EKSO - Earnings call transcript Q4 2024 | Ekso Bionics Holdings, Inc.

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Operator

Greetings, and welcome to the Ekso Bionics Fourth Quarter 2021 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Stephen Kilmer. Thank you.

Unknown Executive

Thank you, operator, and good afternoon, everyone. released XX, for XXXX. Bionics year quarter Ekso December ended today, financial the results and Earlier A available on of our copy the website. press release is

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

and see the company's and of its Securities For business, filings the list description uncertainties a Commission. Exchange please and risks associated with with the

Officer; Wong, Chief Jones, operational regulatory Ekso as Bionics or and Officer; obligation, is date the of except as revise our our law, Representing or Chief events information, call our because to financial today by statements, Chief call. future forward-looking any otherwise. required disclaims Cole this As statements Financial or Davis, projections on new made only other whether Officer. this or of any speak Any are outlook Operating forward-looking Jerome Scott update Executive Jason of

turn over the With will to that call Jerome. said, now I

Jerome Wong

behalf call. shareholders, your you year team of Bionics, and would company. are Steve. thank Good our to we our quarter at in fourth of those Ekso conference welcome you, your for XXXX support. appreciate for and Thank everyone interest and On full I the to And who you afternoon, everyone, like management

Bionics strength, the endurance are in like where technology human summarize impairment For is markets designs, augment a develops end would our the exoskeleton with take to for primarily our Ekso who people mobility. those exoskeleton to I products moment and business. and rehabilitation new serves story, The primary health to physical our care, technology physical mobility. benefit Ekso of disabilities market or and that both

one with Health as operate operating segment and We reportable X Health. Enterprise and markets: Personal

and primarily our acute are legacy of the conditions. used both revenues exoskeleton assist in specifically a individuals subscription to to recovering device sale EksoNR from Our our designed and be setting robotic wearable to rehabilitation generated chronic

adjustable our Our to Ekso fitted in limb lower and lightweight, sized can powered rehabilitation Indego device, patients use wellness therapy applications. exoskeleton custom and that modular, be for

and independently certain for along an in is maintenance spinal Ekso turn commercial I a with Scott the a lower sale walk our stand and to cord support call growth activities personal powered enables ability injuries living with to over contracts. which device, that exoskeleton with Our moment Indego update extremity and the individuals plans. the of on wearable will

of like financial our However, summary before provide brief would I do, I a results. to

will I To streamline rounded. have things, all refer of to been the numbers

in of same million of and profit The XX% XXXX. for in gross an quarter quarter and to profit expenses due of recorded of period chain and for which approximate. margin the The cost margin fourth $X.X a of $X.X the same and $X.X marketing approximately fourth to the million, expenses million to costs. for consists the and XXXX service in XXXX. were discretionary $X.X increase compared in a quarter the revenue gross million, compared was company was a period G&A quarter fourth primarily for Operating of So representing of XX% for XXXX, in the costs. $X.X margin of gross to payroll of decrease million gross reduction a due savings was of profit primarily Gross to This XXXX. decrease R&D, in XX% supply $X.X a they headcount, X% compared are and million sales increase consultant gross fourth

diluted $X.X same and for $X.XX or compared or the basic share XXXX. per stockholders $X.XX for per loss and a $X.X applicable Net fourth of to net the was period diluted million basic million to share of common quarter loss

For million period in the same million $X.X in XXXX. fourth $X.X the cash net compared quarter of used of for XXXX, operations. the to company

Turning XXXX $XX.X Revenue results. $XX.X from now year million full was to in of the same for million period our down XXXX.

X address pause think fair decline. I comparable, by a year-over-year it's marginal the to for main moment XXXX factors. came here down driven to to a difficult essentially It

of the several large in First, XXXX, with XXXX. not the networks on were delivery cycle we but procurement in independent

which product was Parker our XXXX we Indigo having of year Second, Hannifin first in from line, acquired late the full personal XXXX.

ended through a million in COVID. service gross the million chain we was $XX lower $X.X for the XX% year a full legal in million a XX% and representing decrease of those million consulting, year The to compared for a in profit Operating pipeline had costs. the a of gross XX% and year $X.X Gross delivered increase same And As December $XX.X payroll, costs. were gross that weren't from XXXX, the in million, discretionary XXXX that Hannifin representing XXXX, but in headcount, cost an reduction and for of supply period result and the savings full pipeline improvement with part accounting profit was rebuilding of expenses most result prior was VA period. of margin profit in margin a approximately due of XXXX. of impact the for XX, to Parker able gross we're to approximately $X fulfill a the that XXXX. We VA, devices of inherited acquisition,

and loss share Net the loss $X.XX a full stockholders compared to basic was to applicable diluted year year. for basic in the same or or down diluted XXXX year for million common the XXXX net $X.X of XXXX per $X.XX operating from fiscal million $XX.X full $XX.X $XX.X million in period million, and in activities for Cash XX-month was the share used per XXXX.

