Q2 2024 Ekso Bionics Holdings Inc Earnings Call
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Operator: The webcast will be starting shortly. Please stay on the line. Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, Sean Lee, Jerome Wong, Scott Davis, Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, and Matt Steinberg. [inaudible] and many more.
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Operator: The webcast will start momentarily. Please stay on the line. Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, Sean Lee, and many more.
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Sean Lee: [inaudible] and many more. I'll see you next time. [inaudible] Swayampakula, Matt Steinberg, Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, and many more. I'm Sean Lee.
Operator: [inaudible] Thank you for your patience. We are having a technical issue with the webcast, and we're looking to start once we can get this technical issue all fixed. Again, I sincerely apologize for these delays. Please stay on the line. [inaudible] and many more. I'll see you next time.
Operator: [inaudible] and many others. Thank you. Thank you. OJ Anderson, Matt Steinberg, Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, Ekso Bionics, Sean Lee, Jerome Wong, Scott Davis, Ekso Bionics, Swayampakula Ramakanth, [inaudible] stand by. We are still having some technical difficulties with the webcast. Please stay on. Again, sincerely apologize for the delay. [inaudible] Sean Lee, Matt Steinberg, Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, Sean Lee, Jerome Wong, Scott Davis, Matt Steinberg, Sean Lee, Jerome Wong, Scott Davis, Sean Lee, [inaudible] and much more.
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Operator: We'll see you next time. And... I'm out. I'm out. I'm out. I'm out. [inaudible] Dan O'Reilly, Dan Haynor, Matt Steinberg, Scott Davis, Sean Lee, Jerome Wong, Scott Davis, Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, Jason Jones, Ekso Bionics, Sean [inaudible] and many more. [inaudible] [inaudible] and many more.
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Scott G. Davis: [inaudible] and Scott Davis. Thank you! Thank you! Thank you! Thank you!
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Benjamin Haynor: Benjamin Haynor, Matt Steinberg, Swayampakula Ramakan Benjamin Haynor, Matt Steinberg, Swayampakula Ramakanth, Thank you for standing by. We apologize for these technical difficulties that were on our end. We will be starting shortly. We'll try our best to start at 5 p.m. Exactly. Thank you so much for your patience. Please stay on the line.
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Operator: [inaudible] Thank you for standing by. We apologize for these technical difficulties that were on our end. We will be starting shortly. We'll try our best to start at 5 p.m. exactly. Thank you so much for your patience, please stay on the line. [inaudible] ?? ?? ?? ?? ?? ?? [inaudible] and many more.
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Operator: Thank you for your patience. Apologies that we were experiencing some technical difficulties on our end. And thank you so much for waiting. Greetings and welcome to the Ekso Bionics Q2 2024 Financial Results Call. At this time, all participants are in a listen-only mode.
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Matt Steinberg: Greetings and welcome to the Exo Bionics Q2 2024 financial results call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.
Speaker Change: And thank you so much for waiting.
Speaker Change: Greetings and welcome to the Ekso Bionics Q2 2024 Financial Results Call.
Operator: A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Steinberg, and Finn Parton. Thank you.
Speaker Change: At this time, all participants are in a listen-only mode.
Speaker Change: A brief question and answer session will follow the formal presentation.
Operator: If anyone wants to require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
Speaker Change: If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
Matt Steinberg: It is now my pleasure to introduce your host, Matt Steinberg, with Spin Partners. Thank you, Matt. You may begin.
Speaker Change: It is now my pleasure to introduce your host, Matt Steinberg, with FinPartners. Thank you, Matt. You may begin.
Matt Steinberg: Thank you, Operator.
Matt Steinberg: You may begin. Thank you, Operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Scott Davis, Chief Executive Officer, and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website. Before we begin, I would like to remind you that management will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Scott Davis: And thank you all for participating in today's call. Join me from Exo Bionics for Scott Davis, Chief Executive Officer, and Jerome Wong, Chief Financial Officer. Earlier today, Exo Bionics released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.
Matt Steinberg: Thank you, Operator, and thank you all for participating in today's call.
Speaker Change: Joining me from Ekso Bionics are Scott Davis, Chief Executive Officer, and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.
Scott Davis: Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operating expectations, or expectations of the regulatory landscape governing our products and operations, based upon management's current estimates and various assumptions.
Matt Steinberg: Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operating expectations, or expectations regarding the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.
Speaker Change: Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Speaker Change: Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements.
Speaker Change: All forward-looking statements, including statements regarding our business strategy, future financial or operating expectations, or expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions.
Scott Davis: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these four looking statements. Accordingly, you should not place undue reliance on these statements.
Speaker Change: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.
Scott Davis: For a list and description of the risks and uncertainties associated with Exos businesses, please see its filings with the Securities and Exchange Commission. Exos explains any obligation, except as required by law, to update or revise any financial or operational projections, its regulatory outlook, or other forward-looking statements, whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call.
Scott G. Davis: For a list and description of the risks and uncertainties associated with Ekso's businesses, please see its filings with the Securities and Exchange Commission. Ekso disclaims any obligation, except as required by law, to update or revise any financial or operational projections, its regulatory outlook, or other forward-looking statements, whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call. I will now turn the call over to Ekso Bionics Chief Executive Officer, Scott Davis. Thank you, Matt.
Speaker Change: Accordingly, you should not place undue reliance on these statements.
Speaker Change: For a list and description of the risks and uncertainties associated with Ekso's businesses, please see its filings with the Securities and Exchange Commission.
Speaker Change: Ekso disclaims any obligation, except as required by law, to update or revise any financial or operational projections, its regulatory outlook, or other forward-looking statements whether because of new information, future events, or otherwise.
Speaker Change: Any forward-looking statements made on this call speak only as of the date of this call. I will now turn the call over to Ekso Bionics Chief Executive Officer, Scott Davis.
Scott Davis: I will now turn the call over to Exo Bionics, Chief Executive Officer, Scott Davis. Thank you, Matt. We kicked off the second quarter on a positive note with our at-home Exo Indico personal device receiving a payment decision from CMS for lump sum Medicare reimbursement and continued the momentum throughout the quarter by generating record quarterly sales in our exo health segment. We're pleased with our progress and even more excited about the potential of bringing our innovative robotic exoskeleton devices to more patients across the continuum of care from the clinic to the home. As initial claims for reimbursement have been submitted for the exo Indico personal, and as we have gained momentum in working with our current customer base to make this potentially life-changing technology available to more individuals living with an SCI.
Scott G. Davis: We kicked off the second quarter on a positive note with our at-home Ekso Indigo personal device receiving a payment decision from CMS for lump-sum Medicare reimbursement. We continued the momentum throughout the quarter by generating record quarterly sales in our Ekso Health segment. We're pleased with the progress and even more excited about the potential of bringing our innovative robotic exoskeleton devices to more patients across the continuum of care from the clinic to the home.
