This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Robotics Maker Ekso Aims to Help Wheelchair-Bound to Walk

Stocks in this article: EKSO LMT

Ekso sold 20.5 million units for $1 each in the private placement. Each unit consisted of one share and a five-year warrant to purchase another shares for $2.

Ekso shares, which trade on the OTC Bulletin Board, closed at $2.94 on Thursday, up 44 cents, or 17.6%, that day.

The financing included the conversion of $5 million in bridge debt.

Gottbetter Capital Markets was the placement agent with EDI Financial acting as a sub-agent.

Before the reverse merger and financing, Ekso had only $227,098 in cash as of Sept. 30, according to a filing with the SEC. That was after net losses that totaled $9.09 million in the first nine months of 2013 on $2.51 million in revenue.

Dressed in a tweed sport coat with his tie a bit askew, Harding's cowboy boots clicked as he walked to one end of the two-story industrial space and sidestepped a foosball table, pointing to earlier iterations of the HERC, featuring a camouflage color rather than the industrial black of today's Ekso.

Harding says that another sizeable market for a version of the Ekso is the industrial market. He describes a use for the suit in shipyards where workers need to take finishes off ships and hold heavy equipment over their heads for extended periods of time.

Then there is the home market, the use that has captured the heart of Tamara Mena.

She has been in her wheelchair for eight years, since an accident in her native Mexico where a taxi she was riding in struck a horse, which landed on top of the cab, fracturing Mena's spine and killing her boyfriend. Mena, who is now 25, says she daydreams of the personal-use version of the Ekso that will someday be available.

"Using the Ekso has given me the ability to do something I never saw happening," Mena said. "This has given me a challenge and I have really enjoyed the journey. Emotionally, it gave me the chance to remember how some things felt, looking people in the eyes, hugging. Those are pretty important things."

Also, the Ekso has provided more tangible benefits.

"Since I have been using it, my blood pressure has dropped," Mena said.

Health benefits are common for Ekso users, Harding said.

"As you can imagine, we gather a lot of data and one of the things we have found is that the health of all of those who have a high dosage, have trained heavily on the Ekso, they have improved."

The company may have to be able to argue for the health benefits of its product if it is going to make major in-roads into the home market, as that would require support from health insurers.

"One of the things we always hear from people is that when it comes time to talk with insurance companies about reimbursement, they are not going to want to pay for Eksos," Harding said. "We think they are going to be our best friends. I think if we can show that Ekso users improve their health, they are going to think that if this can help keep people healthier, the insurance companies are going to say, 'I don't want to pay for another urinary tract infection.' It will make sense."

Mena says that right now, she doesn't foresee the Ekso becoming a daily mode of transportation.

"I don't think it would replace the wheelchair, but we are probably several years and several versions away," she said. "I would just look at it as an option and a way for me to get some exercise."

Harding is careful when he talks about the personal version of Ekso. The company can already ship to Europe for personal use, but in the U.S. the Ekso is still under study for home use.

The company hopes that by the time it is ready to ship Eksos for home use, the costs will have dropped. Harding said there is no reason why an Ekso should cost more than a high-end motorcycle. With that in mind, he said the company wants to redesign some of the parts for mass production, and that some costs can be captured by going away from adjustable parts now being used, and instead making more customized parts.

4 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs