EKSO BIONICS HOLDING (OTCBB:EKSO) earned some traction after reporting the appointment of Amy Wendell as its Board of Directors. Wendell is a former Senior Vice President, Strategy and Business Development of Covedien.
Welcomed Wendell as Board Of Director
Wendell’s role at Covidien was majorly centered on forming acquisition strategy. During her tenure, Wendell played a critical role in solidifying Covidien’s portfolio through the acquisition of over 100 companies across several healthcare sectors.
Welcoming on the board, CEO and Co-founder, Nathan Harding said that Wendell’s experience will help EKSO BIONICS HOLDING (OTCBB:EKSO) in an exceptional way. Harding said that Wendell brings with her the valuable inputs on growth strategies and a rich operational and product knowledge. Meanwhile, Wendell said that she is excited to associate with a medical device company, which aims to make a difference in peoples’ lives. She showed the commitment of helping the company achieve new milestones and extend its presence into new markets.
Cash reserve is comforting
Among the penny stocks, EKSO BIONICS HOLDING (OTCBB:EKSO) has so far been able to report a fair financial position. As per its recent annual report, released in March, the company recorded $25.2 million cash and $33.4 million in total current assets. The current liabilities of the company stood at $6.6 million while it incurred a loss of $16.8 million from operations. The annual revenue and net loss of the company were $5.3 million and $33 million respectively.
As evident, EKSO BIONICS HOLDING (OTCBB:EKSO) has tremendously improved its cash position, which is built through the exercise of warrants late last year. Despite bigger losses, the company has a margin to manage the operations through the second quarter of 2016, which is quite comforting.
The stock of EKSO BIONICS HOLDING (OTCBB:EKSO) ended 3.65% higher at $1.99 in the previous trading session, when the average number of shares traded were 931,232.