Ekso Bionics Holdings, Inc.

Greetings and welcome to the exobionics first quarter 2024 financial results call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Matt Steinberg with Finn Partners.

Thank you. You may begin. Thank you, operator. and thank you all for participating in today's call. Joining me from Exobionics are Scott Davis, Chief Executive Officer, Jerome Wong, Chief Financial Officer, and Jason Jones, Chief Operating Officer. Earlier today, Exobionics released financial results for the quarter ended March 31st, 2024. A copy of the press release is available on the company's website. Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operational expectations, or our expectations of the regulatory landscape governing our products and operations are based upon management's current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with EXO's businesses please see its filings with the Securities and Exchange Commission. EXO disclaims any obligation, except as required by law, to update or revise any financial or operational projections, its regulatory outlook, or other forward-looking statements, whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call. I will now turn the call over to EXO Bionics Chief Executive Officer, Scott Davis.

Thank you, Matt. We closed out the first quarter and started the second quarter of 2024 with positive momentum as we were pleased to receive final payment determination for Medicare reimbursement of our EXO Indigo Personal. Additionally, our results for the quarter reflect continued improvements from both our scalable commercial strategy and operations. I'll touch on both of these developments shortly, but first I'll share an overview of our first quarter performance. We generated revenue of $3.8 million and sold 29 ExoHealth devices in the first quarter of 2024. Sales of the ExoHealth devices for the quarter were slightly more affected by typical seasonality due primarily to fluctuations in larger integrated delivery network, or IDN, procurement cycles. We remain focused on executing upon our commercial strategy in growing our IDN network. We continue to deploy resources to develop new IDN relationships that will help us secure larger and more multi-unit capital deals across our North American network. In doing so, we aim to convey the clear clinical and economic benefits of our ExoNR and our ExoIndigo therapy devices with the right decision makers. Our pipeline of potential deals remains solid with approximately $1 million of backlog generated in Q1 to be recognized over the course of 2024, and we remain confident that our commercial team will succeed in driving larger unit order growth. Now turning to an ExoIndigo personal update. As previously announced, CMS approved use of Healthcare Common Procedure Coding System, K1007, to bill Medicare for the ExoIndigo personal. On April 11, CMS established a reimbursement level of $91,031 for Medicare reimbursement under this code, the XO Indigo Personal, effective retroactively beginning April 1st. This pricing decision from CMS is an important next step in our commercial strategy to build demand within clinical, home, and community use settings. We believe there are thousands of Medicare and Medicaid covered individuals with a spinal cord injury that could potentially benefit from our differentiated personal exoskeleton device, enabling them to achieve better health outcomes along with new levels of independence. We're thrilled that our differentiated exoskeleton devices are now accessible to a larger patient population, and we look forward to providing future updates on our continued work with the SCI community, CMS, along with other public and private health insurance programs that generally follow CMS reimbursement practices. With reimbursement pricing secured, we anticipate growing the personal health business. We believe this growth will ramp up quarter over quarter as our commercial and clinical teams engage with skilled therapists and clinicians across our expansive customer base consisting of more than 260 clinical and rehabilitation centers domestically. We're leveraging our robust network to expand our reach to a potentially higher volume of individuals living with a spinal cord injury who could benefit from our XO Indigo Personal through establishing additional certified training centers across the U.S. Turning to our international performance, we're pleased that we continue to gain momentum across the EMEA and APAC regions. Results were particularly strong in EMEA as the French public health system has embraced the use of robotics in their neurorehabilitation programs. Looking ahead, we are working to continue to build on the strength of our vast international distribution network worldwide growth now i'd like to turn to an update on our industrial segment exo works in the first quarter of 2024 sales within this segment increased nearly 60 percent from the same period a year ago although against a modest level notably we delivered devices to an oem in the construction vertical along with continued shipments potentially large volume customers in aerospace and energy segments With improved cost structures driven by our new contract manufacturer, we remain focused on scaling our commercial growth through targeted customers in large industrial settings. Overall, our performance in the first quarter of 2024 demonstrated continued progress across both of our segments. Now, with CMS establishing reimbursement pricing for the XO Indigo Personal, we believe we are poised to take the next step in our evolution. At this time, I'd like to turn the call over to our Chief Financial Officer, Jerome Wong, to review our first quarter financial results.