fourth the XX, it XXXX full XXXX, of That's had Form cash December results. and of restricted regarding further year Please quarter of XX-K million. see As results. the my cash and company from the details summary our $X.X for

to the turn now Scott. call I'll over

Scott Davis

you, Thank Jerome.

many throughout those X primary the particularly future, on to focus in months respects, our XX,XXXth pleased was for we're Ekso While achieve personal. revenue record in quarter, the Indego

you As determination pricing many CMS XXXX. QX of know, in device the established for

event devices. this care capital within post-acute and Our the was main veterans on equipment rehab administration legacy enterprise health for focus on selling focus previous hospitals some at-home market to with

operate an function to the environment new establishing access effective reimbursement market So was Bionics. Ekso within to CMS

As to adopters new we discussed a on the notifying last provided aimed establish go-to-market our as determination we last CMS physician at set CMS call, out pricing possible as strategy year, immediately provider and of benefit historically early after a a the opportunity to spinal regulatory and schedule significant has been exoskeleton. barrier change Medicare with created primary accessing removing a what category living to help cord enrollees This redetermination injury our by has listing. fee many

and focused our appropriate across home the for see and prescribed an but for we ahead community growth compelling necessary good personal selection personal continue in to network that Indego on education for to That the partners is setting. closely was required of working of with Additionally, what extensive on work efforts patient we country. starting XXXX. Indego patients the process opportunity Ekso began part only the drive neurorehabilitation Ekso

we So for year, the QX, our to awareness building our to personal and focus our technology go-to-market efforts us believe beyond. will access and some changes, expand strategy key deciding we providing throughout shifted customer to channel. from Significantly, in the education scalable accelerate earlier led primary our make XXXX to advancing revenues and in which

a medical One been devices. which market these successful and changes access services the commercialization in was of Pria reimbursement full of spectrum Healthcare, leading XXX over firm, key has instrumental engaging

perspective at some end May. Through national reimbursed. submitted that we In that say we me We saw Let so we July, why through is medical durable the move to DME the provide are appeals claims partner. QX, busy. not All our not of on claim subsequent Medicare equipment or a important. been managed that's process. elected And claim in to currently But haven't first being submit our additional claims. first

great identifying new In more a efforts personal candidates fact, backlog we beneficiaries our for XX qualified. are already are candidates who believe Indego Ekso and Medicare we retargeting continually we've believe are of through that than built

over those the help the submission Moving we throughout to months. forward, to Prius claims X X CMS next anticipate with submitting process,

be submitted will paid. cannot we frame guarantee ultimately that While claims be or those obviously in time

personal navigate us the coverage that We with complexities leverage frankly, who expertise strategic this our them. guidance to help that provide reluctance are has submit and potentially the that life-changing didn't fourth enhancing confident reaches claims Quite the ensuring Ekso of and Medicare Thus, its the we Ekso payment, Indego technology. quarter. need individuals confidence without Pria coding, have to ability in to

network new weeks to of complex first ago, CRT United a over access XXX the NSM of in and the This help members distribution our the the designed and year, exclusive rehabilitation few than National large solutions through company's who device believe or marks space within strategic us personal we growing mobility partnership. ideally with than Ekso as into to each technology locations the team of this more move X,XXX the a mobility we XXX,XXX another In suited and to personal named CRT Indego personal broaden entrance more expand distributor industry Indigo support is Seating States.

both up go-to-market scale regional said, orthotics on All Indego for partnerships and national pilots We a to to O&P. is continue produce that personal and suppliers, and that also this focus I prosthetics are take Ekso traditional or want who to with will reiterate time that DME the results. ramping program and

the increased XXXX enterprise, products we come in will our majority health news is, still will contribution our from see the start believe of we But personal good in revenue XXXX. from while to

to Now shifting briefly operations.

to more drive are efficiencies We our throughout business. continuing

improvements any quarter. progresses. continue fourth gross in operating continue will to quarter. for gained to we the have along Our the improved up change pleased marked summary, questions industry-leading This revenues, the DME to Overall, with are ends our you take the chain XXXX and may of scalable and by our in supported In of and management, quarter-over-quarter, a Ekso and some in was are margin established trend and efficiencies new happy we go-to-market Operator? both we personal another significant it believe fourth have. that, margins Bionics that in prepared tremendous resulted Indego partners. today. quarter With inventory might gross strong while And as progress remarks vary access strategy margins strong for gross supply building production period margins for market by record for to

Operator

Wainright. first from our Chen And Li question Instructions] [Operator with comes H.C.

