EKSO BIONICS HOLDING (OTCBB:EKSO) was a massive decliner during the trading session. The stock collapsed by close to 10% on the back of 4 times the average daily volumes. The stock broke below all important moving averages on the back of the price volume action witnessed during the overnight session. The momentum oscillator for the stock has given a fresh sell signal, which is a cause for concern. The relative strength index is pointing towards lack of inherent strength at the moment. Traders believe the stock could head to levels of $1.1 in the near term and face resistance at $1.22.
EKSO BIONICS HOLDING (OTCBB:EKSO) announced financial results for the recently concluded 3Q2015. The biggest highlight of the quarterly results was revenue growth. As per the reports, company’s revenue touched a whopping $2.9 million mark in the third quarter, 84% higher than the revenue reported last year.
Financial Results Highlights
When it comes to overall revenue earned in 2015 until the end of 3rd quarter, EKSO Bionics managed to post a whopping 75% growth on YOY basis to touch $6.7 million. It shipped 12 new units in the quarter, and also got three rental units converted into a full-fledged purchase. At the end of the September quarter, it had sold or rented over 156 medical devices to 100 customers. Medical device revenue in the quarter increased $0.3 million, 39% higher than the revenue announced in September 2014 quarter.
The engineering service revenue increased $1 million or 128% compared to last year’s figures. The main reason behind this whopping growth was Ekso Labs project during the last 12 months or so. Gross profit increased $0.4 million or 37% in the first nine months of the year as compared to last year’s reported figures. In terms of sales and marketing expenses, Ekso reported a growth of $0.7 million or 45% in this quarter on YOY basis. R&D expenses increased 56% or $0.6 million as compared to 3Q2014.
Management Call
The senior management of the company is delighted to announce the financial results and hopes that Ekso Bionics will continue to touch newer milestones in the coming months. According to Nathan Harding, Co-Founder & CEO, Ekso Bionics, this quarter has brought the highest ever revenue growth for the company, which makes the situation more pleasant and hassle-free.
Ekso Bionics looks forward to strengthening its able-bodied front and medical front over the coming quarters to ensure that it can explore the market in the best possible way.
