Ekso Bionics Holdings, Inc.

Greetings and welcome to the ExoBionics first quarter 2025 financial results conference call. At this time, all participants are in a listening mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Stephen Comer of Investor Relations. Thank you. You may begin.

Thank you, operator, and good afternoon, everyone. Earlier today, ExoBionics released financial results for the first quarter and in March 31st, 2025. A copy of the press release is available on our website. I would like to point out that management will make statements during this call that include forward-linking 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 performance 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 the company's businesses, please see its filings with the Securities and Exchange Commission. EXCO 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. Representing ExcoBionics today are Scott Davis, our Chief Executive Officer, Jerome Wong, our Chief Financial Officer, and Jason Jones, our Chief Operating Officer. With that said, I'll now turn the call over to Jerome. Thank you, Steve.

Good afternoon, everyone, and welcome to our first quarter 2025 conference call. On behalf of the management team and everyone at ExcoBionics, I would like to thank you for your interest in our company, and for those who are shareholders, we appreciate your support. For the benefit of those who are new to the ExoBionics story, I would like to take a moment to summarize our business. Exo designs, develops, and markets exoskeleton products that augment human strength, endurance, and mobility. The primary end market for exoskeleton technology is healthcare, where our technology primarily serves people with physical disabilities or impairments in both physical rehabilitation and mobility. We operate as one operating and reportable segment with two markets. Enterprise Health and Personal Health. Our legacy Enterprise Health products consist mainly of our ExoNR device, which is our wearable robotic exoskeleton specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions. And our ExoIndigo personal device, a wearable lower extremity powered exoskeleton that enables certain individuals living with spinal cord injuries with the ability to stand and walk independently. Both products also include support and maintenance contracts. I will turn the call over to Scott in a moment for an update on our commercial activities and growth plans. However, before I do, I would like to provide a brief summary of our financial results. To streamline things, all the numbers I referred to have been rounded, so they are approximate. The company recorded revenue of $3.4 million in the first quarter of 2025, compared to $3.8 million for the same period in 2024. This reduction was due to capital budget impact from certain inpatient rehabilitation facilities, or IRFs, related to our XONR Enterprise Health product. Gross profit for the first quarter was $1.8 million, representing a gross margin of approximately 54% compared to a gross profit of $2 million and a gross margin of 52% for the same period of 2024. The change in gross profit was driven by a decrease in revenues enterprise health devices, partially offset by cost savings in supply chain and a reduction in service costs. The increase in gross margin was primarily due to cost savings in supply chain and a reduction in service costs, partially offset by lower margin sales related to increased volume through distribution. Operating expenses for the first quarter of 2025, which consists of R&D, G&A, and sales and marketing expenses were $5.3 million, essentially unchanged from $5.2 million for the first quarter of 2024. Net loss applicable to common stockholders for the 2025 first quarter was $2.9 million or 12 cents per basic and diluted share compared to a net loss of $3.4 million or 20 cents per basic and diluted share for the same period of 2024. For the fourth quarter of 2025, the company used $2 million net cash in operations compared to $3.5 million for the same period in 2025. As of March 31st, 2025, the company had cash and restricted cash of $8.1 million up from $6.5 million as of the end of 2024. That's it for my summary of our first quarter 2025 results. Please see our form 10Q filed earlier today for further details regarding the results. I'll now turn the call over to Scott.