Ekso Bionics Holdings, Inc. (NASDAQ: EKSO) is a leading developer of exoskeleton solutions that amplify human potential by supporting or enhancing strength, endurance, and mobility across medical, industrial and defense applications.
Ford Motor and Ekso announced this month that Ford, and the United Auto Workers Union, have been testing the use of mechanical exoskeletons on the assembly line. As a result, use of the EksoVest will be expanded to plants in other regions, including Europe and South America.
EKSO share have taken a move upward with the share price rising over 400% after the announcement.
November 9, 2017. new mechanical exoskeletons being tested by Ford Motor Co may help factory workers to function like bionic people, reducing the physical damage of millions of repetitive tasks over many years. https://finance.yahoo.com/news/ford-ekso-team-bionic-auto-004101554.html
EksoGT – The first FDA cleared exoskeleton indicated for stroke and spinal cord injury rehabilitation that is designed to help patients get back on their feet supporting re-learning of correct step patterns, weight shifting, and potentially mitigating compensatory behaviors.
EksoVest – Ford and Ekso Bionics partnered to explore how this upper body exoskeleton that elevates and supports a worker’s arms can help by reducing the strain on a worker’s body.
SmartAssist – A breakthrough in-patient rehabilitation and the next generation of variable assist software that promotes early mobility with training, flexible controls, and a rehabilitation friendly user-interface.
EksoPulse – Cloud-based technology for physical therapists and physicians to obtain insights in rehabilitation to deliver more personalized care and measurable progress for patients using exoskeletons.
Ekso Bionics® is a leading developer of exoskeleton solutions that amplify human potential by supporting or enhancing strength, endurance, and mobility across medical, industrial and defense applications. Founded in 2005, the company continues to build upon its unparalleled expertise to design some of the most innovative, innovative wearable robots available on the market. Ekso Bionics is the only exoskeleton company to offer technologies that range from helping those with paralysis to stand up and walk, to enhancing human capabilities on job sites across the globe, to providing research for the advancement of R&D projects intended to benefit U.S. defense capabilities.
Third Quarter 2017 Financial Results
Revenue was $1.6 million for the quarter ended September 30, 2017, which includes approximately $1.3 million in medical device revenue, and $0.3 million in industrial sales.
Gross profit for the quarter ended September 30, 2017 was $0.5 million.
Sales and marketing expenses for the quarter ended September 30, 2017 were $3.2 million.
Research and development expenses for the quarter ended September 30, 2017 were $2.0 million.
General and administrative expenses for the quarter ended September 30, 2017 were $2.4 million.
Net loss applicable to common stockholders for the three months ended September 30, 2017 was $6.3 million, or $0.18 per basic and diluted share.
Nine months ended Sept 30, 2017
Revenue for the nine months ended September 30, 2017 was $4.9 million.
Gross profit for the nine months ended September 30, 2017 was approximately $1.3 million.
Net loss applicable to common stockholders for the nine months ended September 30, 2017 was $20.1 million, or $0.73 per basic and diluted share.
Cash on hand at September 30, 2017 was $33.4 million, compared to $16.8 million at December 31, 2016. For the nine months ended September 30, 2017, the Company used $25.6 million of cash in operations, compared to $20.6 million for the nine months ended September 30, 2016. The increase in cash on hand is a result of the fully financed rights offering completed in the third quarter of 2017.
Stock Influences and Risk Factors
Positive news from the Ford partnership could lead to additional trials and orders.
The industry is highly competitive and subject to rapid technological change.
Modifications to the Ekso GT and future products may require new 510(k) clearances or PMA approvals.
U.S. legislative or FDA regulatory reforms may make it more difficult to obtain regulatory approval for product candidates.
On Tuesday, November 21, 2017, EKSO shares were trading at $3.78/share on traded volume of 14 million shares. The current RSI (14) is 88.97
EKSO shares have crossed above their 50-day and 200-day moving averages of $1.34 and $2.10 respectively.
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