Ekso Bionics Holdings Inc (EKSO) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Ekso Bionics second-quarter 2025 financial results conference call. (Operator Instructions) It is now my pleasure to introduce your host, Stephen Kilmer, Investor Relations. Thank you. You may begin.

您好，歡迎參加 Ekso Bionics 2025 年第二季財務業績電話會議。（操作員指示）現在我很高興介紹您的主持人，投資者關係部門 Stephen Kilmer。謝謝。你可以開始了。

Thank you, operator, and good afternoon, everyone. Earlier today, Ekso Bionics released financial results for the second quarter ended June 30, 2025. A copy of the press release is available on our website.

謝謝接線員，大家下午好。今天早些時候，Ekso Bionics 發布了截至 2025 年 6 月 30 日的第二季財務業績。新聞稿的副本可在我們的網站上查閱。

I would like to point out 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.

我想指出的是，管理層將在本次電話會議中發表聲明，其中包括聯邦證券法所定義的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。本次電話會議中所做的任何非歷史事實陳述均應被視為前瞻性陳述。

All forward-looking statements, including statements regarding our business strategy, future financial or operational expectations, our ability to close on delayed customer sales, 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.

所有前瞻性陳述，包括有關我們的業務策略、未來財務或營運預期、我們完成延遲客戶銷售的能力、我們對管理我們產品和營運的監管環境的預期的陳述，均基於管理層當前的估計和各種假設。這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性聲明預期或暗示的結果或事件有重大差異。因此，您不應過度依賴這些聲明。

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. Ekso 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.

有關該公司業務相關的風險和不確定性的清單和描述，請參閱其向美國證券交易委員會提交的文件。除法律要求外，Ekso 不承擔更新或修改任何財務或營運預測、監管展望或其他前瞻性聲明的任何義務，無論是由於新資訊、未來事件或其他原因。本次電話會議中所做的任何前瞻性陳述僅代表本次電話會議之日的觀點。

Representing Ekso Bionics 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 will now turn the call over to Jerome.

今天代表 Ekso Bionics 的是我們的執行長 Scott Davis、我們的財務長 Jerome Wong 和我們的營運長 Jason Jones。話雖如此，我現在將電話轉給傑羅姆。

Thank you, Steve. Good afternoon, everyone, and welcome to our second-quarter 2025 conference call. On behalf of the management team and everyone at Ekso Bionics, I would like to thank you for your interest in our company. And for those of you who are shareholders, we appreciate your support.

謝謝你，史蒂夫。大家下午好，歡迎參加我們 2025 年的第二季電話會議。我謹代表 Ekso Bionics 的管理團隊和全體員工感謝您對我們公司的關注。對於那些股東，我們感謝你們的支持。

For the benefit of those who are new to the Ekso Bionics story, I would like to take a moment to summarize our business. Ekso designs, develops and markets exoskeleton products that augment human strength, endurance and mobility. The primary end market for our exoskeleton technology is health care, where our technology primarily serves people with physical disabilities or impairment in both physical rehabilitation and mobility.

為了讓那些剛了解 Ekso Bionics 故事的人了解一下，我想花點時間總結一下我們的業務。Ekso 設計、開發和銷售可增強人類力量、耐力和機動性的外骨骼產品。我們的外骨骼技術的主要終端市場是醫療保健，我們的技術主要服務於身體殘疾或身體復健和行動不便的人。

We operate as one operating and reportable segment with two markets, Enterprise Health and Personal Health. Our legacy Enterprise Health product consists mainly of our EksoNR device, which is a wearable robotic exoskeleton specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions. And our newer Ekso Indego Personal device is 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 the sale of support and maintenance contracts.

我們作為一個營運和報告部門運營，涉及兩個市場：企業健康和個人健康。我們傳統的企業健康產品主要包括我們的 EksoNR 設備，這是一種可穿戴機器人外骨骼，專門設計用於康復環境，幫助個人從急性和慢性疾病中恢復。我們較新的 Ekso Indego Personal 裝置是一種可穿戴的下肢動力外骨骼，它使某些脊髓損傷患者能夠獨立站立和行走。這兩種產品還包括支援和維護合約的銷售。

I will turn this 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 of the numbers I will refer to have been rounded, so they are approximate.

我稍後會將這個電話轉給斯科特，以了解我們的商業活動和成長計劃的最新情況。不過，在此之前，我想先簡單介紹一下我們的財務表現。為了簡化事情，我將引用的所有數字都已四捨五入，因此它們只是近似值。

As we mentioned in today's press release, we experienced abnormal weakness in the second quarter of 2025. The company recorded revenue of $2.1 million for the period compared to $5 million for the second quarter of 2024. This was primarily driven by what we believe are short-term delays in completing certain multi-device Enterprise Health sales and was offset partially by higher Ekso Indego Personal device sales. As Scott will discuss shortly, we are working to get back on track for the second half of the year and beyond.