Scott G. Davis: Thank you, Matt.
Scott G. Davis: We kicked off the second quarter on a positive note with our at-home Ekso Indigo personal device receiving a payment decision from CMS for lump-sum Medicare reimbursement and continued the momentum throughout the quarter by generating record quarterly sales in our Ekso Health segment.
Scott G. Davis: We're pleased with the progress and even more excited about the potential of bringing our innovative robotic exoskeleton devices to more patients across the continuum of care from the clinic to the home.
Scott G. Davis: As initial claims for reimbursement have been submitted for the Ekso Indigo Personal, and as we have gained momentum in working with our current customer base to make this potentially life-changing technology available to more individuals living with an SCI, we remain encouraged by the possibility of meeting this multi-billion dollar personal mobility health addressable market in the U.S. I will touch more on this major development shortly, but first, I'll share an overview of our second quarter performance. We generated record quarterly sales of $5 million and sold 37 Ekso Health devices in the second quarter of 2024.
Scott G. Davis: As initial claims for reimbursement have been submitted for the Ekso Indigo Personal, and as we have gained momentum in working with our current customer base to make this potentially life-changing technology available to more individuals living with an SCI,
Scott Davis: We remain encouraged by the possibility of meeting this multi-billion dollar personal mobility health addressable market in the US.
Scott G. Davis: We remain encouraged by the possibility of meeting this multi-billion dollar personal mobility health addressable market in the U.S.
Scott Davis: I will touch more on this major development shortly, but first I'll share an overview of our second quarter performance. We generated record quarterly sales of five million dollars and sold 37 Exo health devices in the second quarter of 2024. The performance in the quarter was driven by continued growth within our enterprise health business, which is comprised of our exo NR and our exo therapy devices. We believe our growing worldwide network of leading neuro rehabilitation centers continues to recognize the clinical and economic value of our innovative exo NR. Today there are exo NR devices at nine of the top 10 rehab centers in the US, which we believe is an indicator that exo NR is becoming the standard of care for lower extremity neuro rehabilitation.
Scott G. Davis: I'll touch more on this major development shortly, but first I'll share an overview of our second quarter performance.
Scott G. Davis: We generated record quarterly sales of five million dollars and sold 37 Ekso Health devices in the second quarter of 2024.
Scott G. Davis: The performance in the quarter was driven by continued growth within our enterprise health business, which is comprised of our Ekso NR and our Ekso therapy devices. We believe our growing worldwide network of leading neurorehabilitation centers continues to recognize the clinical and economic value of our innovative Ekso NR. Today, there are EksoNR devices at nine of the top 10 rehab centers in the U.S., which we believe is an indicator that EksoNR is becoming the standard of care for lower extremity neural rehabilitation.
Scott G. Davis: The performance in the quarter was driven by continued growth within our enterprise health business, which is comprised of our Ekso NR and our Ekso therapy devices.
Scott G. Davis: We believe our growing worldwide network of leading neurorehabilitation centers continues to recognize the clinical and economic value of our innovative XONR.
Scott G. Davis: Today, there are EksoNR devices at nine of the top ten rehab centers in the U.S., which we believe is an indicator that EksoNR is becoming the standard of care for lower extremity neural rehabilitation.
Scott Davis: We believe we are well positioned to build upon this momentum and drive growth for both our exo NR and our exo Indico therapy devices as we continue to strengthen our distribution network and deepen our pipeline of opportunities. While we're pleased with the quarterly sales volume of the exo health devices, US sales were slightly affected by typical fluctuations in procurement cycles for our larger integrated delivery network, or IDN customers. We anticipate these cycles leveling out later this year. In spite of these challenges, we maintain strong sales to individual clinics and hospitals and expand our global customer base, which is a testament to the dedicated effort of our global commercial teams. Internationally, demand remains strong, mirroring our robust performance in the first quarter.
Scott G. Davis: We believe we are well positioned to build upon this momentum and drive growth for both our ExoNR and our ExoIndigo therapy devices as we continue to strengthen our distribution network and deepen our pipeline of opportunities. While we're pleased with the quarterly sales volume of the Ekso Health devices, U.S. sales were slightly affected by typical fluctuations in procurement cycles for our larger integrated delivery network, or IDN, customers. We anticipate these cycles leveling out later this year.
Scott G. Davis: We believe we are well positioned to build upon this momentum and drive growth for both our Ekso NR and our Ekso Indigo therapy devices as we continue to strengthen our distribution network and deepen our pipeline of opportunities.
Scott G. Davis: While we're pleased with the quarterly sales volume of the Ekso Health devices, U.S. sales were slightly affected by typical fluctuations in procurement cycles for our larger integrated delivery network or IDN customers.
Scott G. Davis: In spite of these challenges, we maintain strong sales to individual clinics and hospitals and expanded our global customer base, which is a testament to the dedicated effort of our global commercial teams. Internationally, demand remains strong, mirroring our robust performance in the first quarter. Notably, uptake in the EMEA region was driven by the adoption of robotics within neurorehabilitation programs by the French public health system.
Scott G. Davis: We anticipate these cycles leveling out later this year. In spite of these challenges, we maintain strong sales to individual clinics and hospitals and expanded our global customer base, which is a testament to the dedicated effort of our global commercial teams.
Scott G. Davis: Internationally, demand remains strong, mirroring our robust performance in the first quarter.
Scott Davis: Notably, uptake in the AMIA region was driven by adoption of robotics within neuro rehabilitation programs by the French public health system. Sales in Asia also contributed to our international growth with multiple orders for exo Indico therapy, as neuro rehabilitation centers in the region are adopting our potentially life changing technology for individuals with lower extremity impairments. Not only did we place more devices globally, but we also expanded our international distribution network, which enabled us to gain greater operating leverage abroad. Looking ahead, we remain focused on continued development of our relationships with IDNs to secure larger multi-unit capital deals across North America as an initiative that is integral to our ongoing commercial strategy aimed at expanding our market footprint.
Scott G. Davis: Notably, uptake in the EMEA region was driven by adoption of robotics within neurorehabilitation programs by the French public health system.
Scott G. Davis: Sales in Asia also contributed to our international growth with multiple orders for Ekso indigo therapy as neurorehabilitation centers in the region are adopting this potentially life-changing technology for individuals with lower extremity impairments. Not only did we place more devices globally, but we also expanded our international distribution network, which enabled us to gain greater operating leverage abroad. Looking ahead, we remain focused on the continued development of our relationships with IDNs to secure larger multi-unit capital deals across North America, as an initiative that is integral to our ongoing commercial strategy aimed at expanding our market footprint.
