Ekso Bionics Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ekso Bionics Holdings, Inc. filed its 2023 10-K report on March 4, 2024, providing a comprehensive annual overview.</b>

AI Summary

EKSO BIONICS HOLDINGS, INC. (EKSO) filed a Annual Report (10-K) with the SEC on March 4, 2024. Ekso Bionics Holdings, Inc. reported its 2023 fiscal year-end results on March 4, 2024. The company's address is 101 Glacier Point, Suite A, San Rafael, CA 94901. The filing is a 10-K report, indicating a comprehensive annual overview. The company was formerly known as PN Med Group Inc, with a name change on May 3, 2012. The Standard Industrial Classification code is 3569 for General Industrial Machinery & Equipment, NEC.

Why It Matters

For investors and stakeholders tracking EKSO BIONICS HOLDINGS, INC., this filing contains several important signals. This 10-K filing provides investors with detailed financial performance, operational highlights, and risk factors for the fiscal year ending December 31, 2023. Understanding the company's SIC code (3569) and former name (PN Med Group Inc) offers context for its industry and historical development.

Risk Assessment

Risk Level: medium — EKSO BIONICS HOLDINGS, INC. shows moderate risk based on this filing. The company's financial performance and operational risks are detailed within the 10-K filing, requiring careful review to assess its current standing and future prospects.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Ekso Bionics Holdings, Inc.'s financial health and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-04 — Filing Date (Date of submission)
• 10-K — Form Type (Type of SEC filing)
• 3569 — SIC Code (General Industrial Machinery & Equipment, NEC)

Key Players & Entities

• EKSO BIONICS HOLDINGS, INC. (company) — Filer name
• PN Med Group Inc (company) — Former company name
• 2024-03-04 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 101 Glacier Point, Suite A, San Rafael, CA 94901 (address) — Business address
• 3569 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Ekso Bionics Holdings, Inc. operates within the industrial machinery and equipment sector, focusing on advanced robotic exoskeletons.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial and operational information.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and cash flow trends.
2. Review the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine any disclosed executive compensation details for insights into management incentives.

Key Dates

• 2024-03-04: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Year-Over-Year Comparison

This is the initial filing analyzed for the 2023 fiscal year, providing a baseline for future comparisons.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value EKSO Nasdaq Stock Market

Filing Documents

• ekso20230626_10k.htm (10-K) — 1739KB
• ex_633339.htm (EX-4.9) — 12KB
• ex_633939.htm (EX-10.22) — 13KB
• ex_633338.htm (EX-10.23) — 32KB
• ex_537899.htm (EX-21.1) — 5KB
• ex_537900.htm (EX-23.1) — 3KB
• ex_537901.htm (EX-31.1) — 13KB
• ex_537902.htm (EX-31.2) — 13KB
• ex_537903.htm (EX-32.1) — 5KB
• ex_537904.htm (EX-32.2) — 5KB
• ex_633340.htm (EX-97.1) — 28KB
• 0001437749-24-006423.txt (&nbsp;) — 9570KB
• ekso-20231231.xsd (EX-101.SCH) — 86KB
• ekso-20231231_cal.xml (EX-101.CAL) — 66KB
• ekso-20231231_def.xml (EX-101.DEF) — 615KB
• ekso-20231231_lab.xml (EX-101.LAB) — 530KB
• ekso-20231231_pre.xml (EX-101.PRE) — 669KB
• ekso20230626_10k_htm.xml (XML) — 1524KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 11 Item 1B Unresolved Staff Comments 29 Item 1C Cybersecurity 29 Item 2

Properties

Properties 29 Item 3

Legal Proceedings

Legal Proceedings 29 Item 4 Mine Safety Disclosures 29 Part II Item 5 Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6 Reserved 30 Item 7 Management ' s Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 75 Item 9A

Controls and Procedures

Controls and Procedures 75 Item 9B Other Information 75 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 Part III Item 10 Directors, Executive Officers and Corporate Governance 76 Item 11

Executive Compensation

Executive Compensation 76 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 Item 13 Certain Relationships and Related Transactions and Director Independence 76 Item 14 Principal Accountant Fees and Services 76 Part IV Item 15 Exhibits, Financial Statements and Financial Statement Schedules 77 Item 16 10-K Summary 81

Signatures

Signatures 82 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, or this Annual Report, contains forward-looking statements, including, without limitation, in the sections captioned "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere. Any and all statements contained in this Annual Report that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "pro-forma," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of the foregoing) may be intended to identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this Annual Report may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of exoskeleton products for humans, (ii) the manufacturing of our products and strengthening our supply chain, and potential opportunities for strategic partnerships, (iii) beliefs regarding regulatory path for our products, including potential approvals required and timing of approvals, (iv) statements regarding the financial and operational impacts on our business following the completion of the integration of our acquisition from Parker Hannifin Corporation of certain assets related to Parker Hannifin Corporation's human motion control business, and software applications, support services and cloud environments related to such business in December 2022 (the "HMC Acquisition"), (v) our future financial performance, including any statement contained

BUSINESS

Item 1. BUSINESS Company Background We design, develop, and market exoskeleton products that augment human strength, endurance and mobility. Our exoskeleton technology serves multiple markets and can be utilized both by able-bodied persons and persons with physical disabilities or impairments. On December 5, 2022, we acquired the Human Motion and Control ("HMC") Business Unit from Parker Hannifin Corporation ("Parker"), an Ohio corporation (the "HMC Acquisition"). The assets acquired from the business unit included intellectual property rights for devices which are U.S. Food and Drug Administration ("FDA") cleared lower-limb powered exoskeletons that enable task-specific overground gait training to patients with weakness or paralysis in their lower extremities. Throughout 2023 we integrated the HMC products and team into Ekso Bionics, Inc. and are currently operating as a combined business. We continue to explore business development initiatives to fuel growth and long-term value and are committed to helping people improve mobility and live healthier lives through combining the use of technology with advanced rehabilitative programs. Products EksoNR EksoNR is a wearable robotic exoskeleton specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions. A trained clinician typically uses the EksoNR to provide adjustable levels of assistance to the wearer's legs to promote proper gait, active engagement, and higher dosage. EksoNR is FDA cleared for use in a clinical setting with individuals with a spinal cord injury ("SCI"), acquired brain injury ("ABI") - including stroke and traumatic brain injuries ("TBI"), and multiple sclerosis ("MS"). Ekso Indego Therapy Ekso Indego Therapy is a modular, adjustable, lightweight, lower-limb powered exoskeleton that can be custom-sized and fitted to patients for use in rehabilitation and wellness applications. Ekso Indego Therapy is cleared by the

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View this 10-K filing on SEC EDGAR