正如我們在今天的新聞稿中提到的，我們在 2025 年第二季經歷了異常疲軟。該公司本季的營收為 210 萬美元，而 2024 年第二季的營收為 500 萬美元。這主要是由於我們認為某些多設備企業健康銷售在完成過程中出現短期延遲，而 Ekso Indego 個人設備銷售額的增加則部分抵消了這一影響。正如史考特即將討論的那樣，我們正在努力在今年下半年及以後重回正軌。

Gross profit for the second quarter was $800,000, representing a gross margin of approximately 40%, compared to a gross profit of $2.6 million and a gross margin of 53% for the same period of 2024. The change in gross profit was driven by a decrease in revenues associated with our Enterprise Health devices, partially offset by an increase in revenues associated with Ekso Indego Personal devices and a reduction in service costs.

第二季毛利為 80 萬美元，毛利率約 40%，而 2024 年同期毛利為 260 萬美元，毛利率為 53%。毛利的變化是由於我們的企業健康設備相關收入的下降，但部分被 Ekso Indego Personal 設備相關收入的增加和服務成本的降低所抵消。

The decrease in gross margin was primarily driven by fixed cost of goods in relation to the decrease of enterprise health device sales, lower margin sales related to increased volume through distribution and an increase in shipping costs, partially offset by improved margins in service. Operating expenses for the second quarter of 2025, which consists of R&D, G&A and sales and marketing expenses were $4.8 million, a 4% improvement from $5 million for the second quarter of 2024.

毛利率下降的主要原因是企業健康設備銷售額下降導致的商品固定成本、分銷量增加導致的利潤率下降以及運輸成本增加，但服務利潤率的提高部分抵消了這一影響。2025 年第二季的營運費用（包括研發、一般行政費用以及銷售和行銷費用）為 480 萬美元，比 2024 年第二季的 500 萬美元成長了 4%。

Net loss applicable to common stockholders for the 2025 second quarter was $2.7 million or $1.24 per basic and diluted share, compared to a net loss of $2.4 million or $1.99 per basic and diluted share for the same period of 2024. As of June 30, 2025, the company had cash and restricted cash of $5.2 million. That is it for my summary of our second quarter 2025 results. Please see our Form 10-Q filed earlier today for further details regarding the results.

2025 年第二季普通股股東淨虧損為 270 萬美元，即每股基本虧損和稀釋虧損均為 1.24 美元，而 2024 年同期的淨虧損為 240 萬美元，即每股基本虧損和稀釋虧損均為 1.99 美元。截至 2025 年 6 月 30 日，該公司擁有現金和受限現金 520 萬美元。這就是我對 2025 年第二季業績的總結。有關結果的更多詳細信息，請參閱我們今天早些時候提交的 10-Q 表。

I'll now turn the call over to Scott.

我現在將電話轉給斯科特。

Thank you, Jerome, and good afternoon, everyone. I'll cut to the chase. Our second quarter revenues were disappointing. But as Jerome noted, we believe this was a temporary setback, driven mostly by short-term delays in completing two significant multiunit Enterprise Health device sales that were anticipated in the quarter.

謝謝你，傑羅姆，大家下午好。我就直奔主題吧。我們第二季的營收令人失望。但正如傑羅姆所指出的那樣，我們認為這只是暫時的挫折，主要是因為預計本季完成的兩台重要的多單元企業健康設備銷售出現短期延遲。

As we discussed on our last call, we've also had a small percentage of US customers impacted by loss of federal grants and/or concerns related to economic uncertainties who have pushed their purchases into later 2025 or early 2026. Nevertheless, we don't believe the second quarter revenue shortfall truly reflects the health of our current business nor our prospects for the future.

正如我們在上次電話會議上所討論的那樣，也有一小部分美國客戶受到聯邦補助金損失和/或與經濟不確定性相關的擔憂的影響，他們將購買時間推遲到了 2025 年末或 2026 年初。儘管如此，我們認為第二季的收入缺口並不能真正反映我們目前業務的健康狀況或未來的前景。

Several reasons are bolstering our confidence that we can get back on track for the second half of the year and beyond. First, we're confident that we will be able to close a significant portion of the deferred multi-device Enterprise Health sales prior to year-end. At the same time, we are capitalizing on continued Enterprise Health customer demand by recently signing a master subscription agreement with another major integrated delivery network. And to help support that, we are constantly looking for ways to help us raise awareness, acceptance and adoption of our exoskeleton technology within the market.

