One of the leading robotic exoskeleton companies, EKSO BIONICS HOLDING (OTCBB:EKSO), reported financial results for the previous quarter recently. It closed the quarter with $4 million loss. EKSO shares have been doing well since the results announcement. They rose 8.52% on Monday and ended the day at $1.91 per share.
Management Backs EKSO:
The senior management team of the company has backed the company. According to Nathan Harding, Co-Founder & CEO, EKSO Bionics, the March quarter was one of those three-month periods during which EKSO grew well.
It made good progress in all three fronts of the business. The clinical collaborators successfully developed desired results while the medical device business continued its constant growth. As per the report, it hit 21 million steps during the previous quarter. The third front of EKSO Bionics i.e. EKSO Labs grabbed its second government contract and three patents during the first quarter. The company had gone public just twelve months ago, but still it managed to grow exponentially.
Financial Results For 1Q2015:
The medical device revenue of the company increased 87% or $0.5 million during the three-month period because of inclusion of sales proceeds from medical devices. Engineering service revenue increased 32% or $0.2 million due to increment in number of projects in 1Q2015 than 1Q2014. When it comes to medical device cost revenue, EKSO managed to grow at a rate of 142% on YOY basis.
Along with revenue, expenses also increased. Sales and marketing expenses surged 21% or $0.3 million in the first quarter. The primary reason for this surge was general cost increment. The research and development expenses of EKSO BIONICS HOLDING (OTCBB:EKSO) rose 28% or $0.2 as compared to 1Q2014. The net loss for the quarter was $4.1 million as compared to $81.8 million of 1Q2014.
Harding stated that the entire senior management team was committed to bringing EKSO Bionics in a profitable situation at the end of the second quarter.