Ekso Bionics Holdings, Inc. Q1 FY2025 earnings call

• Legacy Enterprise Health faced softness in Q1 due to capital budget impacts from certain inpatient rehabilitation facilities related to the EksoNR device.
• Ekso Indego Personal saw growth with CMS pricing determination in Q2 2024 creating opportunities for Medicare enrollees with spinal cord injuries.
• Established partnerships with PRIA Healthcare, National Seating & Mobility, and Bionic P&O to scale the go-to-market strategy for Indego Personal.
• Developed a pipeline of over 35 Medicare beneficiaries qualified for Ekso Indego Personal in 2025.
• Majority revenue in 2025 expected from Enterprise Health but growing contribution from Personal Health anticipated.

Ekso Bionics operates as one operating and reportable segment with two markets: Enterprise Health and Personal Health. In the first quarter of 2025, revenue was $3.4 million, down from $3.8 million in the same period of 2024. Gross profit was $1.8 million (54% gross margin) compared to $2 million (52% gross margin) in Q1 2024. Operating expenses were $5.3 million, essentially unchanged from $5.2 million in Q1 2024. Net loss applicable to common stockholders was $2.9 million or $0.12 per basic and diluted share, better than the $3.4 million or $0.20 per share loss in Q1 2024. Cash and restricted cash were $8.1 million as of March 31, 2025, up from $6.5 million at the end of 2024.

• Majority of revenue in 2025 expected from Enterprise Health, but Personal Health contribution to grow throughout 2025.
• Expect pipeline of Medicare beneficiaries for Indego Personal to continue growing as distribution networks scale.
• Focus on leveraging partnerships to navigate CMS claims complexities and increase successful claim processing.

• Macroeconomic uncertainties impacting capital budgets of enterprise customers, affecting sales of EksoNR devices.
• Uncertainty around federal grants for enterprise customers, which could impact revenue.
• Complexities in CMS claims processing and lack of definitive criteria published, posing challenges to successful claim submissions.

Q: How should investors think about patient distribution across Enterprise Health, CRT, and O&P channels in 2025?

A: Majority of business historically from Enterprise Health (75-80% in 2025), with Personal Health contribution growing. CRT and O&P channels' contribution uncertain but expected to grow as programs ramp up.

Q: Any color on PRIA's role and claims processing?

A: Learned from past claims and ALJ interactions, have a strong understanding of required elements for successful claims, though no definitive CMS criteria published, but current claims have high probability of success.

Q: Impact of NSM and Bionic P&O partnerships on clientele and geography?

A: Partnerships enhance value as these organizations have expertise in mobility and orthotics, respectively, and their reach will expand as they build out coverage, enhancing product access across geographies.

Q: Help from partnerships on G&A expenses?

A: Leveraging experts saves on in-house investment, but trade-off is supporting distributor margins, with expectation to maintain margins through cost controls and volume increases.