有幾個原因增強了我們的信心，讓我們相信我們能夠在今年下半年及以後重回正軌。首先，我們有信心在年底前完成大部分遞延的多設備企業健康銷售。同時，我們最近與另一家大型綜合配送網路簽署了主訂閱協議，以滿足企業健康客戶持續成長的需求。為了支持這一點，我們一直在尋找方法來幫助我們提高市場對我們的外骨骼技術的認識、接受度和採用度。

A good recent example is our launch of eksoUniversity, a new virtual platform providing continuing education courses to physical therapists and physical therapist assistants across the country. While we believe eksoUniversity can generate incremental revenue for us, the greater value is represented through the program's ability to educate the neurological/physical therapy community on a wide range of relevant topics and ever-evolving patient treatment options. I'm happy to share that we have already delivered our first official CEU certification to a Connecticut-based PT coincidentally via course entitled Benefits of a Personal Exoskeleton.

一個很好的例子是我們最近推出的 eksoUniversity，這是一個新的虛擬平台，為全國各地的物理治療師和物理治療師助理提供繼續教育課程。雖然我們相信 eksoUniversity 可以為我們創造增量收入，但更大的價值在於該計畫能夠就廣泛的相關主題和不斷發展的患者治療方案對神經/物理治療界進行教育。我很高興地告訴大家，我們已經透過名為「個人外骨骼的優勢」的課程向位於康乃狄克州的 PT 頒發了我們的第一個官方 CEU 認證。

In addition, the general trend of lower but steady growth in our more mature legacy Enterprise Health business is being increasingly counterweighted by the growth in Personal Health from sales of the Ekso Indego Personal. To put that into perspective, despite total revenues for the first 6 months of 2025 being down 38% compared to the same period in 2024, Personal Health product revenues grew by more than 50%. As I've said in the past, while the majority of our revenue in 2025 is expected to still come from Enterprise Health, we believe that we will continue to see increasing contribution from our Personal Health products during the remainder of the year and beyond.

此外，我們較為成熟的傳統企業健康業務整體成長速度較低但穩定，而個人健康業務因 Ekso Indego Personal 的銷售成長而呈現的成長勢頭正日益抵消這一趨勢。從這個角度來看，儘管 2025 年前 6 個月的總收入與 2024 年同期相比下降了 38%，但個人健康產品收入卻增加了 50% 以上。正如我過去所說，雖然預計 2025 年我們的大部分收入仍將來自企業健康，但我們相信，在今年剩餘時間及以後，我們將繼續看到個人健康產品的貢獻不斷增加。

There are a few things driving that. First, as we've discussed in the past, CMS established pricing determination or our Indego Personal Exoskeleton in Q2 2024. This regulatory change created a significant opportunity to help Medicare enrollees living with the spinal cord injury by removing what has historically been a primary barrier to accessing our exoskeleton. Accordingly, we immediately set out to establish a go-to-market strategy aimed at notifying as many early physician and provider adopters as possible of the new CMS benefit category redetermination and fee schedule listing. Additionally, we began working closely with our extensive network of neuro rehabilitation partners across the country, focused on educational efforts and on appropriate patient selection and process for patients prescribed in Ekso Indego Personal for the home and community setting.

有幾個因素推動了這個現象。首先，正如我們過去討論過的，CMS 在 2024 年第二季度確定了我們的 Indego 個人外骨骼的定價。這項監管變化為幫助患有脊髓損傷的醫療保險參保者創造了重要機會，因為它消除了歷史上獲取外骨骼的主要障礙。因此，我們立即著手製定市場進入策略，旨在讓盡可能多的早期醫生和提供者了解新的 CMS 福利類別重新確定和費用表清單。此外，我們開始與遍布全國的廣泛的神經復健合作夥伴網絡密切合作，重點關注教育工作以及為家庭和社區環境中使用 Ekso Indego Personal 的患者提供的適當的患者選擇和流程。

With that early work largely completed, we then shifted our primary focus from building awareness and providing customer education to advancing our scalable go-to-market strategy for the personal channel. One of the important changes we made was to engage PRIA Healthcare, one of the leaders in market access services, which has been instrumental in the successful commercialization of over 300 medical devices. We are confident we made the right choice in partnering with PRIA. PRIA has been providing us with invaluable strategic guidance, leveraging its expertise to help us navigate the complexities of coding, coverage and payment, thereby allowing us to more effectively put Ekso Indego Personal within reach of individuals who need this potentially life-changing mobility-enhancing technology.

