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1. Company Snapshot

1.a. Company Description

Ekso Bionics Holdings, Inc.designs, develops, sells, and rents exoskeleton products in the Americas, Europe, the Middle east, Africa, the Asia Pacific, and internationally.The company operates in two segments, EksoHealth and EksoWorks.


The EksoHealth segment designs, engineers, manufactures, and markets exoskeletons for applications in the medical markets.The EksoWorks segment designs, engineers, manufactures, and markets exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods.It also provides EksoNR, a wearable bionic suit and rehabilitation device that assists physical therapists and physicians to treat patients with acquired brain injury, stroke, and spinal cord injury; and EksoUE is a wearable upper extremity assistive device that helps to reduce the effect of gravity on the wearer's shoulders and arms.


Ekso Bionics Holdings, Inc.has a license agreement with Lockheed Martin Corporation.The company was incorporated in 2005 and is headquartered in Richmond, California.

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1.b. Last Insights on EKSO

Ekso Bionics Holdings' recent performance was negatively impacted by disappointing Q4 2024 earnings and revenue, with revenue declining 13.6% year-over-year. The company's Q4 2024 loss was $5.6 million, primarily due to lower sales of its exoskeleton devices. Additionally, the company's partnership with NSM to distribute Ekso Indego in the CRT industry, announced on February 10, 2025, failed to translate into significant revenue growth.

1.c. Company Highlights

2. Ekso Bionics' Q2 2025 Earnings: Navigating Challenges and Opportunities

Ekso Bionics reported a revenue decline to $2.1 million in Q2 2025, down from $5 million in Q2 2024, primarily due to delayed multi-device Enterprise Health sales. The gross profit was $800,000, representing a 40% gross margin, compared to $2.6 million and 53% in Q2 2024. The net loss was $2.7 million, or $1.24 per share, slightly worse than the estimated loss of $1.2 per share. Operating expenses were $4.8 million, a 4% improvement from Q2 2024. As of June 30, 2025, the company had $5.2 million in cash and restricted cash.

Publication Date: Jul -30

📋 Highlights
  • Revenue Decline:: Ekso Bionics reported $2.1 million in Q2 2025 revenue, down from $5 million in Q2 2024, primarily due to delayed Enterprise Health sales.
  • Gross Profit Margins:: Gross profit was $800,000 with a 40% margin, compared to $2.6 million and 53% in Q2 2024.
  • Operating Expenses:: Operating expenses improved 4% year-over-year to $4.8 million in Q2 2025.
  • Deferred Sales Pipeline:: The company expects to close a $1 million North American IDN order in Q3 2025 and a $1.4 million international order in 2025.
  • Personal Device Growth:: Ekso Indego Personal device sales grew over 50% year-over-year in the first half of 2025, with a pipeline of over 45 Medicare beneficiaries.

Business Outlook and Pipeline

The company is working to close deferred Enterprise Health sales, including a $1 million North American IDN order expected in Q3 2025 and a $1.4 million international order expected in 2025. Ekso Indego Personal device sales grew over 50% year-over-year in the first half of 2025, driven by the company's go-to-market strategy, which includes partnerships with PRIA Healthcare and distributors like National Seating & Mobility and Bionic P&O. As Scott G. Davis mentioned, "We're being cautious with our DME and O&P partners to level-set expectations and ensure the best claims possible for personal exoskeletons."

Growth Prospects and Innovation

Ekso Bionics has developed a pipeline of over 45 Medicare beneficiaries qualified for Ekso Indego Personal, a 200% increase from the end of 2024. The company is also innovating, joining NVIDIA's Connect program to develop AI capabilities, including a new AI voice agent for EksoNR devices. Personal Health products are expected to contribute around 25% to total revenue in 2025 and may overtake Enterprise Health revenue in 2027.

Valuation and Future Prospects

With a P/S Ratio of 0.57, the market is pricing in modest growth expectations. However, analysts estimate revenue growth at 42.3% next year, indicating a potential upside. The company's ROE and ROIC are negative, reflecting its current loss-making status. Nevertheless, Ekso Bionics' efforts to expand its personal devices business and innovate through AI capabilities may drive future growth.

3. NewsRoom

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Ekso Bionics Inks Agreement to Become the Exclusive U.S. Distributor of MediTouch's Groundbreaking BalanceTutor™ Rehabilitation System

Dec -04

Source: globenewswire.com

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Ekso Bionics Announces $3.7 Million Registered Direct Offering of Common Stock Priced At-the-Market under Nasdaq Rules

Oct -29

Source: globenewswire.com

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Ekso Bionics (EKSO) Reports Q3 Loss, Beats Revenue Estimates

Oct -28

Source: zacks.com

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Ekso Bionics Reports Third Quarter 2025 Financial Results

Oct -28

Source: globenewswire.com

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Ekso Bionics (EKSO) Upgraded to Buy: Here's What You Should Know

Sep -26

Source: zacks.com

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Ekso Bionics (EKSO) May Find a Bottom Soon, Here's Why You Should Buy the Stock Now

Aug -13

Source: zacks.com

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Ekso Bionics Holdings, Inc. (EKSO) Q2 2025 Earnings Call Transcript

Jul -28

Source: seekingalpha.com

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Ekso Bionics (EKSO) Reports Q2 Loss, Misses Revenue Estimates

Jul -28

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.95%)

6. Segments

EksoHealth

Expected Growth: 14.07%

EksoHealth's 14.07% growth driven by increasing adoption of EksoGT exoskeletons in rehabilitation centers, expansion into new markets, and growing demand for robotic solutions in healthcare. Strong sales pipeline, strategic partnerships, and investments in product development also contribute to growth.

EksoWorks

Expected Growth: 11.7%

EksoWorks' 11.7% growth is driven by increasing adoption of Ekso Bionics' exoskeletons in industrial and construction settings, improving worker safety and productivity. Growing demand for ergonomic solutions, expansion into new markets, and strategic partnerships also contribute to the segment's growth.

7. Detailed Products

EksoGT

EksoGT is a wearable exoskeleton designed for rehabilitation of stroke and spinal cord injury patients.

EksoNRG

EksoNRG is a wearable exoskeleton designed for rehabilitation of patients with neurological injuries or disorders.

EksoUE

EksoUE is an upper body exoskeleton designed for rehabilitation of patients with upper limb impairments.

EksoWorks

EksoWorks is an industrial exoskeleton designed to enhance worker productivity and reduce fatigue.

8. Ekso Bionics Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Ekso Bionics Holdings, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing development of new technologies.

Bargaining Power Of Customers

Ekso Bionics Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Ekso Bionics Holdings, Inc. relies on a limited number of suppliers for its components and materials. While the company has some bargaining power due to its size, suppliers still have some leverage due to the specialized nature of the components.

Threat Of New Entrants

The barriers to entry in the exoskeleton market are relatively high due to the need for significant investments in research and development, as well as regulatory approvals. This limits the threat of new entrants.

Intensity Of Rivalry

The exoskeleton market is highly competitive, with several established players competing for market share. Ekso Bionics Holdings, Inc. faces intense competition from companies such as ReWalk Robotics and Hocoma AG.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.83%
Debt Cost 4.21%
Equity Weight 66.17%
Equity Cost 12.14%
WACC 9.46%
Leverage 51.13%

11. Quality Control: Ekso Bionics Holdings, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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AngioDynamics

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Stereotaxis

A-Score: 3.8/10

Value: 6.2

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Ekso Bionics

A-Score: 3.0/10

Value: 8.6

Growth: 4.4

Quality: 3.9

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.29$

Current Price

4.29$

Potential

-0.00%

Expected Cash-Flows