EKSO - Earnings call transcript Q1 2022 | Ekso Bionics Holdings, Inc.

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Operator

00:06 Greetings. Welcome to the Ekso Bionics First Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. is conference this note, being recorded. Please will host, Andrew I now turn your to over call [indiscernible] the XX:XX of Partners. Finn you. Thank

You begin. may

Unidentified Company Representative

Thank thank today's XX:XX and for Devin in participating you call. all you,

to the associated the regarding are financial harbor statements. Joining financial be me Officer; the forward-looking of not statements, Davis, quarter results Earlier within Reform of Glenn, deemed begin, or for a Securities and are President information, just press website. today, or whether the XXXX. Securities of current For the or Act disclaims that safe the our accurate or Sherman, Jack from future various ended contains place filings statements. Litigation landscape please and would release on information of operating available statements by Ekso include assumptions. implied March and and except Private Accordingly, statements new that to XX, copy differ the statements. XX, intention material and forward-looking Financial you company's reliance uncertainties we or risks with because Ekso Any list XX:XX this the statements Chief and the outlook time-sensitive upon see These projections, estimates Commission. businesses, securities business XXXX. Scott Officer; to and actual description Steven could on revise statements, Chief make call forward-looking cause meaning the Chief Sherman. financial facts in is pursuant our this remind statements from XX:XX should laws by to our our be Executive management's operational of contained expectations products and regulatory Before of will XXXX. governing not Chairman results otherwise. federal based statements any of anticipated I with call operations any our and A like Ekso I Chairman undue the Bionics law, Ekso and as management Officer. Bionics call or these is update now released provisions XX:XX that involve you All should during and uncertainties forward-looking other operational XX:XX these risks of or expectations, to made the which our forward-looking only strategy, historical those turn This are to including materially statements April or Bionics' as or over are events future required Steven regulatory that obligation, CEO, of Exchange today, will conference broadcast call events

Steven Sherman

in by Thank in strong Revenues XX% in seeing up everyone both momentum us our Andrew than XX:XX today. [indiscernible] XXXX. for first you, were and and start year-over-year business more segments. quarter our thank EksoWorks joining and you the are EksoHealth we

and Our Our benefits bring remains strong. balance workers. customers that exoskeletons sheet essential the and wearable to patients both XX:XX value recognize

are We focused.

continue to products leading cohesive We be our have and of team a edge and professionals innovative.

Operating network drive to deepening the the of I over will shareholders' executing value. Chief are the Now strengthening operators, Scott relationships turn our our Officer, strategy and Davis. presence foundation with to of markets industrial business and our President We XX:XX in expanding call

Scott Davis

growth a a focus off of quarter, XX:XX record by with a quarter, our commercial first we execution achieved fourth in year-over-year begin strong XXXX strategy, revenue Thank XX%. we supported you, Steven. After coming solid on

for devices, achievement rehabilitation. largest EksoNR orders neurological EksoNR are as in value to a in including company choosing and rehabilitating see the quarter, revenue, in the million operators. demonstrates EksoHealth our clearly their XX:XX for Ekso the order booked EksoHealth continue team standard We gain network history to we exoskeleton $X.X During our of in traction as operators multi-unit delivered of with care This several our patients make is our noteworthy contracted network the orders we was is recorded million injury. renewal customers Our estimated unrecognized of cord which under XX have with in conversion bookings EksoNR over now capital our spinal several traumatic $X.X revenue revenues cumulative being to the purchases, next We in in This subscription ten of with second contribute in stroke, than most to from quarter, existing combination months. EksoHealth are our XX:XX rate and more the model. XX% our backlog. and brain included in quarter

purchases. post-COVID seeing capital a rebound are strong We in

customers offerings. addition, utilize commercial continue our flexible In to

revenue adopted For XX:XX example, units future. we to In continues network the which Increased to growth. Europe our proficiencies market, the in opportunities are contribute future APAC, placement In well. are for up building top opens perform tier additional process driving program the sales international should in operator another that healthy more a subscription pipeline new opportunities. of a

expect about cost APAC, be important the we a year. chain We global delivery product pressure. and throughout and to Europe times drivers are adding both which impacting The remains optimistic supply growth challenge