隨著早期工作基本上完成，我們將主要重點從建立知名度和提供客戶教育轉移到推進個人管道可擴展的行銷策略。我們做出的一項重要改變是與 PRIA Healthcare 合作，它是市場准入服務的領導者之一，在 300 多種醫療設備的成功商業化中發揮了重要作用。我們堅信與 PRIA 合作是正確的選擇。PRIA 一直為我們提供寶貴的策略指導，利用其專業知識來幫助我們解決編碼、覆蓋和付款的複雜性，從而使我們能夠更有效地將 Ekso Indego Personal 提供給需要這種可能改變生活的行動增強技術的個人。

On the distribution front, I'm pleased to report that in the second quarter, we received the first order from National Seating & Mobility, or NSM, our exclusive Ekso Indego Personal device distributor within the complex rehabilitation technology or CRT industry in the United States. Also, in Q2, we named Bionic P&O, a leading national provider of prosthetic and orthotic solutions as our first O&P distributor. We're excited that they submitted an additional three patient claims for the Indego Personal exoskeleton to Medicare in the second quarter.

在分銷方面，我很高興地報告，在第二季度，我們收到了來自 National Seating & Mobility（NSM）的第一份訂單，NSM 是我們在美國複雜復健技術或 CRT 行業內的獨家 Ekso Indego Personal 設備分銷商。此外，在第二季度，我們指定全國領先的義肢和矯正器解決方案提供商 Bionic P&O 為我們的第一家 O&P 經銷商。我們很高興他們在第二季度向 Medicare 提交了另外三份 Indego Personal 外骨骼患者索賠。

Altogether, with Ekso's focused marketing efforts, we've now developed a pipeline of more than 45 Medicare beneficiaries that we believe are qualified candidates for Ekso Indego Personal in 2025. That's up more than 200% from where we were at the end of 2024. As a reminder, factors considered for the candidates to be represented in our pipeline include, among other things, Medicare enrollment, an appropriate indication for use and medical necessity. And we again caution that we cannot guarantee that all of our pipeline will result in new claims submissions occur before the end of this year or ultimately be paid.

總而言之，在 Ekso 的專注行銷努力下，我們現在已經開發了超過 45 名醫療保險受益人的管道，我們相信他們是 2025 年 Ekso Indego Personal 的合格候選人。這比 2024 年底的水準成長了 200% 以上。提醒一下，我們在考慮候選人的因素包括醫療保險登記、適當的使用指徵和醫療必要性等。我們再次提醒，我們無法保證我們所有的索賠管道在今年年底之前產生新的索賠提交或最終得到支付。

Finally, we continue to innovate. In mid-May, we announced that Ekso joined a select group of medical device companies in the NVIDIA Connect program. NVIDIA Connect brings together emerging and established technology companies to accelerate product development and increase cost efficiency. Members gain specialized training, priority engineering support and exclusive access to NVIDIA's advanced development kits, GPU platforms and global ecosystem, helping facilitate the program members' ability to deliver next-generation solutions in AI and high-performance computing.

最後，我們不斷創新。5 月中旬，我們宣布 Ekso 加入了 NVIDIA Connect 計劃中的部分醫療設備公司。NVIDIA Connect 將新興和成熟的科技公司聚集在一起，以加速產品開發並提高成本效率。會員可獲得專門培訓、優先工程支援以及對 NVIDIA 先進開發套件、GPU 平台和全球生態系統的獨家存取權，從而幫助計劃成員提高在 AI 和高效能運算領域提供下一代解決方案的能力。

While we believe our advanced exoskeleton technology platforms are already state-of-the-art, we're working to use the valuable tools and resources provided through this prestigious NVIDIA program to support a new strategic initiative to build a proprietary foundation model for human motion and physical rehabilitation, and to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices. This aligns squarely with our mission of improving health and quality of life with advanced robotics designed to enhance, amplify and restore human function.

雖然我們相信我們先進的外骨骼技術平台已經是最先進的，但我們正在努力利用透過這個著名的 NVIDIA 計劃提供的寶貴工具和資源來支持一項新的戰略計劃，為人體運動和身體復健建立專有的基礎模型，並幫助開發和整合相關的新 AI 功能，涵蓋我們的企業健康和個人健康設備組合。這與我們的使命完全一致，即利用旨在增強、擴大和恢復人類功能的先進機器人技術來改善健康和生活品質。

And we are walking the talk. Indeed, just 34 calendar days after announcing our acceptance into the NVIDIA Connect program, we revealed initial proof of concept in the form of a new AI voice agent designed for intelligent control of our legacy EksoNR device. Ekso Voice Agent is being implemented on NVIDIA Jetson Orin Nano hardware developed with the NVIDIA JetPack SDK and OpenAI tools for voice recognition. The proof of concept is configured as an edge AI system, which can run with or without connection to the cloud. While this initial proof of concept was with the EksoNR, integration of new AI-powered capabilities into both our enterprise and personal health devices is a key pillar of our growth strategy.

