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- **Q2 Revenue Miss**: $2.1M (-58% YoY) due to $1.4M deferred Enterprise Health sales, partially offset by 50% growth in Personal Health.
- **Gross Margin Pressure**: 40% vs. 53% YoY, driven by fixed costs and lower-margin distribution.
- **AI & Education Push**: Launched eksoUniversity and NVIDIA Connect program to accelerate exoskeleton adoption with AI voice control.
- **Personal Health Momentum**: 25% of 2025 revenue (vs. 10% in 2024), 45 Medicare beneficiaries in pipeline (+200% YoY).
- **Risks**: 10% of Enterprise customers reliant on federal grants; uncertain pipeline conversion rate.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $2.1 million (down 58% YoY), driven by delays in Enterprise Health sales.
- Gross profit: $800,000 (40% margin), vs. $2.6 million (53% margin) in Q2 2024. Margin decline due to fixed costs, lower-margin distribution sales, and shipping expenses.
- Operating expenses: $4.8 million (4% YoY decline), reflecting cost control.
- Net loss: $2.7 million ($1.24 per share), vs. $2.4 million ($1.99 per share) in Q2 2024.
- Cash balance: $5.2 million as of June 30, 2025.

**【CEO Commercial Update】**
- **Enterprise Health**: Q2 revenue shortfall due to $1.4 million deferred sales (1x North American IDN order and 1x international regulatory delay). CEO expects Q3 closure of the $1 million North American order. 10% of Enterprise customers rely on federal grants, which may impact 2025-2026 sales.
- **Personal Health**: Indego Personal sales grew 50% YoY in H1 2025. Pipeline of 45 Medicare beneficiaries (+200% YoY), though not all may convert. New partnerships with NSM (CRT distributor) and Bionic P&O (O&P provider) driving distribution.
- **AI Initiatives**: Joined NVIDIA Connect program to develop AI voice control for exoskeletons. Early proof of concept with Ekso Voice Agent on EksoNR device. Aiming to leverage 350,000 patient sessions and 15M step data points to build proprietary motion AI.
- **Education & Awareness**: Launched eksoUniversity virtual training platform for PTs, with first CEU certification awarded.

**【Q&A Highlights】**
- **Deferred Sales**: $1.4 million in Q2 delays (North American IDN: $1M, international: $0.4M). CEO confident in Q3 closure of North American order.
- **Personal Health Growth**: 25% of total revenue in 2025 vs. 10% in 2024, with potential to overtake Enterprise Health by 2027.
- **Reimbursement Progress**: 1 ALJ appeal remanded and approved in Q2; CMS reaffirming medical necessity for Indego Personal.
- **Pipeline Risk**: 45 Medicare beneficiaries in pipeline, but no guarantee of conversion due to complex claims process.

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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EKSO

EKSO fundamentals

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