Update: $22.8m raised and strong unit sales in Q3
Ekso raised $22.8m from a warrant exercise in late November and as a result the balance sheet is strengthened and earnings volatility from warrant accounting reduced. Q3 results showed strong unit sales growth, but at a lower average selling price due to a higher proportion of sales made through distributors. We see higher distributor sales as a positive since this will be a key route for sales growth in the mid to long term. Also, in late December, Ekso filed a 510(k) with the FDA as a result of the reclassification of exoskeletons as Class II devices. We have updated our forecasts to take into account Q3 results and a new valuation approach.
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