我們正實踐承諾。事實上，在宣布加入 NVIDIA Connect 計劃僅 34 天后，我們就以新型 AI 語音代理的形式發布了初步概念驗證，該代理旨在對我們的傳統 EksoNR 設備進行智慧控制。Ekso Voice Agent 正在使用 NVIDIA JetPack SDK 和 OpenAI 工具開發的 NVIDIA Jetson Orin Nano 硬體上實現，用於語音識別。概念驗證配置為邊緣 AI 系統，無論是否連接到雲端都可以運作。雖然最初的概念驗證是使用 EksoNR，但將新的 AI 功能整合到我們的企業和個人健康設備中是我們成長策略的重要支柱。

We are in the fortunate and enviable position of already having a repository consisting of approximately 350,000 patient sessions and over 15 million step-by-step data points, and that is growing by an additional 60,000 patient steps on average every day. The aim is to develop AI tools designed to leverage this proprietary data in order to help transform human robot interaction. In other words, while the AI hardware is coming from NVIDIA and others and much of the software is open sourced, we believe our large and growing database sets us apart, making us uniquely positioned to utilize AI to advance exoskeleton technology platforms.

我們非常幸運，令人羨慕，我們已經擁有一個包含大約 350,000 個患者會話和超過 1500 萬個分步數據點的存儲庫，並且平均每天增加 60,000 個患者步驟。目的是開發旨在利用這些專有數據的人工智慧工具來幫助改變人機互動。換句話說，雖然 AI 硬體來自 NVIDIA 和其他公司，而且大部分軟體都是開源的，但我們相信，我們龐大且不斷增長的資料庫使我們脫穎而出，使我們能夠利用 AI 來推進外骨骼技術平台。

In summary, the second quarter was abnormally weak from a revenue perspective, and that was primarily due to what we believe are short-term delays in completing some multi-device Enterprise Health sales, and we're working diligently to get back on track for the second half of the year and beyond. At the same time, as we work to capture deferred sales and capitalize on anticipated customer demand in the legacy enterprise health market, we are continuing to build and execute on a scalable go-to-market strategy for Indego Personal, supported by established and new industry-leading DME, O&P and market access partners that is driving an increased contribution from our Personal Health products, which grew by more than 50% year-over-year in the first half of 2025.

總而言之，從收入角度來看，第二季度異常疲軟，這主要是因為我們認為完成一些多設備企業健康銷售的短期延遲，我們正在努力使下半年及以後的業績重回正軌。同時，在我們努力獲取遞延銷售並利用傳統企業健康市場中預期的客戶需求的同時，我們將繼續建立和執行 Indego Personal 的可擴展上市策略，並得到現有和新的行業領先的 DME、O&P 和市場准入合作夥伴的支持，這推動了我們個人健康產品的貢獻不斷增加，2025 年上比個人健康產品的貢獻超過 50%。

Finally, we've launched a strategic initiative aimed at building a proprietary foundation model for human motion and physical rehabilitation, and to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices. We believe AI is a necessary component to enable broader adoption of exoskeletons for personal use.

最後，我們啟動了一項策略計劃，旨在建立人體運動和身體復健的專有基礎模型，並幫助在我們的企業健康和個人健康設備組合中開發和整合相關的新人工智慧功能。我們相信，人工智慧是推動外骨骼更廣泛地應用於個人用途的必要組成部分。

This ends our prepared remarks for today. And with that, we are happy to take any questions you might have. Operator?

我們今天的準備演講到此結束。我們非常樂意回答您的任何問題。操作員？

(Operator Instructions) Ben Haynor, Lake Street.

（操作員指示） 本‧海諾 (Ben Haynor)，湖街 (Lake Street)。

First off for me on the deferred sales that you guys have on the Enterprise Health side, it sounds like a lot of them are potentially going to fall into the current quarter. Can you quantify how much is deferred there? How much you expect the back half of the year?

首先，對於你們在企業健康方面的遞延銷售而言，聽起來很多都有可能落入本季。你能量化那裡延後了多少嗎？您對下半年的期望是多少？

Ben, thanks for your question. Yes, as we had indicated, we had two multiunit device sales that fell out of Q2. And to shed a little bit more light on those, there were two. One was an international order that was delayed due to some regulatory challenges that we expect to occur in this calendar year. We have a strong belief that, that will happen within 2025.

