SAN RAFAEL, Calif. - Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), a company specializing in exoskeleton technology for medical and industrial applications, has announced the appointment of Deborah Lafer Scher to its Board of Directors, effective June 6, 2024. Scher's extensive background in healthcare and her advisory roles with the U.S. Department of Veterans Affairs (VA) are expected to bring strategic insights to the company's board.
Scher's professional history includes her role as a former Executive Advisor to four Cabinet Secretaries across two presidential administrations at the VA, where she led the VA Secretary’s Center for Strategic Partnerships. Her efforts resulted in the implementation of new programs valued at over $250 million, benefiting veterans nationwide. Currently, Scher serves as a Senior Advisor at the Milken Institute and holds board positions at EnableComp and 2Serve Together.
Scott Davis, President and CEO of Ekso Bionics, expressed optimism about Scher's appointment, citing her proven track record in business development and her advisory roles as assets that will contribute to the company's strategic direction.
Scher, who has also held leadership positions at prominent institutions like Weill Cornell Medical Center and companies including Dun & Bradstreet and Warburg Pincus, holds a BA from Haverford College and an MBA from Columbia University.
In her statement, Scher acknowledged the importance of Ekso Bionics' mission, particularly highlighting the recent Medicare reimbursement pricing determination for the Ekso Indego Personal exoskeleton, which has been instrumental in rehabilitating patients, including many veterans. She expressed honor in joining the board during what she considers a pivotal time for the company.
Ekso Bionics, founded in 2005 and headquartered in the San Francisco Bay Area, is recognized for its development of wearable robots designed to enhance human mobility and strength. The company's products range from assisting individuals with paralysis to improving human capabilities in various industrial settings.
In other recent news, Ekso Bionics Holdings, Inc. started off 2024 on a high note with significant sales growth seen in both its EksoHealth and industrial segments. The company's Q1 revenue reached $3.8 million, fueled by the sale of 29 EksoHealth devices. A crucial development for Ekso Bionics was the final Medicare reimbursement approval for its Ekso Indego Personal device at $91,031, a move anticipated to drive further growth in its personal health business. Meanwhile, the company's international performance, especially in the EMEA region, has been robust, with the French public health system playing a significant role.
In the industrial segment, Ekso Bionics reported a nearly 60% rise in sales compared to the same period last year. However, despite these positive developments, Ekso Bionics reported a net loss of $3.4 million. The company had cash and restricted cash totaling $8.8 million as of March 31, 2024. These are some of the recent developments surrounding Ekso Bionics.
InvestingPro Insights
With the recent board appointment at Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), investors may be looking for indicators of the company's financial health and future prospects. According to InvestingPro data, Ekso Bionics has experienced a notable 23.82% revenue growth over the last twelve months as of Q1 2024. This could signify a positive trajectory for the company, aligning with the strategic insights expected from Deborah Lafer Scher's appointment to the board. Despite this revenue growth, the company's stock has seen a significant downturn, with a 1-month price total return of -22.43% and a year-to-date price total return of -57.8%. This may suggest a potential disconnect between the company's operational performance and investor sentiment.
An InvestingPro Tip points out that Ekso Bionics is expected to become profitable this year, which could be a turning point for the company's financial stability. Additionally, another InvestingPro Tip notes that while Ekso Bionics has been quickly burning through cash, its liquid assets still exceed short-term obligations. This could reassure investors of the company's ability to meet its immediate financial commitments.
With a market capitalization of $20.32 million and a price-to-book ratio of 1.45 as of Q1 2024, Ekso Bionics is positioned in the market with moderate valuation metrics. Investors interested in a deeper analysis can find additional InvestingPro Tips on the company's financials, including its cash burn rate and debt levels, by visiting https://www.investing.com/pro/EKSO. Moreover, there are several more tips available on InvestingPro, and users can apply the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights into Ekso Bionics' investment potential.
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