Ekso Bionics Holdings Inc (OTCMKTS:EKSOD) has been highly volatile in recent trading after the Company announced it has effected a 1-for-7 reverse split of its common stock in preparation for its planned application for listing of its common stock on the NASDAQ Capital Market.
The Company also reported 1st quarter 2015 financial results; revenues were $8.5 million compared to $1.7 million for the same period in the prior year. First quarter 2016 revenue includes $6.5 million of revenue resulting from a one-time non-cash recognition of previously deferred medical device revenue for devices sold prior to 2016.
Ekso Bionics Holdings, Inc. (OTC: EKSOD) has been pioneering the field of robotic exoskeletons, or wearable robots, to augment human strength, endurance and mobility. The company’s first commercially available product called Ekso has helped thousands of people living with paralysis take millions of steps not otherwise possible. By designing and creating some of the most forward-thinking and innovative solutions for people looking to augment human capabilities, Ekso Bionics is helping people rethink current physical limitations and achieve the remarkable.
EKSOD is one of the most exciting stocks in small caps and one of the most volatile too making some spectacular moves in recent years. The stock has been weighed down recently by the Company’s new share offering at the end of last year during which EKSO raised $15 million at $1.01 per share.
EKSOD trades on the OTCBB but the Company operates more like a Big Board Stock than a microcap. Since inception there has been no known promotion of EKSO yet the stock trades millions. As well the Company has the proven ability to raise large sums of money; EKSO went public through a reverse merger in January of last year, simultaneously raising $20.6 million through a bridge debt transaction.
Originally Berkeley Bionics, Ekso Bionics was founded in Berkeley, California in 2005. Since inception Ekso Bionics has forged partnerships with world-class institutions like UC Berkeley, received research grants from the Department of Defense and licensed technology to the Lockheed Martin Corporation.
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Last October EKSO announced that they were selected by Boston Dynamics, now part of Google, to continue developing technologies for Defense Advanced Research Projects Agency’s (DARPA’s) Warrior Web Task A project.
Lockheed Martin is the exclusive contractor of the US military, EKSO is working with them in an attempt to provide exoskeletons for military purposes. Many EKSO investors are overlooking this opportunity. The military market could be the secondary market that not only raises awareness of EKSO’s bionic skeleton, but also advances the function of the technology.
EKSOD has made some big moves in recent months: the Company received clearance from the U.S. Food and Drug Administration (FDA) to market Ekso GT(TM) robotic exoskeleton for use in the treatment of individuals with hemiplegia due to stroke and individuals with spinal cord injuries at levels L5 to C7.  The Ekso GT is the first and only exoskeleton cleared by the FDA for use with stroke patients.
EKSO medical division sold ten Ekso GT units during the first quarter 2016, and as of March 31, 2016, had sold or rented over 180 medical units. EKSO Industrial division sold 25 demonstration devices to a major distributor of construction equipment. These Ekso Aerial gravity balancing arm systems are designed to provide support to industrial workers and this pilot placement represents the first units sold by Ekso Works directly to a customer.
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Currently trading at a $87 million market valuation EKSOD is fully funded moving forward with plenty of cash in the treasury, manageable debt and fast growing revenues. EKSOD is also one of the most exciting stocks in small caps fast becoming a leader and pioneering the field of robotic exoskeletons, or wearable robots; their first commercially available product called Ekso has helped thousands of people living with paralysis take millions of steps not otherwise possible. EKSOD has a proven ability to raise large sums of money as they prepare for a proposed NASDAQ up-listing. We will be updating on EKSOD when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with EKSOD.
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Disclosure: we hold no position in EKSOD either long or short and we have not been compensated for this article.