San Rafael robotic mobility device firm reports Q3 revenue drop - The North Bay Business Journal

Nov 02, 2024

The San Rafael maker of medical and industrial exoskeletons reports a drop in third-quarter revenue from a year ago. But the company also is looking ahead as Medicare reimbursements start coming in for its robotic mobility devices designed for use at home.

Ekso Bionics Holdings Inc. (Nasdaq: EKSO), a San Rafael-based creator of robotic exoskeletal devices, reported Monday a 10.4% drop in revenue year-over-year for the third quarter.

The $4.1 million in sales for three months ended Sept. 30 was also 17% below the company’s revenue the previous quarter.

The company narrowed its quarterly net loss to $2 million. It was $3.3 million the same three-month period a year before.

The Marin County company touted milestones as a view into the future of exoskeleton technology. Its equipment is designed to help patients with paralysis and mobility issues due to strokes, multiple sclerosis or brain injuries.

According to the National Library of Medicine, about 17,000 new spinal cord injury cases occur each year in the United States. An estimated 282,000 people are living with these injuries.

The company sold 33 EksoHealth devices last quarter.

A patient received reimbursement from the Centers for Medicare and Medicaid Services for Ekso Indego Personal equipment. It’s designed for use in the home, compared with the company’s other systems designed for use in rehabilitation facilities.

The company’s arrangement with Medicare was finalized April 11, a move Ekso expects to be a significant boost to revenue over time.