Ekso Bionics Reports $17.9 Million Revenue for Fiscal Year 2024, Faces Operational Challenges

Ekso Bionics Holdings, Inc. reported a revenue of $17.9 million for the fiscal year ending December 31, 2024, a decrease of 2% from $18.3 million in 2023. The decline in revenue was attributed to a reduction in the average selling price of its Enterprise Health and Personal Health devices, alongside a decrease in the volume of EksoNR subscriptions. However, the company experienced a 5% increase in gross profit, which rose to $9.5 million, driven by cost savings in the supply chain and reduced service costs, resulting in a gross margin improvement from 50% to 53%.

Operating expenses decreased significantly, totaling $20 million in 2024 compared to $24.2 million in 2023, marking a 17% reduction. This decline was primarily due to lower sales and marketing expenses, which fell by 14% to $7.3 million, as well as a 23% decrease in research and development costs. The company reported a loss from operations of $10.5 million, an improvement of 31% from the previous year's loss of $15.1 million. Overall, Ekso Bionics recorded a net loss of $11.3 million for 2024, down from $15.2 million in 2023.

In terms of strategic developments, Ekso Bionics has focused on enhancing its reimbursement processes, particularly for its Ekso Indego Personal device, which received Medicare reimbursement approval in April 2024 at a rate of approximately $91,000. This approval is expected to increase demand for the device among Medicare enrollees, as approximately 57% of individuals with spinal cord injuries are enrolled in Medicare or Medicaid within five years post-injury. The company has also appointed National Seating & Mobility as the exclusive distributor for the Ekso Indego Personal device in the U.S. complex rehabilitation technology market.

Operationally, Ekso Bionics reported a total of 61 full-time employees as of February 2025, with a focus on expanding its customer base and enhancing product adoption rates. The company is actively pursuing insurance coverage beyond Medicare and aims to broaden the indications for its products. As of the end of February 2025, Ekso Bionics had approximately 25 individuals who qualify for reimbursement, with plans to submit claims to CMS over the next six to nine months. The company anticipates that the majority of its revenue in 2025 will continue to come from its Enterprise Health sales.

Looking ahead, Ekso Bionics faces challenges related to its liquidity and ongoing operational losses, raising substantial doubt about its ability to continue as a going concern. The company reported cash and restricted cash of $6.5 million as of December 31, 2024, with an accumulated deficit of $250.5 million. Management plans to raise additional capital through various financing methods to support its operations and product development initiatives. The company is also focused on refining its reimbursement processes and scaling its sales channels to enhance revenue growth in the coming years.