Today, continues a of these one still like customers. of pushed first in the to delays orders ensure and operations some the our we'd story navigate to experienced to quarter to obstacles team a were as newest we Our shipments, share second quarter. consistent result, product XX:XX

Maui. from medical Venture brain facility the to sustaining success [indiscernible] and acquired in care of stroke Island in Maui inpatient is of rehab, accident. Ekso After in physical in Ekso expertise technology the was the to was Venture outpatient seeing community renowned brain local and state therapy after home Hawaii. a Sharon, patient injury. Colorado PT she first continue cases, an using EksoNR complex of use wanted to in The EksoNR severe able at gifted with in Craig the to Hospital first our dramatic including for bring injury who related to in Nebraska its

segment and life-changing of employers technology. Now, XX:XX number Turning EksoWorks. our repeat quarter. more a industrial to the of her workplace delivered body revenue we verticals. family EVO, primarily aerospace thanks safety progress and to on in of numbers the Sharon realizing productivity our update access included and will of to during Increasing now, and EksoWorks automotive are an This new $XXX,XXX exoskeleton. with benefits upper approximately our patients have and the orders,

we opportunity. by this In momentum, from increasing industrial positive are both interest verticals general told, addition target encouraged All vast our to construction markets. represent and a manufacturing

Nevertheless, cautiously market. engagement, As global increases in are We billion are still in working events but we areas have XX:XX COVID monitoring reported Asia. this our particularly to successes Europe of commercial as optimistic, $X pockets excellent look to We months. deepen been first look time, cases nascent adoption within thanks recently, we our the remain ahead, addressable the of XX:XX coming and to review we're Glenn this forward additional team. like Jack to to call making customer I'd CFO, results. to our great quarter progress financial over turn in with At

Jack Glenn

first in Scott. you, royalties recognition increase. XXXX driven $X.X Thank million and compared license was revenue by quarter for generated distribution Ekso XXXX, million a XX:XX the higher quarter The of XX% $X.X prepaid associated of agreement. to EVO first and primarily with increase revenue of the sales

product year the The margin margin quarter supply margin to material of of was increase by gross for a gross costs an ago. of was decrease an $X.X gross in chain XX% overall same gross to a recognition representing primarily due partially mix, period approximately in to compared XX% prepaid Our costs, the for and the in million, profit in offset aforementioned increase due pressure, EksoHealth service royalties. changes first

quarter mix, from product based as was $X.X for As to this tends on XXXX channel of case million on previous million and the Operating $X.X quarter fluctuate of noted first we've compared quarter-to-quarter the calls, first quarter. were XX:XX gross XXXX. for margin the to expenses

the activities. quarter expenses XXXX to expenses Net in quarter of net was general loss and and de compared $XXX,XXX higher March operating prior gain the XX, $X.X $X.X XXXX was revaluation cash and due the Loss and period. in of warrants XXXX, operating from a in liabilities the an XXXX, of on quarter to for incurred minimis XXXX issued the XXXX. expense. to development million XXXX the in administrative was XXXX compared first in During $X.X year the expenses Cash for warrant million. issued associated XX:XX used increase in XXXX of a first XXXX, first revaluation ended severance quarter period of related in compensation first of XXXX the warrants in product with and company in activities with operating the million quarter and increased loss development Research same increased the non-cash

million. a cash regarding XX, strong company $XX.X earlier of filed see XX:XX balance further now As for open details today of the our may Please Operator, line you for the XX-Q had quarter. XXXX, questions. March the

Operator

you. Thank XX:XX

H.C. with [Operator now comes Instructions] your of conducting question be Wainwright. with RK line will session. We from Our Please question-and-answer the question. first proceed a

Swayampakula Ramakanth

and the business. -- continued Good Thanks two of call, you. folks. afternoon, EksoHealth growth that Thank I'm see glad for XX:XX business. the specifically segments in to are both during on today the questions My

how us $X.X you segment? can So you quarter second And is first of that strategy some numbers understand, you by for commentary is I seeing what we mean ’XX? you the So the enthusiasm which quite your we close this in to that million, for understand saw quarter, the can And recorded help if the potential us made are expand that help you're want because, working? regarding, statement? you just growth to understand and also

