Ekso Bionics Q1 2025: Analyzing Contradictions in Distribution, Medicare Claims, and Reimbursement Clarity

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Revenue Decline and Enterprise Health Impact:
- Ekso Bionics reported $3.4 million in revenue for Q1 2025, a decline from $3.8 million in the same period last year.
- The decrease was due to capital budget impacts from certain inpatient rehabilitation facilities, affecting the EksoNR Enterprise Health product.

Gross Profit and Margin Improvement:
- Gross profit for Q1 2025 was $1.8 million, representing a gross margin of approximately 54%, compared to 52% in Q1 2024.
- The improvement was driven by cost savings in supply chain and reduced service costs, partially offset by lower margin sales.

Focus on Personal Health Products:
- Ekso Bionics is expanding its focus on Personal Health products, particularly the Ekso Indego Personal, driven by CMS regulatory changes and pricing determinations.
- The company is leveraging new partnerships, such as National Seating & Mobility and Bionic P&O, to enhance distribution and access to the product.

Cash Usage and Balance Sheet:
- In Q1 2025, the company used $2 million in net cash from operations, compared to $3.5 million in the same period last year.
- As of March 31, 2025, Ekso Bionics had $8.1 million in cash and restricted cash, up from $6.5 million at the end of 2024.