H.C. Wainwright launched coverage of Ekso Bionics Holdings (NASDAQ:EKSO) with a “buy” rating and $1.20 price target. The stock closed at 59 cents on Oct. 25.
Ekso Bionics develops and markets robotic exoskeletons for medical and industrial purposes.
Its EksoHealth division markets Ekso GT, a device used for rehabilitation of patients who suffered a stroke or a spinal cord injury, and records 78% of Ekso revenues. The EksoWorks division markets robotics to improve endurance, strength, and safety of industrial workers.
Analyst Swayampakula Ramakanth writes that EksoHealth is the primary focus of management as “they continue to refine their business strategy to ensure sustained growth.” He projects Ekso’s total revenues to grow to $21.2-million in 2020 from an estimated $15.1-million in 2019.
Mr. Ramakanth said a new management team came on board in early 2018 and has been successful in increasing top-line growth and optimizing operations.
Annually, an estimated 15 million patients worldwide experience a stroke, and about 400,000 patients suffer from a spinal cord injury, with approximately 5.9 million rehabilitation sessions conducted in the U.S. alone. To date, approximately 400 Ekso GTs have been placed in nearly 270 centers, making up less than 1% of this large market, he added.