Li Chen

for is This RK. Li

So you year? your think we my first question claims is, is of second you mind more volume illegal confidence in to multiunit should about securing submit And plan orders year? the of then for do how this would this talking

Scott Davis

multiunit today. networks some to, providers. health answer for that Li. of Okay, are joining your out it delivery reference relates network health I larger To in independent there this orders, our larger business question to Thanks as first of us enterprise assume, in are is our terms

and related had to an off-cycle procurement those larger those in believe for we those that expect XXXX, are was it standard their we we within XXXX, said we it back cycles for purchases, institutions were larger throughout year equipment -- as As customers. and

is So expect the XXXX. short particularly we orders back occurring, in multiunit that in do here America North more answer

volume that XX claims about year. suitable individuals Now we customer a to the submissions we putting individuals Medicare, we of relative who of CMS we have relative stay, claims expect effective that we to pipeline will believe be have as this for current through and of

into up daily interested addition we've this and to that, we pursuing the are really are are who ramped In individuals coming technology. marketing efforts and our in queue really getting throughout XXXX,

in we move we using day-to-day our of as line to expect as are be year. the the individuals more starting technology So top that and really we're we we meaningful And importantly, really to do this see from benefit move through growth who year, through that lives. see will excited can their the we business

So that. we about quite remain excited

Li Chen

provide see and see that you Europe and the are the I revenue is you will additional very XXXX question in regions growth Can Another think you beyond? APAC growing on the be color nicely. in trajectory

Scott Davis

Indego and therapy with Sure. APAC, generally Well, inside we EksoNR growth devices. our in generally speaking, have year-over-year our

growth regions for there as We line that there's an reimbursement also programs the opportunity exist well XXXX, several the that of in APAC. within in as in Indego believe personal product are

In in as a will systems XXXX, technology that just to So they really within programs. this we Europe, track. we believe had we French Europe growth hospital continue growth were opportunity had adding that, the into rehab in where exceptional particularly their huge

in now growth are XXXX. of are relative will begin to in and back normal we normal we projecting as to growth in of we XXXX, we'll that, So But region. both believe both those taper get call what regions we numbers in that sort to our off, in that

Li Chen

And congratulations on the quarter.

Scott Davis

you, Thank Li.

Operator

from with Capital. Haynor Ben Street Our next Lake question comes

Benjamin Haynor

qualified, the you mentioned me, for get that folks interest benefit patient off steps? taking almost activities just from Or those into them thinking will? via I you're queue. folks through marketing would the the if units that think How think that ultimately daily are seeing First the generating your well enter of you next many for you about you're do the personal and do

Scott Davis

Sure. appreciate question We and website. are into leads Thanks, your that joining Ben. our coming your today. -- of mean growing process and I large number we I

living interest lot conditions who whom we individuals challenges related are of we but have spinal well. are cord of people who other injury, to who a from us mobility with So a call have other as have many

individuals prioritizing pre-existing really process the background right indication technology. qualification to meet there, And spinal today taking the use the is conditions pure who and with are with from technology. for for ensure Medicare would just screened the that with them prevent no health required also using have our are living Medicare effectively From today. individuals cord they So and injury individuals coverage a FDA coverage we are that those

for insurance What interest collect right forward are this continue good of private private who that reality prioritizing we'll as technology. but larger with that come tiers the in the that in qualified to to foster really private have have meet over requirements is and have that and but first, that physical insurance, we future. number of have talked be about becomes the individuals' we potentially over But XX means well through and requirements in time. prioritizing we carriers that moves there's who And the have individuals is Medicare those continue technology. who number an reimbursement individuals who of we're exponentially Medicare our program and we time we health have individuals is work identified now, individuals we able mainstream more today, -- general, qualified to expect candidates Medicare insurance with that as the believe go individuals we into who that that different Advantage, be otherwise the will we about for we the

Benjamin Haynor

road? that on way can payers, Or that to then with down think about is And for you latter start helping the with private that? now? you that is that the What's something the have point, I mean, right pre