Scott G. Davis: Sales in Asia also contributed to our international growth, with multiple orders for Ekso Indigo Therapy, as neuro-rehabilitation centers in the region are adopting our potentially life-changing technology for individuals with lower extremity impairments.
Scott G. Davis: Not only did we place more devices globally, but we also expanded our international distribution network, which enabled us to gain greater operating leverage abroad.
Scott G. Davis: Looking ahead, we remain focused on continued development of our relationships with IDNs to secure larger multi-unit capital deals across North America.
Scott G. Davis: as an initiative that is integral to our ongoing commercial strategy aimed at expanding our market footprint. We are optimistic about future prospects and our pipeline of potential deals.
Scott Davis: We are optimistic about future prospects and our pipeline of potential deals.
Scott G. Davis: We are optimistic about future prospects and our pipeline of potential deals. Now turning to an Ekso Indigo personal update. We previously announced CMS confirmation that Healthcare Common Procedure Coding System or HCPCS code K1007 falls under Medicare's Brace Benefit category and should be used to bill Medicare for the Ekso Indigo personal. At the start of the second quarter, CMS established a Medicare reimbursement level of $91,031.
Scott Davis: Now turning to an exo-indigo personal update. We previously announced CMS confirmation that healthcare-common-procedured coding system, or HiggsPix code K-1007, falls under Medicare's Brace Benefit category, and should be used to build Medicare for the exo-indigo personal. At the start of the second quarter, CMS established a Medicare reimbursement level of $91,031. With pricing determination in place and initial claims pending reimbursement, we've achieved an important milestone that we expect will now enable us to significantly expand access to the thousands of Medicare and Medicaid-covered individuals living with a spinal cord injury. We believe these individuals now have the potential to achieve improved health and new levels of independence through the use of our exo-indigo personal in their daily lives.
Scott G. Davis: Now turning to an Ekso Indigo personal update.
Scott G. Davis: We previously announced CMS confirmation that Health Care Common Procedure Coding System, or HCPCS code K1007, falls under Medicare's BRACE benefit category and should be used to bill Medicare for the Ekso Indigo Personal.
Scott G. Davis: At the start of the second quarter, CMS established a Medicare reimbursement level of $91,031.
Scott G. Davis: With pricing determination in place and initial claims pending reimbursement, we have achieved an important milestone that we expect will now enable us to significantly expand access to the thousands of Medicare and Medicaid-covered individuals living with a spinal cord injury. We believe these individuals now have the potential to achieve improved health and new levels of independence through the use of our Ekso Indigo Personal in their daily lives. This is just the beginning of what we view as a possible inflection point in expanding access to our potentially transformative technology for individuals who can most benefit from its daily use.
Scott G. Davis: With pricing determination in place and initial claims pending reimbursement, we have achieved an important milestone that we expect will now enable us to significantly expand access to the thousands of Medicare and Medicaid covered individuals living with a spinal cord injury.
Scott G. Davis: We believe these individuals now have the potential to achieve improved health and new levels of independence through the use of our Ekso Indigo Personal in their daily lives.
Scott Davis: This is just the beginning of what we view as a possible inflection point in expanding access to our potentially transformative technology for individuals who can most benefit from its daily use. As part of our scalable go-to-market strategy to drive patient engagement, we have been collaborating with our large network of neuro rehabilitation centers throughout the country to facilitate patient screening and begin training and onboarding individuals so they can use the exo-indigo personal at home and in community settings. Additionally, we are conducting educational webinars featuring end users who showcase how they integrate the exo-indigo personal into their daily lives.
Scott G. Davis: This is just the beginning of what we view as a possible inflection point in expanding access to our potentially transformative technology for individuals who can most benefit from its daily use.
Scott G. Davis: As part of our scalable go-to-market strategy to drive patient engagement, we've been collaborating with our large network of neurorehabilitation centers throughout the country to facilitate patient screening and begin training and onboarding individuals so they can use the Ekso Indigo Personal at home and in community settings. Additionally, we are conducting educational webinars featuring end users who showcase how they integrate the Ekso Indigo Personal into their daily lives. We invite you to view these inspiring stories on our social media channels, including Facebook, LinkedIn, and Ekso.
Scott G. Davis: As part of our scalable go-to-market strategy to drive patient engagement, we've been collaborating with our large network of neurorehabilitation centers throughout the country to facilitate patient screening and begin training and onboarding individuals so they can use the Ekso Indigo Personal at home and in community settings.
Scott G. Davis: Additionally, we are conducting educational webinars featuring end-users who showcase how they integrate the Ekso Indigo Personal into their daily lives. We invite you to view these inspiring stories on our social media channels including Facebook, LinkedIn, and X.
Scott Davis: We invite you to view these inspiring stories on our social media channels, including Facebook, LinkedIn, and X. Early demand trends resulting from Medicare's CMS reimbursement of the exo-indigo personal are promising, as evidenced by the increasing traffic through our website and growing pipeline of interest from individuals currently living within SCI. These potentially users are learning firsthand about the exo-indigo personal purposeful design and how it can offer them potentially life-changing benefits in their daily lives. Moving forward, we are increasing our content marketing efforts, leveraging patient testimonials, and continuing to educate potential users, therapists, and clinicians on the device's potentially life-changing mobility benefits.
Scott G. Davis: Early demand trends resulting from Medicare CMS reimbursement of the Ekso Indigo personal are promising, as evidenced by the increasing traffic through our website and growing pipeline of interest from individuals currently living with an SCI. These potential users are learning firsthand about the Ekso Indigo Purposeful Design and how it can offer them potentially life-changing benefits in their daily lives. Moving forward, we are increasing our content marketing efforts, leveraging patient testimonials, and continuing to educate potential users, therapists, and clinicians on the device's potentially life-changing mobility benefits.
Scott G. Davis: Early demand trends resulting from Medicare CMS reimbursement of the Ekso Indigo personal are promising as evidenced by the increasing traffic through our website and growing pipeline of interest from individuals currently living with an SCI.
Scott G. Davis: These potential users are learning first-hand about the Ekso Indigo Purposeful Design and how it can offer them potentially life-changing benefits in their daily lives.
Scott G. Davis: Moving forward, we are increasing our content marketing efforts, leveraging patient testimonials, and continuing to educate potential users, therapists, and clinicians on the device's potentially life-changing mobility benefits.
Scott Davis: We believe these initiatives have been crucial in driving further interest and adoption in the market, and we are thrilled that our differentiated exoskeleton devices are now accessible to a larger patient population. We are committed to ensuring that more qualified individuals can gain access to the end-to-go personal and are bullish on the potentially robust growth opportunity.
Scott G. Davis: We believe these initiatives have been crucial in driving further interest in adoption in the market, and we are thrilled that our differentiated exoskeleton devices are now accessible to a larger patient population. We're committed to ensuring that more qualified individuals can gain access to Indigo Personal and are bullish on the potentially robust growth opportunity. We look forward to providing updates on our continued work with the SCI community and future possibilities of adoption from individuals with neurologic conditions who could potentially benefit from our technology.
