Tuesday, May 23, 2017 9:37:07 AM
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), a robotic exoskeleton company, today announced plans to streamline its operations and reduce its workforce by approximately 25% to lower operating expenses and reduce cash burn. The program intensifies Ekso’s focus on driving commercialization of its proprietary Ekso GT for rehabilitation and its exoskeleton offerings for industrial applications.
Ekso Bionics will focus on advancing placements of its Ekso GT so that patients with stroke and spinal cord injuries can achieve better clinical outcomes and improved quality of life. In industrial markets, the Company will work with partners to increase awareness and utilization of Ekso Bionics’ exoskeleton solutions for industrial workers. The Company’s R&D efforts will continue to move forward with programs to advance Ekso’s proprietary solutions.
"We acknowledge the hard work of those affected by this decision, all of whom have been instrumental in bringing our life-changing technologies to market," said Thomas Looby, President and Chief Executive Officer of Ekso Bionics. “We remain on track with our strategic priority of establishing our unique products as industry standard. We believe that the measures announced today will enhance shareholder value as we more efficiently deploy cash and solidify our leadership in the emerging exoskeleton industry."
The Company estimates these cutbacks will result in a 25% reduction in monthly operating expense. One-time cash severance and related expenses are estimated at $1.0 million.
Recent EKSO News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/03/2024 08:24:07 PM
- Form 424B4 - Prospectus [Rule 424(b)(4)] • Edgar (US Regulatory) • 08/30/2024 09:30:16 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 08/30/2024 04:15:09 AM
- Ekso Bionics Announces Pricing of $6.0 Million Underwritten Public Offering • GlobeNewswire Inc. • 08/30/2024 02:42:42 AM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 08/28/2024 01:25:19 PM
- Ekso Bionics Announces Receipt of Initial CMS Reimbursement for Ekso Indego Personal • GlobeNewswire Inc. • 08/20/2024 12:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/29/2024 09:22:20 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 07/29/2024 08:55:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/29/2024 08:39:19 PM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 07/29/2024 08:39:17 PM
- Ekso Bionics Reports Record Quarterly Sales of $5.0 Million in Second Quarter 2024 • GlobeNewswire Inc. • 07/29/2024 08:05:00 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 07/26/2024 08:15:48 PM
- Ekso Bionics to Report Second Quarter 2024 Financial Results on July 29, 2024 • GlobeNewswire Inc. • 07/22/2024 12:00:00 PM
- Ekso Bionics Announces Research Partnership with Shepherd Center • GlobeNewswire Inc. • 06/25/2024 12:00:00 PM
- Ekso Bionics Appoints Deborah Lafer Scher to its Board of Directors • GlobeNewswire Inc. • 06/17/2024 08:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/10/2024 09:28:29 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/03/2024 08:58:45 PM
- Ekso Indego Personal to be Featured on ‘Health Uncensored’ with Dr. Drew Pinsky • GlobeNewswire Inc. • 05/10/2024 12:00:00 PM
- Ekso Bionics Announces First Quarter 2024 Financial Results • GlobeNewswire Inc. • 04/29/2024 08:05:00 PM
- Ekso Bionics to Report First Quarter 2024 Financial Results on April 29, 2024 • GlobeNewswire Inc. • 04/22/2024 12:00:00 PM
- Ekso Bionics Receives Final Payment Determination for Medicare Reimbursement from the Centers for Medicare & Medicaid Services (CMS) for Ekso Indego Personal • GlobeNewswire Inc. • 04/12/2024 12:00:16 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/04/2024 09:14:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 09:08:54 PM
- Ekso Bionics Reports Record Annual Revenue of $18.3 Million • GlobeNewswire Inc. • 03/04/2024 09:05:00 PM
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