Scott Davis

is that X today think think about road. down think the I about the way we today Well, we it

private of payers think individuals or success kind most we this the ensuring is that insurance, we with really build Advantage we precedent those of can with down it to one the And and have that with for then a road. of elements I consistent upon Medicare. sets good as the with begin engage private Medicare critical

of Pria private and understand and letters that said, what the we is it way happen translates going necessity medical notes Now all this. This will and with all coverage with required and being to all physicians the of work from into various insurance. all payments of and -- coding

and to to of trying the today as who But lends We're is to a really new and direction. with payers who the develop and itself expand program. individuals So expectations we're on to as really and forthright challenging that with -- as time But way, that of an we're ensures people those want not this point we additional this of more it consciences lot to insurance, missteps what people trying technology. we a taking private set be it's little building access a a at we're we're right organization, the a clear people level it want have need very will with bit helping we the and us, to guiding it in Pria along taking is as be predicted. program, road

Benjamin Haynor

them? their stands it's And anything cord whether anything then male, on time so female, I XX are or mean, the that any commonalities or are between in out? like range each there that spinal injury are patients Medicare, or

Scott Davis

If We've a At I years. we she they and Indigo go our gamut. Biggy had an had had at continues candidates. we run XX mean Garrison, with this wheelchair the to in experience successful point, Ben, and incredibly really been And personal. back positive look for

have difficult this any that appropriate it It juncture, the and point. to fit it's have the is wheelchair as like screening self that to the the I a that. out really is get addition what just runs motivated will specific the -- -- people getting not this seeking gamut. we We care a Because and that, at program. this straightforward really going are in say screening new to point demographic or health or brace a coverage. and they that This But program, out CPAP new something it's a or right a as at advocating. is

So bit time. take it of a does

commitment individual amount there's There's a for the certain a by of training this. involved

works. these and with what the that level in do job as setting and just is the are how expectations understand process we very a for we program we're education good individuals clear screening that So that they

these be myriad of to the hearing and see their able benefit get run excited this. their stories devices to gamut. And and we'll the sort that over individuals does of being as really able individuals home time, start up wind really from it to today, So at really we're

Benjamin Haynor

the for industry be industry. And complex you else on for the us about, weeds more on rehab think the Can folks technology might don't that. the anything bit CRT me, there? more little a then on you distributor that lastly sedan about mobility as came into the that within of And relationship necessarily maybe tell how helping national exclusive kind that get

Scott Davis

Yes, absolutely.

So being having key quarter-over-quarter. elements discussions program X we've to these been this the successful of in

or and with working with providers all these really was began used Our to strategy reimbursement. really view of top players expertise of with is with they're space. the to different early a big in in if together so is for able that who for Ekso's classic development DMEs, an view to individuals in elements of working of go-to-market care tie as It the -- that involves we players, best-in-breed XXXX, have and NSM this health complicated business is physicians, companies in were certainly to payers one players the at where be looking industry, process those it this

at I way is, there. the simple wheelchairs is lot help power CRT with they with for Now or mobility guess, wheelchairs who need do individuals of a access it looking

to path -- items their And in And be a starting is with They all but private generally to what This itself lend here. to challenges. aids. is spinal personally. with with this as a mobility need there's be through insurers, to can The to for had there's with They that larger mobility injury, lend evolution walk. can complicated. these CEO, well time, Medicare the I've direct technology these wheelchairs and set need that belief able customer go over met meetings with are others And common this able individual next cord unique. and him is them stand who power work individuals ticket as We've reimbursement with relatively complex process. now

biggest NSM. for So a and feel sort really we for space, Ekso, us with it with And one this best, of able in providers is they in really natural of it and was to the be really work leading this important the that space. are to relationship, the evolution to

that continue or work same focused We also group to to durable to Now in effectively with another at prosthetics. providers O&P orthotics distribution are is we time, and able equipment business targeted on be who medical work the that, believe with. development

So with signed we're -- space. we're exclusively while NSM their in

who O&P and also are work some as regional beginning on with DMEs well. national focus We

Operator

And to further with that, Scott no time. back questions for like turn remarks. at I'd the this to there any are Davis call closing

Scott Davis

you and for operator, you, today. Thank everyone to us joining thank

are XXXX forward overall XXXX reimbursement of we with updating distribution, made progress. in the bring excited traction We you as progress on pleased terms believe we're and to we in in and markets. personal now As by enterprise energized as the sales, operations both and we commercial the fronts, look what will

Operator

Thank you. today's This Thank you does conclude teleconference. participation. your for

your disconnect may this lines time. You at

Ekso Bionics (EKSO) 3 Mar 252024 Q4 Earnings call transcript