Scott G. Davis: We believe these initiatives have been crucial in driving further interest in adoption in the market, and we are thrilled that our differentiated exoskeleton devices are now accessible to a larger patient population.
Scott G. Davis: We're committed to ensuring that more qualified individuals can gain access to the indigo personal and are bullish on the potentially robust growth opportunity.
Scott Davis: We look forward to providing updates on our continued work with the SCI community and future possibilities of adoption from individuals with neurologic conditions who could potentially benefit from our technology.
Scott G. Davis: We look forward to providing updates on our continued work with the SCI community and future possibilities of adoption from individuals with neurologic conditions who could potentially benefit from our technology.
Scott Davis: Now I'd like to turn to an update on our industrial segment, Ekso Works. During the quarter, the vice revenue increased by approximately $150,000 from the same period a year ago as we shipped the bulk of EVO's internationally. These shipments include a large-paint supplier in Germany and a distribution partner in Korea. We are working to continue to raise awareness of the benefits that EVO provides for workers with strenuous overhead jobs, such as reduced fatigue, increased productivity, and a lower frequency of workplace injuries. EVO fits into a variety of industries, including automotive, aerospace, construction, and renewable energy, with multiple additional vertical segments possible where overhead work is required.
Scott G. Davis: Now I'd like to turn to an update on our industrial segment, EksoWorks. During the quarter, device revenue increased by approximately $150,000 from the same period a year ago as we shipped the bulk of EVOs internationally. These shipments include a large paint supplier in Germany and a distribution partner in Korea. We are working to continue to raise awareness of the benefits that Evo provides for workers with strenuous overhead jobs, such as reduced fatigue, increased productivity, and a lower frequency of workplace injuries. Evo fits into a variety of industries, including automotive, aerospace, construction, and renewable energy, with multiple additional vertical segments possible where overhead work is required.
Scott G. Davis: Now I'd like to turn to an update on our industrial segment, EksoWorks.
Scott G. Davis: During the quarter, device revenue increased by approximately $150,000 from the same period a year ago as we shipped the bulk of EVOs internationally.
Scott G. Davis: These shipments include a large paint supplier in Germany and a distribution partner in Korea. We are working to continue to raise awareness of the benefits that EVO provides for workers with strenuous overhead jobs.
Scott G. Davis: such as reduced fatigue, increased productivity, and a lower frequency of workplace injuries. Evo fits into a variety of industries, including automotive, aerospace, construction, and renewable energy, with multiple additional vertical segments possible where overhead work is required.
Scott Davis: As we look ahead, we believe that Ekso is a pioneer in this nascent market and that we are poised to take greater share by continuing to target customers who can drive potentially large volumes of EVO devices in their various industrial segments.
Scott G. Davis: As we look ahead, we believe that Ekso is a pioneer in this nascent market and that we are poised to take a greater share by continuing to target customers who can drive potentially large volumes of EVO devices in their various industrial segments. Now, turning to our operations. We remain focused on achieving positive cash flow through scaling our top-line growth while continually gaining operating efficiencies. Over the past year, under the leadership of Jason Jones, our Chief Operating Officer, we have worked to bolster our operating leverage while enhancing our inventory management.
Scott G. Davis: As we look ahead, we believe that Ekso is a pioneer in this nascent market and that we are poised to take greater share by continuing to target customers who can drive potentially large volumes of EVO devices in their various industrial segments.
Scott Davis: Turning to our operations, we remain focused on achieving positive cash flow through scaling our top-line growth while continually gaining operating efficiencies. Over the past year, under the leadership of Jason Jones, our Chief Operating Officer, we have worked to bolster our operating leverage while enhancing our inventory management. As Jerome will detail shortly, these initiatives helped us increase our gross margins in the second quarter by 500 basis points compared to the second quarter of 2023. We believe that our disciplined approach to spending, combined with our improved operating efficiencies and scalable strategy, have us on the right path as we work to generate positive cash flow.
Scott G. Davis: Turning to our operations.
Speaker Change: We remain focused on achieving positive cash flow through scaling our top-line growth while continually gaining operating efficiencies.
Speaker Change: Over the past year, under the leadership of Jason Jones, our Chief Operating Officer,
Scott G. Davis: As Jerome will detail shortly, these initiatives helped us increase our gross margins in the second quarter by 500 basis points compared to the second quarter of 2023. We believe that our disciplined approach to spending, combined with our improved operating efficiencies and scalable strategy, have us on the right path as we work to generate positive cash flow.
Speaker Change: We have worked to bolster our operating leverage while enhancing our inventory management. As Jerome will detail shortly, these initiatives helped us increase our gross margins in the second quarter by 500 basis points compared to the second quarter of 2023.
Jerome: We believe that our disciplined approach to spending combined with our improved operating efficiencies and scalable strategy have us on the right path as we work to generate positive cash flow.
Scott Davis: In summary, it was a significant quarter for Ekso Bionics, highlighted by key CMS accomplishments for our Ekso Indigo personal device and continued execution of our commercial strategy that resulted in a record sales quarter. With a product portfolio that now potentially offers a broad reach to a significantly larger addressable market across the continuum of patient care, we believe we are well positioned for future growth.
Scott G. Davis: In summary, it was a significant quarter for Ekso Bionics, highlighted by key CMS accomplishments for our Ekso Indigo personal device and continued execution of our commercial strategy that resulted in a record sales quarter. With a product portfolio that now potentially offers a broad reach to a significantly larger addressable market across the continuum of patient care, we believe we are well positioned for future growth. At this time, I'd like to turn the call over to our Chief Financial Officer, Jerome Wong, to review our second quarter financial results.
Jerome: In summary, it was a significant quarter for Ekso Bionics, highlighted by key CMS accomplishments for our Ekso Indigo personal device and continued execution of our commercial strategy that resulted in a record sales quarter.
Jerome: With a product portfolio that now potentially offers a broad reach to a significantly larger addressable market across the continuum of patient care, we believe we are well positioned for future growth.
Jerome Wong: At this time, I'd like to turn the call over to our Chief Financial Officer, Jerome Wong, to review our second quarter financial results. Thank you, Scott. We generated record quarterly sales of $5 million in the second quarter of 2024 compared to $4.7 million for the second quarter of 2023. Gross profit for the second quarter of 2024 was $2.6 million, representing a gross margin of approximately 53%, compared to gross profit of $2.3 million in the second quarter of 2023, representing the gross margin of 48%. The increase in gross margin was primarily due to an increase in the ever selling price for the Exo NR and lower Exo health device and service costs.
Jerome: At this time, I'd like to turn the call over to our Chief Financial Officer, Jerome Wong, to review our second quarter financial results.