本，謝謝你的提問。是的，正如我們所指出的，我們在第二季度有兩款多單元設備銷量下滑。為了更清楚地說明這一點，我們來看兩個例子。其中一個是國際訂單，由於我們預計今年會出現一些監管挑戰，因此該訂單被推遲了。我們堅信，這將在 2025 年內實現。

And the other was a North American IDN. This was a sizable multiunit order that was comprised of renewals as well as new hospitals coming online. And that, we believe, will occur in the third quarter in the quarter that we're in today, and that one is in the $1 million range. And the other -- between the 2, it was about $1.4 million.

另一個是北美 IDN。這是一份規模相當大的多單位訂單，包括續約以及新醫院的上線。我們相信，這將發生在我們今天所在的第三季度，而且金額將在 100 萬美元左右。另外 — — 兩者合計約 140 萬美元。

Okay. Got it. That's definitely helpful. And then on the Indego Personal, I know that's obviously growing at a faster rate than you expect the Enterprise Health business to grow and eventually, it will overtake the Enterprise Health business. Do you have any sense on -- what's your thinking, I guess, on when that sort of flip could happen?

好的。知道了。這絕對是有幫助的。然後就 Indego Personal 而言，我知道它的成長速度顯然比你預期的企業健康業務成長速度要快，最終它將超越企業健康業務。您是否知道—我想，您認為這種轉變什麼時候會發生？

That's a great question and something that we've been working really hard on as a management team, as a company. All of the work that we've done internally with our own resources as well as working with PRIA Healthcare, the onboarding of our two new distribution partners in the space for scalable go-to-market strategy, the work we've done to increase the marketing efforts to continue to increase leads and build pipeline demand, as well as the business development work we continue to do looking for other national O&P providers to work with.

這是一個很好的問題，作為一家公司的管理團隊，我們一直在努力解決這個問題。我們利用自己的資源以及與 PRIA Healthcare 合作完成的所有工作、在該領域引入兩個新的分銷合作夥伴以實現可擴展的市場進入戰略、我們為加大營銷力度以繼續增加潛在客戶和建立渠道需求所做的工作，以及我們繼續進行的業務開發工作，尋找其他國家 O&P 提供商進行合作。

We're already beginning to see the positive impacts of that work. And in addition to that, we're doing a lot of work within the VA systems to increase those opportunities as well as workers' compensation. So as we're looking at that sort of blended ecosystem, and we look back at 2024, that represented approximately 10% of our revenue for the company. And as we're looking at 2025, we believe that, that will be closer to 25% contribution to our revenue, total revenue. And as we move forward and cross into 2027, we believe that it will begin to overtake what we're seeing on enterprise.

我們已經開始看到這項工作的正面影響。除此之外，我們還在 VA 系統內做了很多工作來增加這些機會以及工人賠償。因此，當我們研究這種混合生態系統並回顧 2024 年時，這約占公司收入的 10%。展望 2025 年，我們相信，這將對我們的收入、總收入貢獻接近 25%。隨著我們前進並進入 2027 年，我們相信它將開始超越我們在企業上所看到的。

Okay. So a couple of years out, maybe 18 months from today. that's good. So then just thinking about PRIA and just curious, I mean, it does sound like you've really nailed down the patient profile. How has that -- how is nailing down the process come along? Have you been before any more ALJs, learned anything new that's worth noting? Kind of anything on that front?

好的。所以幾年後，也許是從今天起 18 個月。這很好。那麼，只是考慮一下 PRIA 並且只是好奇，我的意思是，聽起來您確實已經確定了患者的概況。這個過程進展如何？您是否曾擔任過其他 ALJ，學到了什麼值得注意的新知識？關於那方面有什麼事嗎？

Yes. I mean that remains an area of focus for us as we work through appeals process. We have a couple of patient claims that will go before ALJ in Q3. In Q2, we had one that went before ALJ that was remanded to a lower level in CMS and ultimately approved. So we are seeing positive outcomes.

是的。我的意思是，當我們進行上訴程序時，這仍然是我們關注的重點領域。我們有幾起病患索賠將在第三季提交給 ALJ。在第二季度，我們有一個案件提交給了 ALJ，然後被發回 CMS 的較低級別審理並最終獲得批准。因此我們看到了正面的成果。

The important part here is that we are being reaffirmed that these are medically necessary. So they are getting reimbursed when we're able to get in front of these administrative law judges, they can really understand this a bit better.

這裡重要的是，我們被重申這些是醫學上必要的。因此，當我們能夠與這些行政法官面談時，他們就能更好地理解這一點，從而得到補償。

And again, this is a ramp-up period. So what we're being very cautious with in working with our DME partners and O&P partners is to ensure that we're level setting expectations with patients and health care providers and ensuring that we're putting forth the best claims possible so that we can pave a way to these happening on a more routine basis. But with any new process, it takes a little time to crime it, but we believe that we're starting to make some good progress.

