Ekso Bionics Reports $3.375 Million Revenue in Q1 2025, Net Loss Improves

Ekso Bionics Holdings, Inc. reported a revenue of $3.375 million for the first quarter of 2025, a decrease of 10% compared to $3.756 million in the same period of 2024. The decline in revenue was attributed primarily to a reduction in the average selling price of Enterprise Health devices across the Americas and EMEA regions, along with a decrease in EVO sales. However, this was partially offset by an increase in the volume of Personal Health device shipments. The company's gross profit also fell to $1.806 million from $1.951 million year-over-year, although the gross margin improved slightly to 54% from 52%, driven by cost savings in the supply chain.

Operating expenses for the quarter totaled $5.246 million, a marginal increase from $5.207 million in the prior year. Sales and marketing expenses decreased by 6% to $1.707 million, while research and development costs fell by 13% to $0.988 million. Conversely, general and administrative expenses rose by 13% to $2.551 million, primarily due to a loss on impairment of an intangible asset and higher legal and audit costs. The company reported a net loss of $2.891 million, an improvement from the $3.429 million loss recorded in the same quarter of 2024.

In terms of operational developments, Ekso Bionics has been focusing on expanding its Personal Health market, particularly following the approval of Medicare reimbursement for the Ekso Indego Personal device, which took effect on April 1, 2024. The company has begun selling this device through Durable Medical Equipment suppliers and is working to refine its reimbursement processes. As of the end of April 2025, the company had approximately 37 individuals who qualify for reimbursement, with plans to submit claims over the next six to nine months.

The company’s financial position showed a cash balance of $8.054 million as of March 31, 2025, an increase from $6.493 million at the end of 2024. This increase was primarily due to net cash provided by financing activities, which included proceeds from a warrant inducement agreement. However, the company noted substantial doubt about its ability to continue as a going concern for the next 12 months, as it expects operating cash requirements to continue exceeding cash provided by operations. Management is exploring various financing options to meet its material cash requirements, including potential equity offerings and debt financing.

Looking ahead, Ekso Bionics aims to increase its revenue through the growth of its Personal Health products and by seeking insurance coverage beyond Medicare. The company is also focused on optimizing its reimbursement submission processes and expanding the indications of use for its products. Despite the challenges posed by market conditions and competition, management remains committed to enhancing its product offerings and operational efficiencies to drive future growth.