Ekso Bionics Holdings, Inc. (NASDAQ:EKSO)
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) remains well positioned to become a global success on exoskeleton options, according to chief executive officer, Thomas Looby. The executive made the remarks after the company came under scrutiny on posting a wider than expected net loss for the first three months of the year.
Banking on EksoGT Exoskeleton
According to the executive, additional capital raised in the quarter provides the fuel to accelerate positive momentum through the end of the year. Ekso Bionics is banking on its FDA approved exoskeleton, EksoGT, developed for patients who have suffered a stroke or spinal cord injury.
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) is the only exoskeleton available for rehabilitation institutions that seek to provide adaptive amounts of power to patient’s body. The executive believes that the exoskeleton provides a unique opportunity for growth as they move to meet rehabilitative global demand.
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) received an award for the EksoGT exoskeleton from HealthTechZone .com further affirming its credibility in the emerging space. The award recognized the company’s success in improving healthcare delivery through new innovation.
“Healthcare is no exception as robot-assisted surgery has become the standard of care for some procedures. In the area of stroke rehabilitation, there is a need to ignite patient neuroplasticity through repetitive motion and the Ekso GT technology is ideally positioned to meet that demand, “said Mr. Looby
According to the CEO, Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) has pioneered the category and that position of primacy presents unique opportunities for sales given the lack of competition. Developing new robotic exoskeletons remains a core objective as the company moves to accrue a substantial amount of market share before competitors enter the sector.
The sentiments could not have come at a better time given that the company has come under immense pressure in the market after posting earnings that failed to beat estimates. The company posted a net loss of (-$8.3) million or (-$0.38) cents a share.
Revenues in the quarter more than halved to (-$1.4) million compared to (-$8.5) million a year ago. Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) exited the quarter with cash of $9.4 million compared to $12.3 million as of the same period last year. The company also raised an additional $11.7 million in the quarter that it plans to use to for working capital and for general corporate purposes.
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) was down by 10.06% in Monday trading session ending the day at lows of $1.43 a share.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: James Marion is a University of Houston student studying Business with a concentration in Finance