EKSO BIONICS HOLDING (OTCBB:EKSO) was a notable decliner during the trading session. The stock plummeted by close to 1.5% on the back of above average volumes. The stock has been trending higher ever since it was able to form a strong support near the $1.09 level. The stock currently is trading above all daily moving averages and has taken support near the 200 day moving average. The momentum oscillators continue to trend higher and show no signs of reversal, which is a bullish sign. Traders believe if the stock breaks below $1.35 it could head to levels of $1.22.
As part of expansion plans in Europe, EKSO BIONICS HOLDING (OTCBB:EKSO) has decided to move its headquarter to Freiburg, Germany. Ekso is one of the well-known robotic exoskeleton companies in the world and has a huge demand coming from Germany and other European nations. This step is likely to help Ekso Bionics get the advantage of the domestic business environment of Germany.
Ekso doesn’t want to leave any stone unturned when it comes to expanding its reach in overseas markets. Keeping this thing in mind, the management has given the entire responsibility of setting up new headquarter and get the business running to none other than Ruediger Hausherr, President, Ekso Bionics.
While talking to reporters, he said that it’s an important step towards covering key markets like Middle-East, Africa and Europe. Establishing a new headquarter in Germany will help the company keeping a close contact with its valued customers and understanding their needs, expectations and feedbacks to improve services.
Apart from improving services, this step will also help Ekso in forming strategic partnerships in Germany, thereby benefitting business in the long run.
Before making the announcement regarding expansion in Germany, Ekso also announced financial results for the recently concluded 3Q2015. As per the reports, the quarterly revenue accounted for $2.9 million, whereas total revenue of last three-quarters was $6.7 million. When it comes to gross profit, Ekso witnessed a slight growth of $0.4 million.
There was adverse growth in the gross profit generated in medical device segment, which was offset by excellent performance in engineering service business.
When it comes to cash and cash equivalents, Ekso ended the quarter with negative cash balance due to last year’s net loss of $33.8 million, and this year’s (up to September) net loss of $14.9 million.
The senior management is optimistic about a better show in the next quarter.