再次強調，這是上升期。因此，在與 DME 合作夥伴和 O&P 合作夥伴合作時，我們非常謹慎，確保我們與患者和醫療保健提供者設定相同的期望，並確保我們提出盡可能最好的索賠，以便我們能夠為這些索賠更常規地發生鋪平道路。但對於任何新流程，都需要一點時間來實施，但我們相信我們已經開始取得一些良好的進展。

Okay. Got it. And then lastly for me on eksoUniversity. Is that going to be something that is solely focused on exoskeletons? Or are there additional modules or see the content that we're going to be putting in there?

好的。知道了。最後我要說的是 eksoUniversity。這是僅僅關注外骨骼的事情嗎？或者是否有額外的模組或查看我們將要放入其中的內容？

Yes, great question. So we see that as just an area that can really focus in on neuro rehabilitation. And our first courses are centered more around exoskeleton technology, but we expect that they'll run the gamut in the latest in neuro rehabilitation process and procedures that we're seeing out there.

是的，很好的問題。因此，我們認為這只是一個真正可以關注神經復健的領域。我們的第一批課程主要圍繞著外骨骼技術，但我們預計它們將涵蓋我們所看到的最新神經復健過程和程序。

We have a rich population of neuro PTs that are part of our ecosystem that are contributors as we're developing these materials. So we have a lot to pull from as we're putting these courses together. So for us, it's purely about education. And if we can show -- demonstrate and expose more people to what's possible with technology, all different types of technology, then we believe it benefits the entire industry.

我們擁有大量的神經 PT，他們是我們生態系統的一部分，也是我們開發這些材料的貢獻者。因此，當我們整合這些課程時，我們可以藉鏡很多內容。所以對我們來說，這純粹是為了教育。如果我們能夠向更多人展示並讓他們了解技術的可能性，所有不同類型的技術，那麼我們相信這將使整個行業受益。

Swayampakula Ramakanth, H.C. Wainwright.

拉瑪坎特 (Swayampakula Ramakanth)，H.C. 溫賴特。

Sorry, I've been on the call on and off. So just to understand, what's the new collaborations that you generated to ensure a smooth commercialization of the personal devices, how is that working out? And do you -- when do you think that the growth will be meaningful based on these new relationships just on the personal before we get into the enterprise? I have a couple of questions there.

抱歉，我斷斷續續地打電話。那麼，請問您為確保個人設備順利商業化而開展了哪些新的合作，進展如何？在我們進入企業之前，您認為基於這些新的個人關係，何時成長才會有意義？我有幾個問題。

Sure. Thanks, RK. As we talked about today in our comments, and as I had previously said, we're working diligently with industry partners, PRIA, on the -- just helping us navigate the nuances of market access and working with CMS and not only us, but also being a resource for our partners, for our distribution partners, whether on the CRT side or on the O&P side, helping with the appeals process and really navigate and help us sort of build this new road brick by brick. So that has been helping us tremendously.

當然。謝謝，RK。正如我們今天在評論中談到的，以及我之前所說的，我們正在與行業合作夥伴 PRIA 勤奮合作——幫助我們了解市場准入的細微差別，與 CMS 合作，不僅與我們合作，也為我們合作夥伴、分銷合作夥伴提供資源，無論是在 CRT 方面還是在 O&P 方面，幫助我們完成申訴，真正引導我們，幫助我們一磚瓦。這對我們幫助很大。

The partnerships that we have developed with Bionic P&O and with NSM and with other large O&P providers that we're also building relationships with, we see that progressing quarter-over-quarter. What starts slow with initial discovery and then getting those first patients through and initial claims submitted to more claims submitted the following quarter, we're seeing the progression. We're going from one to a handful to more through these partners each quarter.

我們與 Bionic P&O、NSM 以及其他大型 O&P 供應商建立的合作關係正在逐季度取得進展。從最初的發現開始，進展緩慢，然後讓第一批患者接受治療，並提交初始索賠，到下一季提交更多索賠，我們看到了進展。我們每季都會透過這些合作夥伴從一個發展到幾個，再發展到更多。

And today, a lot of the leads that we've been developing have been ones that Ekso has created, but we're already beginning to see a bit of a shift through the ecosystem where as we're out doing trainings and onboardings out of the various rehabilitation sites, the sites themselves have patients that they want to bring in. These are our existing maybe legacy customers who are using -- who have used our technology for years where the training happens are identifying -- beginning to identify some individuals who could use the technology as well as our distribution partners through their own connections are -- we see this as a lead source that's just beginning to develop. So this truly is what we believe is a scalable process working with best-in-breed providers, all focused on what we do best to bring this technology out to the people who can use it most.