Scott G. Davis: Thank you, Scott. We generated record quarterly sales of $5 million in the second quarter of 2024, compared to $4.7 million in the second quarter of 2023. Gross profit for the second quarter of 2024 was $2.6 million, representing a gross margin of approximately 53% compared to gross profit of $2.3 million in the second quarter of 2023, representing a gross margin of 48%. The increase in gross margin was primarily due to an increase in the average selling price for the Ekso NR and lower Ekso Health device and service costs.
Jerome Wong: Thank you, Scott. We generated record quarterly sales of $5 million in the second quarter of 2024, compared to $4.7 million for the second quarter of 2023.
Jerome Wong: Gross profit for the second quarter of 2024 was $2.6 million, representing a gross margin of approximately 53% compared to gross profit of $2.3 million in the second quarter of 2023, representing a gross margin of 48%.
Jerome Wong: The increase in gross margin was primarily due to an increase in the average selling price for the Ekso NR and lower Ekso health device and service costs.
Scott G. Davis: Operating expenses for the second quarter of 2024 were five million dollars compared to 6.5 million dollars for the second quarter of 2023. The decrease was primarily due to lower general and administrative expenses due to lower headcount, discretionary payroll, consultant, and labor costs.
Jerome Wong: Operating expenses for the second quarter of 2024 were $5 million compared to $6.5 million for the second quarter of 2023. The decrease was primarily due to lower general and administrative expenses due to a lower head count, discretionary payroll, consultant, and label costs.
Jerome Wong: Operating expenses for the second quarter of 2024 were five million dollars compared to 6.5 million dollars for the second quarter of 2023. The decrease was primarily due to lower general and administrative expenses due to lower headcount, discretionary payroll, consultant and labor costs.
Jerome Wong: Met loss applicable to common stockholders for the second quarter was $2.4 million or $13 per basic and diluted share compared to a net loss of $4.2 million or $31 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13 per basic and diluted share compared to a net loss of $3.2 million or $13.
Jerome Wong: Net loss applicable to common stockholders for the second quarter was 2.4 million dollars or 13 cents per basic and diluted share compared to a net loss of 4.2 million dollars or 31 cents per basic and diluted share for the same period of 2023.
Jerome Wong: Now, returning to our financial results for the first half of 2024, revenue was $8.7 million for the six months ended June 30th, 2024, compared to $8.8 million for the same period in 2023. We sold a total of 66 actual health devices in the first half of 2024. Gross profit for the six months ended June 30th, 2024 was $4.6 million, representing a gross margin of approximately 53% compared to gross profit of $4.3 million for the same period in 2023, representing a gross margin of 48%. The increase in gross margin was primarily due to an increase in the average selling price for the exo-NR and lower exo-health device and service costs.
Jerome Wong: The net loss applicable to common stockholders for the second quarter was $2.4 million, or $0.13 per basic and diluted share, compared to a net loss of $4.2 million, or $0.31 per basic and diluted share, for the same period of 2023. Now turning to our financial results for the first half of 2024, revenue was $8.7 million for the six months ended June 30, 2024, compared to $8.8 million for the same period of
Jerome Wong: Now turning to our financial results for the first half of 2024.
Jerome Wong: Revenue was $8.7 million for the six-month end of June 30th, 2024, compared to $8.8 million for the same period in 2023. We sold a total of 66 Ekso Health devices in the first half of 2024.
Jerome Wong: We sold a total of 66 Ekso Health devices in the first half of 2024. Gross profit for the six months ended June 30, 2024, was $4.6 million, representing a gross margin of approximately 53% compared to gross profit of $4.3 million for the same period in 2023, representing a gross margin of 48%. The increase in gross margin was primarily due to an increase in the average selling price for the Ekso NR and lower Ekso Health device and service costs.
Jerome Wong: Gross profit for the six months ended June 30, 2024 was $4.6 million, representing a gross margin of approximately 53% compared to gross profit of $4.3 million for the same period in 2023, representing a gross margin of 48%.
Jerome Wong: The increase in gross margin was primarily due to an increase in the average selling price for the Ekso NR and lower Ekso Health device and service costs.
Jerome Wong: Operating expenses for the first half of 2024 were $10.2 million, compared to $13 million for the same period of 2023. The decrease was primarily due to the absence of costs associated with the acquisition and integration of the human motion control business unit from Parker Hannifin in the comparable period and lower discretionary payroll consultant and labor costs.
Jerome Wong: Operating expenses for the first half of 2024 were $10.2 million, compared to $13 million for the same period of 2023. The decrease was primarily due to the absence of costs associated with the acquisition and integration of the Human Motion Control Business Unit from Parker Hannafin in the comparable period and lower discretionary payroll, consultant, and legal costs.
Jerome Wong: Operating expenses for the first half of 2024 were $10.2 million compared to $13 million for the same period of 2023.
Jerome Wong: The decrease was primarily due to the absence of costs associated with the acquisition and integration of the Human Motion Control Business Unit from Parker Hannafin in the comparable period and lower discretionary payroll, consultant, and labor costs.
Jerome Wong: Net loss applicable to common stockholders for the six months ended June 30th, 2024, was $5.8 million or $33 per basic and diluted share compared to a net loss of $8.6 million or $64 per basic and diluted share for the same period in 2023. Cash and restricted cash as of June 30th, 2024, was $5.9 million compared to $8.6 million as of December 31, 2023.
Jerome Wong: The net loss applicable to common stockholders for the six months ended June 30, 2024 was $5.8 million, or $0.33 per basic and diluted share, compared to a net loss of $8.6 million, or $0.64 per basic and diluted share for the same period in 2023. Cash and restricted cash as of June 30, 2024 were $5.9 million compared to $8.6 million as of December 31, 2023. Please see our quarterly report on our Form 10-Q filed earlier today for further details regarding the quarter.
Jerome Wong: Net loss applicable to common stockholders for the six months ended June 30, 2024 was $5.8 million, or $0.33 per basic and diluted share, compared to a net loss of $8.6 million, or $0.64 per basic and diluted share for the same period in 2023.
Jerome Wong: Cash and restricted cash as of June 30th, 2024 was 5.9 million dollars compared to 8.6 million dollars as of December 31, 2023.
Jerome Wong: Please see our quarterly report on a Form 10-Q filed earlier today for further details regarding the quarter.
Speaker Change: Please see our quarterly report on our Form 10-Q filed earlier today for further details regarding the quarter. Operator, you may now open the line for questions.
Operator: Operator, you may now open the line for questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you.
Jerome Wong: Operator, you may now open the line for questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue.
Speaker Change: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.
Operator: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start button. One moment, please, while we pull for questions. Thank you. Our first question comes from the line of Ben Haynor with Lake Street Capital Market. Please proceed with your question. Good day, gentlemen.
