UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): January 10, 2020

 

Ekso Bionics Holdings, Inc.

(Exact Name of Registrant as specified in its charter)

 

Nevada   001-37854   99-0367049

(State or Other Jurisdiction

of Incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

1414 Harbour Way South, Suite 1201

Richmond, California 94804

(Address of principal executive offices, including zip code)

 

(510) 984-1761

(Registrant’s telephone number, including area code)

 

Not Applicable

(Registrant’s former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.001 par value per share   EKSO   Nasdaq Capital Market
         

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨
   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

¨

 

 

 

 

 

Item 2.02

Results of Operations and Financial Condition 

 

On January 10, 2020, Ekso Bionics Holdings, Inc. (the “Company”) issued a press release (the “Press Release”) announcing certain preliminary financial results for the quarter and year ended December 31, 2019.

 

The full text of the Press Release announcing such results is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in Item 2.02 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 8.01 Other Events.

 

The Press Release also includes information including:

 

· Revenue for the fourth quarter of 2019 was an estimated $3.7 million, reflecting year-over-year growth of 12.1%, compared to total revenue of $3.3 million in the fourth quarter of 2018, including approximately $3.2 million in medical revenue and approximately $0.5 million on shipments of industrial products

 

· Total revenue for fiscal year 2019 is estimated to be approximately $13.9 million, compared to $11.3 million in 2018. This reflects estimated year-over-year growth of 23.0%

 

· Cash on hand as of December 31, 2019 is estimated to be approximately $10.9 million, compared to cash on hand as of December 31, 2018 of $7.7 million

 

The estimated, projected or anticipated financial results, financial condition or other financial information discussed in this Current Report on Form 8-K are based on management’s preliminary unaudited analysis of financial results for the period and year ended December 31, 2019. As of the date of this report, the Company has not completed its financial statement reporting process for the period ended December 31, 2019, and the Company’s independent registered accounting firm has not audited the preliminary financial data discussed in this Current Report on Form 8-K. During the course of the Company’s quarter-end closing procedures and review process, including the finalization of its financial statements for and as of the period and year ended December 31, 2019, the Company may identify items that would require it to make adjustments, which may be material to the information presented above. As a result, the estimates above constitute forward-looking information. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to risks and uncertainties that may cause the actual results and timing of certain events and circumstances to be materially different from those described by the forward-looking statements. Such resulting differences may include material adjustments to the information provided above. The Company does not undertake to update these forward-looking statements.

 

Item 9.01 Financial Statements and Exhibits

 

  (d) Exhibits

 

Exhibit   Description
99.1   Press Release dated January 10, 2020

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  EKSO BIONICS HOLDINGS, INC.
       
  By: /s/ John F. Glenn
  Name: John F. Glenn
  Title: Chief Financial Officer

Dated: January 10, 2020

 

 

 

 

Exhibit 99.1

 

IMAGE RESULT FOR EKSO BIONICS LOGO  

 

Ekso Bionics Reports Preliminary Fourth Quarter and Full Year 2019 Financial Results; Company Achieves Record Fourth Quarter Revenue

 

RICHMOND, CA – January 10, 2020 – Ekso Bionics Holdings, Inc. (NASDAQ: EKSO), an industry leader in exoskeleton technology for medical and industrial use, today announced preliminary top line financial results for the fourth quarter and fiscal year ended December 31, 2019.

 

Total revenue for the fourth quarter of 2019 is an estimated $3.7 million, reflecting year-over-year growth of 12.1% compared to total revenue of $3.3 million in the fourth quarter of 2018, and the highest quarterly revenue ever recorded by the Company. Estimated total revenue for the fourth quarter of 2019 includes approximately $3.2 million in medical revenue. The Company also estimates recognized revenue of approximately $0.5 million on shipments of its industrial products in the fourth quarter of 2019.

 

Total revenue for fiscal year 2019 is estimated to be approximately $13.9 million, compared to $11.3 million in 2018. This reflects estimated year-over-year growth of 23.0%.

 

Cash on hand at December 31, 2019 was $10.9 million, compared to $7.7 million at December 31, 2018.

 

“We are very pleased with the record revenue estimated to have been achieved in the fourth quarter of 2019 and remain committed to identifying additional growth opportunities in 2020,” said Jack Peurach, President and Chief Executive Officer of Ekso Bionics. “We believe that partnering with network operators is the most efficient way to drive adoption and to make this technology accessible to the most patients as quickly as possible. We are also working to grow our industrial segment by taking steps to engage with a broader mix of companies in additional markets beyond the manufacturing sector, including a variety of construction companies. We remain confident that our technologies in both the medical and industrial segments offer customers, patients and workers a compelling value proposition and have substantial clinical and commercial benefit.”

 

The anticipated results discussed in this press release are based on management’s preliminary, unaudited analysis of financial results for the period and year ended December 31, 2019.  As of the date of this press release, the Company has not completed its financial statement reporting process for the period ended December 31, 2019, and the Company’s independent registered accounting firm has not audited the preliminary financial data discussed in this press release. During the course of the Company’s quarter-end closing procedures and review process, the Company may identify items that would require it to make adjustments, which may be material to the information presented above. As a result, the estimates above constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary operating results. The Company expects to report complete fourth quarter and full year 2019 financial results during the last week of February 2020.

 

About Ekso Bionics®

Ekso Bionics® is a leading developer of exoskeleton solutions that amplify human potential by supporting or enhancing strength, endurance and mobility across medical and industrial applications. Founded in 2005, the company continues to build upon its unparalleled expertise to design some of the most cutting-edge, innovative wearable robots available on the market. Ekso Bionics is the only exoskeleton company to offer technologies that range from helping those with paralysis to stand up and walk, to enhancing human capabilities on job sites across the globe. The company is headquartered in the Bay Area and is listed on the Nasdaq Capital Market under the symbol EKSO. For more information, visit: www.eksobionics.com.

 

 

 

 

IMAGE RESULT FOR EKSO BIONICS LOGO

 

 

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons, plans or strategy relating to the marketing and adoption and acceptance of the Company’s products and potential for adoption of the Company’s products by the market, (ii) estimates or projection of financial results, financial condition, capital expenditures, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, changes resulting from the Company’s finalization of its financial statements for and as of the period and year ended December 31, 2019, information or new changes in facts or circumstances that may occur prior to the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 that are required to be included in such annual report, the Company's inability to obtain adequate financing to fund the Company's operations and necessary to develop or enhance our technology, the significant length of time and resources associated with the development of the Company's products, the Company's failure to achieve broad market acceptance of the Company's products, the failure of our sales and marketing organization or partners to market our products effectively, adverse results in future clinical studies of the Company's medical device products, the failure to obtain or maintain patent protection for the Company's technology, failure to obtain or maintain regulatory approval to market the Company's medical devices, lack of product diversification, existing or increased competition, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. To learn more about Ekso Bionics please visit us at www.eksobionics.com or refer to our Twitter page at @EksoBionics. The Company does not undertake to update these forward-looking statements.

 

Investor Contact:

David Carey

212-867-1768

investors@eksobionics.com

 

Media Contact:

Carrie Yamond Mas
917-371-2320
cmas@eksobionics.com