Scott Davis

With this commercial as Davis. the part Certainly, our support question our of in larger Ekso and really a health appreciate operators programs. a many team business, continuing they significant you. see adopting causing we as The are joining in clinical thank growth. these are as well seeing care Scott we're that and program. as XX:XX coming of our of network to global more using using work multi-unit of RK, and their growth They're orders training you to today. a are this offering more This is are team, the and organizations more as standard is as

the restricted some that seeing open up are we previously by capital been budgets of COVID. have Additionally,

So the our we uptake of our as are seeing increase strong program. definitely in purchases the as in both for demand well subscription capital a

Swayampakula Ramakanth

booked first being the stated XX:XX Okay. booked, And you in quarter. XX then NR’s being

the are number based So that X.X me $X.X also the into point. under if XX? those this I'm correct sales of And that please that wrong is the went stated million are -- which you on for this moment right subscription potential at of point mix there I out units, what million one believe -- of

recognition million period potential? X.X how that just million figure within about to months to about the trying units -- over subscription, months last would in X.X think out you So came this the recent or subscriptions three this say, I'm these what recent and are the terms thinking potential? are let's of And of or six on I

Scott Davis

XX:XX Yeah.

on those, question and I those subscription maybe think then your placed the mix recognition orders. on the capital between relates revenue and further, to

Swayampakula Ramakanth

Yeah. XX:XX

Scott Davis

Okay. XX:XX

with QX. for So purchases to match -- And respect expect good between a also to that, expect Again, and this subscription and is as driven XX-XX to orders -- continue move capital balance us on to were close a in backlog the mix really the XX on We are to was close be QX. those we a we shipping as we into units continue small blend. between we throughout we sell, QX. backlog a and

Swayampakula Ramakanth

the XX:XX And were what placed were number of really Okay. QX? units during that the then

Scott Davis

XX:XX number that of were… sorry, I'm units

Swayampakula Ramakanth

on Speakers] purchases. rapid subscription [Multiple XX:XX or a model Yeah.

Scott Davis

for the quarter. was shipments Total X units XX:XX

Swayampakula Ramakanth

Okay. XX:XX

Jack Glenn

XX:XX As that forward a significant well as we've for off QX backlog, have fairly significant as going talked of as… about based Scott mentioned, we again

Swayampakula Ramakanth

XX:XX Okay.

got I Sorry, it.

is XX units that it. and units to yet So placed, the way placed about to be it's think X

Scott Davis

came an XX:XX well. existing QX carried That’s backlog were also and into That as we over right. with

we as continue chain So to supply these through challenges. work

units significant and of number into expect the will increase We QX that shipping a through be going QX. in

Swayampakula Ramakanth

very Thank much you for Perfect. XX:XX that.

Scott Davis

XX:XX you. Thank

Operator

XX:XX Thank you.

back have closing no I'd for at turn this floor management the time, questions comments. over further to We to like

Steven Sherman

and to joining Thank XX:XX for you, everyone today. thanks us Devin

made to the of engagement in Ekso form reflects bookings, we've to innovative increase reward revenue about customer Bionics performance growth. revenue resulting for the as our we making commercial excited quarter first are strategy in products. Our strides strong We're the continues at increased progress a positive

order meeting -- and customers XX:XX across our variety industry challenges increasing EVO ahead on strategy current continue strong delivering operators, are execute pipeline the to and of customers by through supply expanding of with successfully chain environment to by network We ahead, we new of selling verticals. and a our meeting strengthening our relationships of top will the Looking our sales capturing patients. flow

team great throughout Ekso continued grateful updates are the look the to providing the We Thank forward for contributions entire of and day. and you year. have additional we a

Operator

XX:XX today's teleconference. This concludes

wonderful for You may lines have time. disconnect participation a and this Thank your day. at you your

Ekso Bionics (EKSO) 28 Apr 222022 Q1 Earnings call transcript