Speaker Change: You may press star 2 if you would like to remove your question from the queue.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Speaker Change: One moment, please, while we pull for questions.
Ben Hainor: Our first question comes from the line of Ben Hainor with Lake Street Capital Market. Please proceed with your question.
Speaker Change: Thank you. Our first question comes from the line of Ben Hanor with Lake Street Capital Market. Please proceed with your question.
Ben Hainor: Good day, gentlemen. Thanks for taking the questions. First up for me, just on the interest pipeline that you're getting from for Indigo Personal, where is the materializing from? Is that mostly individuals contacting you guys directly? Is the clinics pushing for you since your way? Where is that coming from?
Benjamin Charles Haynor: Thanks for taking the questions. First off, for me, just on the interest pipeline that you're getting from Indigo Personal, where is that materializing from? Is that mostly individuals contacting you guys directly? Or are the clinics pushing patients your way? Where is that coming from?
Ben Hanor: Good day, gentlemen. Thanks for taking the questions. First off, for me, just on the interest pipeline that you're getting from...
Ben Hanor: for Indigo Personal. Where is that materializing from? Is that mostly individuals contacting you guys directly? Is it clinics pushing patients your way? Where's that coming from?
Scott Davis: Good afternoon, Ben. Thank you for your question. So, it's coming from a variety of places. We have individuals who are coming directly to our website who have either seen our social media or have found information about this technology through their physicians or clinics. They will come to us and ask questions and find out about it directly. So, we see a constant flow of individuals living with the spinal cord injury who are asking those questions of us. In addition to that, we have had numerous individuals that have come through clinics or existing customers that we work with already.
Scott G. Davis: So, good afternoon, Ben. Thank you for your question. So it's coming from a variety of places. We have individuals who are coming directly to our website who have either seen our social media or found information about this technology through their physicians or clinics. They will come to us and ask questions and find out about it directly.
Scott G. Davis: So we see a constant flow of individuals living with a spinal cord injury who are asking those questions of us. In addition to that, we have had numerous individuals that have come through clinics or existing customers that we work with already. We have had calls directly from either the centers themselves or from physicians who have contacted us for additional information as they have patients who are interested in this technology. So the summary is we're seeing interest coming in directly from individuals with a spinal cord injury, from PTs and clinics that are associated with our NR programs, and also from physicians. 70 individuals, 30% clinics. Is there any way you could characterize this?
Speaker Change: So good afternoon, Ben. Thank you for your question.
Speaker Change: So it's coming from a variety of places. We have individuals who are coming directly to our website who have either seen our social media or
Speaker Change: have found information about this technology through their physicians or clinics.
Speaker Change: They will come to us and ask questions and find out about it directly, so we see a constant
Speaker Change: flow of individuals living with a spinal cord injury who are asking those questions of us. In addition to that, we have had
Speaker Change: numerous
Speaker Change: individuals that have come through clinics or existing customers that that we work with already. We have had
Scott Davis: We have had calls directly from either the centers themselves or from physicians who have contacted us for additional information, as they have patients who are interested in this technology. So, the summary is we're seeing interest coming in directly from individuals with a spinal cord injury from PT's and clinics that are associated with our NR programs and also through physicians. And is there proportionally as a 50-50, 70 individuals, 30% clinics? Is there any way you could characterize that sort of proportionality? I think today we're seeing it's really a relatively even mix across. I don't have in front of me the details on exactly what the mix is, but to me, looking at it, it feels like it's about a 50-50 mix to us, give or take.
Speaker Change: calls directly from either the centers themselves or from physicians who have contacted us for additional information as they have.
Speaker Change: patients who are interested in this technology.
Speaker Change: The summary is we're seeing interest coming in directly from individuals with a spinal cord injury, from PTs and clinics that are associated with our NR programs.
Speaker Change: and also through positions.
Speaker Change: And is there, you know, proportionally, is it, you know, 50-50, you know?
Speaker Change: 70 individuals, 30% clinics. Is there any way you could characterize
Scott G. Davis: that sort of proportionality. Yeah, I think today we're seeing it's a it's really a relatively even mix, you know, across that I don't. You know, I don't have in front of me the details on exactly what the mix is, but to me, looking at it, it feels like it's... It's about a 50-50 mix to us, give or take.
Speaker Change: that sort of proportionality.
Speaker Change: Yeah, I think...
Speaker Change: today we're seeing it's a it's it's really a
Speaker Change: a relatively even mix, you know, across across that I don't
Speaker Change: You know, I don't have in front of me the details on exactly what the mix is but to me, looking at it, it feels like
Speaker Change: It's...
Speaker Change: about a 50-50 mix to us, give or take.
Scott Davis: Okay, fair enough. And do you expect that to change over time? I know you mentioned some of the investments in the content marketing, you know, existing patient webinars and such. Are there changes that you can develop? Yeah, there's almost a direct correlation. You know, as we go out and we do a webinar, you know, we get a significant amount of interest through the webinar, both from the healthcare community as well as from individuals who may have joined the webinar as we do individual campaigns with centers that we're working with. Again, that pulls, you know, individuals; typically they'll end up either contacting us or the center depending on how we've set up the marketing for it. But generally speaking, every time we put some information out, we tend to get an influx of leads, you know, based on that campaign or webinar.
Scott G. Davis: Okay, fair enough. And do you expect that to change over time? I know you mentioned some of the investments in content marketing, you know, existing patient webinars and such. Are there any others? changes that you expect to develop or... Yeah, there's almost a direct correlation, you know, as we go out and we and we do a webinar. We get a significant amount of interest through the webinar, both from the health care community, as well as from individuals who may have joined the webinar. As we do individual campaigns with centers that we're working with, again, that pulls in, you know, individuals.
Speaker Change: Okay, fair enough. And do you expect that to change over time? I know you mentioned some of the investments in content marketing, existing patient webinars and such. Are there...
Speaker Change: changes that you expect to develop or...
Speaker Change: Yeah, there's almost a direct correlation, you know, as we go out and we and we do a a webinar You know, we get a significant amount of interest through the webinar both from the health care community
Speaker Change: as well as from individuals who may have joined the webinar. As we do individual campaigns with centers that we're working with, again, that pulls individuals.
Scott G. Davis: Typically, they'll end up either contacting us or the center, depending on how we've set up the marketing for it. But generally speaking, every time we put some information out, we tend to get an influx of leads based on that campaign or webinar. So, today, it's, it's really, you know, following that, I think, longer term, as there are more individuals who are familiar with the technology. We're, we're starting to see a little bit of a grassroots effort through social media that is ramping up. Okay, got it. That's a very helpful color.
Speaker Change: typically they'll end up either contacting us or the center depending on how we've set up the marketing.