如今，我們開發的許多線索都是 Ekso 創造的，但我們已經開始看到整個生態系統發生了一些轉變，當我們在各個康復中心進行培訓和入職培訓時，這些中心本身就有他們想要引進的患者。這些是我們現有的、可能已經使用我們技術的老客戶，我們透過培訓開始識別一些可以使用該技術的個人，以及透過他們自己的聯繫與我們的分銷合作夥伴合作，我們認為這是一個剛開始發展的領先來源。因此，我們確實相信這是一個可擴展的過程，與最佳供應商合作，我們都專注於我們最擅長的事情，將這項技術帶給最需要它的人。

Okay. Great. And then on the enterprise sales, what do you think needs to be done immediately to manage -- to get back to growth? And how long do you think it will take?

好的。偉大的。那麼，關於企業銷售，您認為需要立即採取什麼措施來管理—恢復成長？您認為這需要多長時間？

Yes. So yes, we're -- as I had said, we are certainly disappointed with the results of Q2. And to get back on track. I guess the good news in that is that we had a number of devices and 2 large deals, in particular, that are still on the table, very much on the table and the North American IDN, which was over $1 million in Q2, which we believe has potential for even more in Q3. We are bullish that we could pull that in Q3. So we don't view that as a lost deal rather as one that's deferred.

是的。是的，正如我所說，我們對第二季的結果確實感到失望。並回到正軌。我想，好消息是，我們有許多設備和 2 筆大交易仍在討論中，北美 IDN 在第二季度的金額超過 100 萬美元，我們相信在第三季度有更高的潛力。我們堅信我們能在第三季實現這一目標。因此，我們並不認為這是一筆失敗的交易，而只是一筆被延後的交易。

And we're continuing to work in our rich pipeline that we've developed over the years to help enterprise customers who maybe have had some budget interruptions, whether it's a loss of a federal grant or whether it's just concerns in their budget, we're working with them to identify potentially another option, other options for being able to onboard the technology that maybe isn't leveraging a capital budget or leveraging a grant. We are actually working with a new third-party financial partner that can also help these individuals switch this into their operational budgets and their capital budgets. So we are, I will say, pulling out all the stops to help the enterprise customers, who want to use this technology to treat patients still have the wherewithal to do that even with some concerns over their 2025 budgets.

我們將繼續利用多年來積累的豐富資源來幫助那些可能遇到預算中斷的企業客戶，無論是失去聯邦撥款還是僅僅是預算方面的擔憂，我們都在與他們合作，尋找其他可能的選擇，其他能夠採用可能不利用資本預算或撥款的技術的選擇。我們實際上正在與一個新的第三方金融合作夥伴合作，該合作夥伴也可以幫助這些個人將其轉換為他們的營運預算和資本預算。因此，我想說，我們正在竭盡全力幫助那些想要使用這項技術治療患者的企業客戶，即使他們對 2025 年的預算有些擔憂，他們仍然有足夠的資金來實現這一目標。

Then the last question from me is, so far, we have been talking about enterprise -- potential enterprise clients who are being impacted by the loss of federal grants. The corollary question is like how many of them -- how many of the current enterprise clients are actually utilizing federal grants? And how sure are we that those things will get extended over the next contract period?

我的最後一個問題是，到目前為止，我們一直在談論企業——那些因失去聯邦撥款而受到影響的潛在企業客戶。隨之而來的問題是，其中有多少——有多少現有企業客戶實際上正在利用聯邦補助？我們有多確定這些事情會在下一個合約期間內延長？

Yes. So in general, we don't have a magic number on how many hospitals go for federal grants for this technology. I think if we look historically, from a pure revenue standpoint in North America, I would approximate 10% of our enterprise customers rely on federal or outside grants to fund their technology. And I think that's a conservative estimate.

是的。因此，總體而言，我們無法確定有多少家醫院會申請聯邦政府對這項技術的資助。我認為，如果我們回顧歷史，從北美純收入的角度來看，大約 10% 的企業客戶依靠聯邦或外部撥款來資助他們的技術。我認為這是一個保守的估計。

And we have reached the end of the question-and-answer session. I would like to turn the floor back to CEO, Scott Davis, for closing remarks.

問答環節現已結束。我想請執行長 Scott Davis 致最後總結。

Thank you, operator, and thank you to everyone for joining us today. We look forward to updating you as we continue to progress.

謝謝接線員，也謝謝今天加入我們的所有人。我們期待隨著我們不斷取得進展向您通報最新進展。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation. Have a great day.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。祝你有美好的一天。