Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) issued financial report for the third quarter closed September 30, 2017. Revenue came at $1.6 million for Q3 2017, which comprises $0.3 million in industrial sales and $1.3 million in medical device revenue. This compared to revenue of $1.6 million for Q3 2016, which included $0.4 million in industrial sales and around $1.1 million in medical revenue.
Thomas Looby, the CEO and President of Ekso, expressed that they recorded numerous vital objectives in the third quarter that improve their ability to sustain and build value over the long term. The successful completion of a rights offering worth $34 million strengthens their balance sheet and offers financial flexibility to enhance company’s go to market plan and execute other business goals.
Christian Babini, the recently engaged VP of Sales, brings considerable expertise in successfully key commercial firms with disruptive technologies. It will be a notable asset as the company refine and execute its sales plan. In addition, the new board member, Mr. Ted Wang, brings knowledge across major financial and operational functions, including extensive experience in China, an unexplored market with considerable potential for company.
Looby added that this offers them the ability to move their business forward and uniquely places company, allowing them to focus on sales execution, market development and bringing life-transforming products to workers and patients who would immensely benefit from this technology.
Gross profit for the quarter closed September 30, 2017 came at $0.5 million versus $0.4 million for the three months closed September 30, 2016. The increase in gross profit over the same period in 2016 is mainly due to a decline in service costs and higher sales of medical devices.
In the last trading session, the stock price of Ekso gained 0.57% to close the day at $1.76. The gains came at a share volume of 1.64 million compared to average share volume of 1.45 million.