Speaker Change: for it, but...
Speaker Change: Generally speaking, every time we put some information out, we tend to get an influx of leads based on that.
Scott Davis: So today, it's really, you know, following that, I think longer term, as there's more individuals who are familiar with the technology, you know, we're starting to see a little bit of a grassroots effort, you know, through social media that is ramping up.
Speaker Change: campaign or webinar. So today
Speaker Change: It's really, you know, following that.
Speaker Change: I think longer term, as there's more individuals who are familiar with the technology, you know, we're starting to see a little bit of a grassroots effort, you know, through social media that is ramping up.
Scott Davis: Okay, got it. That's helpful color.
Scott G. Davis: And then it looks like you made some nice progress on expenses, both growth margin-wise and operating expense-wise. Was there any drag in the quarter from Indigo personal units that you shipped out and had to recognize the cost of but weren't able to recognize the revenue during the quarter? No, nope, we were able to recognize revenue on all the devices that we shipped in the quarter. Okay, got it.
Scott Davis: And then it looks like you made some nice progress on expenses, both girls' margin-wise and operating expense-wise. Was there any drag in the quarter from Indigo personal units that you shipped out and had to recognize the clogs, but weren't able to recognize the revenue during the quarter? No, they were we were able to all the devices that we shipped in the quarter. We were able to recognize revenue on. Okay, got it.
Speaker Change: Okay, got it. That's a helpful color.
Speaker Change: And then it looks like you've made some nice progress on expenses, both growth margin-wise and operating expense-wise. Was there any drag in the quarter from Indigo personal units that you shipped out and had to recognize the costs, but weren't able to recognize the revenue during the quarter?
Speaker Change: No. No, they were, you know, we were able to, all the devices that we shipped in the quarter, we were able to recognize revenue on.
Scott G. Davis: And how many individual personal units have been delivered since the CMS decision? So as of today, we're not reporting that specifically or recording that information, but I can tell you that our first handful of claims were submitted in Q2, and have advanced through the process to a pending status. We've also had an increase in our pipeline of individuals who are in varying stages of the process, with new claims being submitted on a semi-regular basis. Okay.
Scott Davis: And how many indigo personal units have been delivered to CMS decision? So as of today, we're not, you know, reporting that specifically or recording that information, but I can tell you that you know, our first handful of claims were submitted in Q2 and have advanced through the process to appending status. We've also had, you know, an increase in our pipeline and of individuals who are in varying stages of the process with new claims being submitted on a semi-regular basis.
Speaker Change: Okay, got it. And how many individual personal units have been delivered since the CMS, um,
Speaker Change: decision.
Speaker Change: So as of today we're we're not you know reporting that specifically or recording that information but we I can tell you that you know our first handful of claims were submitted in Q2.
Speaker Change: and have advanced through the process to a pending status. We've also had...
Speaker Change: you know, an increase in our pipeline and of individuals who are in varying stages of the process with new claims being submitted on a semi-regular basis.
Scott Davis: Okay, got it.
Scott G. Davis: Well, thanks for taking the questions, gentlemen, and congrats on the progress. I really appreciate it, Ben. Thank you. Thank you. Our next question comes from the line of Lee Chen with HC Rainwhite. Please proceed with your questions. Hello, this is Lee Chen on behalf of RK. I have one question regarding the Indigo product. Based on your visibility of the current volume of inquiries from patients and centers, can you give us a sense of when the revenue in this stream can become meaningful? Just you're curious about your thoughts.
Ben Hainor: Well, thanks for taking the question, gentlemen, and congrats on the progress. Really appreciate it, Ben. Thank you.
Speaker Change: Okay, got it. Well, thanks for taking the questions, gentlemen, and congrats on the progress.
Speaker Change: Really appreciate it, Ben. Thank you.
Sean Lee: Thank you. Lee Chen, thank you very much. I appreciate your question.
Lee Chen: Our next question comes from a line of Lee Chen with HC Rain White. Please proceed with your question. Hello, this is Lee Chen, and for RK, I have one question regarding the indigo product. So based on your visibility of the current volume of inquiries from patients and centers, can you give us a sense of when the revenue in this stream can become meaningful? That's your curious about your thoughts. Thank you.
Speaker Change: Thank you. Our next question comes from the line of Lee Chen with HC Brainwhite. Please proceed with your question.
Speaker Change: Hello, this is Li Chen for RK. I have one question regarding the Indigo product. So based on your visibility of the current volume of
Li Chen: inquiries from patients and centers. Can you give us a sense of when the revenue in this stream can become meaningful? Just you're curious about your thoughts. Thank you.
Scott Davis: Yeah, Lee Chen. Thank you very much. Appreciate your question.
Scott G. Davis: So, you know, this is... This is a new program, new process, payment determination was, was granted on April 11th of this year, and we've been hard at work ramping up a scalable process that allows us to reach more individuals with spinal cord injuries and do this through a methodology that leverages our 260 plus neuro rehab clinics around the US for onboarding and, you know, and training. So, we have been hard at work in this process within Q2, which is, again, this past quarter was the first quarter that reimbursement was possible.
Scott Davis: So, you know, this is, you know, this is a new, you know, a new program, new process. Payment determination was granted on April 11th of this year, and we've been hard at work ramping up a scalable process that allows us to reach more individuals with spinal cord injuries. And do this through a, you know, a methodology that leverages our 260-plus neural rehab clinics around the, around the US for, you know, onboarding and, you know, and training. So we are, we have been hard at work in this process within Q2, which is, again, this past quarter was the first quarter that reimbursement was possible.
Speaker Change: Lee Chen, thank you very much. Appreciate your question.
Speaker Change: So, you know, this is...
Speaker Change: You know, this is a new, you know, a new program, new process. Payment determination was
Speaker Change: was granted on April 11th of this year and we've been hard at work ramping up a scalable process.
Speaker Change: That allows us to reach more individuals with with spinal cord injuries and do this through a
Speaker Change: you know, a methodology that leverages our 260 plus neuro rehab clinics around the around the US for you know onboarding and You know and and training so so we are
Speaker Change: We have been hard at work in this process.
Speaker Change: within Q2, which is, again, this past quarter was the first quarter that reimbursement was possible. We were able to get our first handful of claims submitted and are progressing through the program.
Scott Davis: We were able to get our first handful of claims submitted and are progressing through the program.
Scott G. Davis: We were able to get our first handful of claims submitted and are progressing through the program. The way that we look at any new program starting up, remember, our basis has really been on the enterprise health side of the business, and the bulk of our revenue has historically been generated from that.
Scott Davis: You know, the way that we look at any new program starting up, remember, we had a, you know, our basis has really been on the enterprise health side of the business and the bulk of our revenue has historically been generated from that. However, that being said, we are expecting and have belief that in the coming quarters, we'll see an increasing number of Indigo personal devices coming through the CMS reimbursement process. So starting with, you know, a handful in Q2.
