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Update: Unappreciated upside potential from industrials
The recent share price volatility is one of the risks of investing in early stage companies like Ekso but it should not detract from the fact that Ekso is one of the leading players in the exciting, emerging field of assistive exoskeletons. It is the only company that is targeting military, industrial and healthcare applications and the third contract secured with SOCOM on the TALOS project should illustrate the quality of its technology and engineers. Although risk will remain, there is substan...
Update: Growing interest in non-medical applications
Ekso showed continued strength in Q4 both in medical applications and in Engineering services. 18 units were placed in the period, bringing the total number of units in use to 110 with 17m steps taken. Encouragingly, management also reports strong interest in Ekso’s non-powered exoskeleton for industrial applications. We have lowered our forecast ASP from $120k to $110k to be consistent with the implied ASP over FY14, which has reduced our FY15 and FY16 revenue forecasts by 10% and 12% respect...
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 o...
Update: Accelerating unit shipments
Ekso Bionics is a development-stage company that produces human robotic exoskeletons, or wearable robots. Recent data confirm that the company’s Ekso GT system for lower-body paralysis and weakness rehabilitation is experiencing accelerating sales to hospitals, and Ekso Bionics has recently offered to redeem outstanding warrants to raise money and avoid dilution.
Initiation: Taking the next step
Ekso Bionics is a development-stage company that produces human robotic exoskeletons, or wearable robots. The company’s Ekso GT system is sold to hospitals for lower-body paralysis and weakness rehabilitation, while its Ekso Labs division uses government research grants to develop technology to enhance able-bodied human strength and endurance.
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