted local on relationship a been the Kindred centers. just space. collaboration of for different while expand early had additional and with division there the And lot that what last that we're to piloting of few our in region first we to pilots is doing

be to the time. yes goal So the end acquire to convert would over them, technology and keep it

We shifts they cases it is XX-month that There they is have goal. Often, end a center Typically, a to of a over pathways. through where and But it to it's time. that seeing convert and couple usually And so the XX-month an different pilot it's run the the we we'll success will will we'll conversions of forward. to what typically, have the the see convert At end to then because early pilot, that's a pilot want and been rental, pilot. sale pilot. a actually move get year. some extend a But acquisition. pilot, really another usually, they're

LTAC market the expanding X impact in because Ekso the we're the market. out an with patients that to we're in So can right just into carefully have to prove trying that market overall now,

we also clinical a discharge of We're able inpatient the faster? centers we patients standpoint what performance. and indicators. work differentiate on this with better we looking at to are things when number or market help to those quality just technology? drive looking their can we about they on thing growth to there's we we're There's side, the get advanced is to of couple other back because centers, aspects patients also is, we one, to these comment a home more more help -- last these And where improve the at. have it's can from but economic an back also different Can The community. in Clearly, call

balanced these now, Kindred impacting understand all right working successfully scorecard. we're are their things that to we So with are

Operator

Instructions]. [Operator

from Nathan is today Our Capital. Aegis Weinstein next coming question from

Nathan Weinstein

strong the on Congrats results.

So thoughts the that actually, have about outlook -- And exoskeleton-based on any you environment just thinking rehab might reimbursement for the I'm treatments. just there? on

Jack Peurach

Yes. Yes. Thanks, Nathan.

me little a bit. start Let

market, our policy all, of inpatient first target an rehab we is have market, our changes exists proposition without value So core the to the the today. facility -- reimbursement economic market that any reimbursement

require So bringing reimbursement strong without we to exoskeleton-based that our economic customers and special a feel that. for reimbursement or capability, technology value that we're we that don't for

So important first, to think is something really I very that that's understand.

So dependent upon we're not reimbursement.

happening over And I that we'll will -- upon it's we into and basis. for reimbursement to rehab we on those is more, are that some important. in-home to markets I And clinical time. and the and think will validation an are that as understood. in of And those type technology-specific think as I think what well change drive downstream the to care. are as But going be which before see I the time over see in economics -- positioned of we're -- what policies start reimbursement, time -- the really a will actually more session-based economics exist that per-session more better much call, is outpatient get dependent on those those economics case, reimbursed

Nathan Weinstein

competitive a on make similar if please? side, about regarding you comment industrial to the Earlier, you spoke but can on entrants the any side, the competitive updates dynamics health

Jack Peurach

market, the where I do confident that I'll necessarily and feel our customers really just the about have really, -- -- We would consider the we're recently value still we in but in the about the But in think about our both stand in and environment, of strong still has our of our bring competitive industry. feel anything that the changed rankings. terms position and product, competitive really very capability don't say also we position the the service the uniquely yes. we to we competitive situation. we -- I but still

Operator

end floor further comments. question-and-answer over back the like management the or to session. of turn for any our to reached We've I'd closing

Jack Peurach

by Thank Bill. with commercial of remarkable you the decision-makers the the to narrow made all He have quarter, record culminating progress for of engaging done his and for joining us XXXX team fourth revenues the cycle. in job a our led sales sales today. in I'm key reflecting pleased organization strength with

interest quarters. traction could strong approximately reflecting of of IRF generating are commercial rate we advanced we lower Ekso's the our patients, segment -- recent strategy, represent to operational demand. history. We The our steady IRFs $XXX our in burn enhanced from clinicians by efficiency lowest have a the and annually, physicians, in which to stream recent top made we believe cash On million levels sales

positioned and to customers. well Heading into we we potential XXXX, momentum to on existing are believe build our sales

the network to continue strategy. We spending operators right evolving rehabilitation market optimizing while focus continued path we will our of on combination go-to-market at penetrate on growth sales to time, on believe achieve prudent with the remain the profitability. the Ekso has inpatient focused our same We of

like closing, you ahead. months in us thank I'd Thank call. today's on updating our I the to everyone for you. look forward joining In to on progress

Operator

does you. Thank That today's conclude teleconference.

You and thank your today. your at wonderful may you have time, disconnect a this participation lines day. We for

Ekso Bionics (EKSO) 27 Feb 202019 Q4 Earnings call transcript