As a natural phenomenon that every penny stock passes through, EKSO BIONICS HOLDING (OTCBB:EKSO)‘s experiences are not much different. After the penny stock gained some momentum following the announcement of the appointment of Amy Wendell to its Board, the healthcare company witnesses a slight fallback.
New appointment on Board
During the late last week, the company had confirmed the appointment of Wendell as a Board of Director. It is mention worthy that Wendell is a former Senior Vice President, Strategy and Business Development of Covedien. Thus, factoring in Wendell’s great deal of experience at Covedien, her appointment on the board is unanimously perceived as immensely beneficial for EKSO BIONICS HOLDING (OTCBB:EKSO).
At Covidien, Wendell shouldered the responsibility of framing acquisition strategy. Throughout her work tenure, Wendell was appreciated for her critical role in boosting Covidien’s portfolio by way of acquisition of more than 100 companies, which belonged to a diverse range of sectors. That gave confidence to both investors and the company about Wendell’s ability to solidify portfolio. Meanwhile, CEO and Co-founder, Nathan Harding expressed hope that Wendell will contribute to drive growth of the company through her seasoned hold on operational and product knowledge.
Financials are healthy
At the same time, investors have less to worry about EKSO BIONICS HOLDING (OTCBB:EKSO)’s financials. The company’s latest annual report indicates that Ekso maintains $25.2 million in cash and $33.4 million in total current assets. The current liabilities of the company were reported at $6.6 million in March, whereas the loss from operations amounted $16.8 million. The company reported annual revenue of $5.3 million and a net loss of $33 million. Moreover, the company claims that it has sufficient cash to take care of its operations till the second quarter of 2016.
The stock of EKSO BIONICS HOLDING (OTCBB:EKSO) fell by 2.51% to $1.94 during the last trading session while it recorded an average volume of 955,772 shares.