Ekso Bionics Holdings, Inc. (NASDAQ: EKSO)

Sector: Healthcare Industry: Medical Instruments & Supplies CIK: 0001549084
Market Cap 20.50 Mn
P/B 2.12
P/E -1.96
P/S 1.39
ROIC (Qtr) -71.37
Div Yield % 0.00
Rev 1y % (Qtr) 2.37
Total Debt (Qtr) 4.96 Mn
Debt/Equity (Qtr) 0.51
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About

EKSO Bionics Holdings, Inc. (EKSO), a company operating in the medical device and industrial robotics industries, is dedicated to designing, developing, and marketing exoskeleton products that augment human strength, endurance, and mobility. With a focus on improving the lives of individuals with physical disabilities or impairments, EKSO is a significant player in the medical technology industry. The company's main business activities include the design, development, and marketing of exoskeleton products such as the EksoNR, Ekso Indego Therapy,...

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Investment thesis

Bull case

  • Strong tangible asset base of 17.08M provides 3.45x coverage of total debt 4.96M, indicating robust asset backing and low credit risk.
  • Tangible assets of 17.08M provide exceptional 5.13x coverage of deferred revenue 3.33M, showing strong service capability backing.
  • Operating cash flow of (8.90M) fully covers other non-current liabilities (1.59M) by 5.58x, showing strong long-term stability.
  • Tangible assets of 17.08M provide robust 4.70x coverage of other current liabilities 3.63M, indicating strong asset backing.
  • R&D investment of 3.23M represents healthy 0.97x of deferred revenue 3.33M, indicating strong future innovation pipeline.

Bear case

  • Investment activities of (83000) provide weak support for R&D spending of 3.23M, which is -0.03x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (8.90M) provides insufficient coverage of deferred revenue obligations of 3.33M, which is -2.67x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (8.90M) shows concerning coverage of stock compensation expenses of 998000, with a -8.92 ratio indicating potential earnings quality issues.
  • Free cash flow of (8.99M) provides weak coverage of capital expenditures of 83000, with a -108.27 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (10.22M) show weak coverage of depreciation charges of 1.52M, with a -6.72 ratio indicating high capital intensity and potential reinvestment needs.

Segments Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Medical Instruments & Supplies
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ISRG Intuitive Surgical Inc 176.13 Bn 61.67 17.50 0.00 Bn
2 BDX Becton Dickinson & Co 50.84 Bn 28.94 2.32 19.54 Bn
3 ALC Alcon Inc 39.87 Bn 38.08 3.91 5.24 Bn
4 RMD Resmed Inc 37.63 Bn 36.86 8.03 0.85 Bn
5 HOLX Hologic Inc 16.89 Bn 31.05 4.09 2.52 Bn
6 COO Cooper Companies, Inc. 16.34 Bn 43.59 3.99 2.51 Bn
7 WST West Pharmaceutical Services Inc 15.98 Bn 228.35 15.87 0.32 Bn
8 ALGN Align Technology Inc 13.70 Bn 36.21 3.44 0.09 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.95 2.69
EV to Cash from Ops. EV/CFO -2.32 33.85
EV to Debt EV to Debt 4.17 26.88
EV to EBIT EV/EBIT -2.02 21.42
EV to EBITDA EV/EBITDA -2.17 13.45
EV to Free Cash Flow [EV/FCF] EV/FCF -2.30 108.54
EV to Market Cap EV to Market Cap 1.01 -4.25
EV to Revenue EV/Rev 1.40 291.65
Price to Book Value [P/B] P/B 2.12 6.13
Price to Earnings [P/E] P/E -1.96 168.84
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -1.12
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.62
Dividend per Basic Share Div per Share (Qtr) 0.00 0.25
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 7.48
Interest Coverage Int. cover (Qtr) -47.76 11.77
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -40.68 -62.99
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -67.17 419.59
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -1.67
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 5.85 -57.55
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 5.08 -107.89
EBIT Growth (1y) % EBIT 1y % (Qtr) 5.85 -37.41
EBT Growth (1y) % EBT 1y % (Qtr) 6.26 -40.02
EPS Growth (1y) % EPS 1y % (Qtr) 42.16 -9.45
FCF Growth (1y) % FCF 1y % (Qtr) 10.64 57.56
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -13.94 66.70
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.68 0.54
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 0.30 2.52
Current Ratio Curr Ratio (Qtr) 1.66 7.80
Debt to Equity Ratio Debt/Equity (Qtr) 0.51 0.55
Interest Cover Ratio Int Coverage (Qtr) -47.76 11.77
Times Interest Earned Times Interest Earned (Qtr) -47.76 11.77
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -59.00 -2,368.82
EBIT Margin % EBIT Margin % (Qtr) -69.29 -2,472.83
EBT Margin % EBT Margin % (Qtr) -70.74 -2,442.75
Gross Margin % Gross Margin % (Qtr) 53.50 29.78
Net Profit Margin % Net Margin % (Qtr) -70.70 -2,438.72