Speaker Change: You know, the way that we look at any new program starting up, remember, we had a, you know, our basis has really been
Speaker Change: on the enterprise health side of the business, and the bulk of our revenue has historically been generated from that. However, that being said, we are expecting
Scott G. Davis: However, that being said, we are expecting, and have belief that in the coming quarters, we'll see an increasing number of indigo personal devices coming through the CMS reimbursement process. So starting with, you know, a handful in Q2, as we expand into Q3, we have belief and pipeline to support, um, you know, a a significant increase in the number that we have, so going from a handful to a couple handfuls to doubling that again as we move into Q4, and in 2025, we believe that there will be a significant, that the Ekso Indigo Personal will have a significant positive impact on our revenue in 2025 and growing beyond that.
Speaker Change: and have belief that in the coming quarters we'll see an increasing number of indigo personal devices coming through the CMS reimbursement process.
Scott Davis: As we expand into Q3, we have belief and pipeline to support, you know, so significant increase in the number that we have, so going from a couple handfuls to doubling that again as we move into Q4. In 2025, we believe that there will be a significant that the Exo-Indigo personal will have a significant positive impact on our revenue in 2025 and growing beyond that. This segment represents approximately a $2 billion fund that addressable market, and we're building a scalable process to be able to access that and find an efficient way to get this technology in the hands of the individuals who can use it.
Speaker Change: So, starting with, you know, a handful in Q2, as we expand into Q3, we have Belief and Pipeline to support, you know, a...
Speaker Change: significant increase in the number that we that we have so going from a handful to a couple handfuls to you know doubling that again as we move into Q4 and in 2025 we believe that there will be a significant
Speaker Change: that the Ekso Indigo personal will have a significant positive impact on our revenue in 2025 and growing beyond that.
Scott G. Davis: This segment represents approximately a $2 billion funded addressable market, and we're building a scalable process to be able to access that and find an efficient way to get this technology in the hands of the individuals who can use it. Thank you for the color.
Speaker Change: This, you know, this segment represents approximately a two billion dollar funded addressable market and, you know, we're building a scalable process to be able to access that and
Speaker Change: find an efficient way to get this technology in the hands of the individuals who can use it.
Lee Chen: Thank you for the color. Thank you, Legion.
Scott G. Davis: Thank you, LeGend. Thank you. There are no further questions at this time. I'd like to turn the floor back over to Scott Davis for closing comments.
Speaker Change: Thank you for the color.
Operator: Thank you. There are no further questions at this time.
LeGend: Thank you, Lee Jim.
Scott Davis: I'd like to turn the floor back over to Scott Davis for closing comments. Thank you, Alicia. And thank you to everyone joining us today. Since our acquisition of the Indigo product line, we've made advancements in bringing our innovative wearable robotics to more patients and individuals who can potentially benefit from them. Now with CMS coding and payment in place for the Exo-Indigo personal, and with the first claims having been submitted, we're excited at the prospect of bringing this technology to a larger SEI patient population. We believe our scalable go-to-market strategy will further establish Exo as a major presence at leading neuro rehabilitation centers, thereby elevating engagement levels with more individuals in need.
Speaker Change: Thank you. There are no further questions at this time. I'd like to turn the floor back over to Scott Davis for closing comments.
Scott G. Davis: Thank you, Alicia, and thank you to everyone joining us today. Since our acquisition of the Indigo product line, we've made advancements in bringing our innovative wearable robotics to more patients and individuals who can potentially benefit from them. Now with CMS coding and payment in place for the Ekso Indigo personal, and with the first claims having been submitted, we're excited at the prospect of bringing this technology to a larger SEI patient population
Scott G. Davis: Thank you, Alicia, and thank you to everyone joining us today.
Speaker Change: Since our acquisition of the Indigo product line, we've made advancements in bringing our innovative wearable robotics to more patients and individuals who can potentially benefit from them.
Speaker Change: Now, with CMS coding and payment in place for the Ekso Indigo personal, and with the first claims having been submitted, we're excited at the prospect of bringing this technology to a larger SEI patient population.
Scott G. Davis: We believe our scalable go-to-market strategy will further establish Ekso as a major presence at leading neurorehabilitation centers, thereby elevating engagement levels with more individuals in need. At the same time, we've built a strong foundation for our ExoNR and ExoIndigo therapy devices at post-acute care and outpatient neurorehab centers, respectively. As a result of our scalable commercial strategy, we closed the quarter with record sales and created a strong pipeline of future placements.
Speaker Change: We believe our scalable go-to-market strategy will further establish Ekso as a major presence at leading neurorehabilitation centers, thereby elevating engagement levels with more individuals in need. At the same time,
Scott Davis: At the same time, we've built a strong foundation for our Exo-NR and Exo-Indigo therapy devices that post-acute care and outpatient neuro rehab centers respectively. As a result of our scalable commercial strategy, we closed the quarter with record sales and created a strong pipeline of future placements. Moving forward, we're enthusiastic about building upon these achievements and maintaining our commercial growth momentum. We look forward to providing updates on our continued progress.
Speaker Change: We've built a strong foundation for our ExoNR and ExoIndigo therapy devices at post-acute care and outpatient neuro rehab centers, respectively.
Speaker Change: As a result of our scalable commercial strategy, we closed the quarter with record sales and created a strong pipeline of future placements. Moving forward, we are enthusiastic about building upon these achievements and maintaining our commercial growth momentum. We look forward to providing updates on our continued progress.
Scott G. Davis: Moving forward, we're enthusiastic about building upon these achievements and maintaining our commercial growth momentum. We look forward to providing updates on our continued progress. Thank you, and have a great day. This concludes today's telecom. You may disconnect your lines at this time.
Operator: Thank you, and have a great day.
Speaker Change: Thank you and have a great day.
Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. .
Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
Operator: Thank you for your participation. [inaudible] and many more. [inaudible] and many more. I'm Matt Steinberg. [inaudible] Sean Lee, Matt Steinberg, Swayampakula Ramakanth, Sean Lee, Jerome Wong, Scott Davis, Jason Jones, and more. I'm Matt Steinberg. I'll see you next time. [inaudible] and many more. I hope you enjoyed this video. If you did, please leave a like and subscribe. I'll see you in the next video. [inaudible]
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Operator: ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � David Benjamin Haynor, Matt Steinberg, Swayampakula Ramakanth, Sean Lee, Benjamin Haynor, Matt Steinberg, Swayampakula Ramakanth, Benjamin Haynor, Matt Steinberg, Swayampakula Ramakanth, Benjamin Haynor, Matt Steinberg, Swayampakula, Benjamin Haynor, Matt Steinberg, Swayampakula Ramakanth, David
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