Financial Results for Publicly Held Exoskeleton Companies 2016 – 2022

Financial Results for Publicly Held Exoskeleton Companies 2016 – 2022

Just last week, ExR published an article detailing the annual financial results for the handful of publically traded exoskeleton companies. With Ekso Bionics releasing their revenue numbers for 2022 yesterday, it is now possible to fill out the revenue results up to the end of 2022:

Linear growth in Revenue for Publically Held Companies with Exo or Exo like Products $M up to 2022

Similar to the last article (Financial Results for Exoskeleton Companies 2016 – 2021) there are some data abnormalities that need to be mentioned. The graph above shows the reported yearly revenue for Ekso Bionics, ReWalk Robotics, Myomo, and CYBERDYNE. However, CYBERDYNE’s fiscal year does not match the Q1 to Q4 model and therefore is shifted by several months. Also, the conversion rate of the Japanese Yen fluctuates against the US dollar, so all revenue numbers from CYBERDYNE are listed at a constant exchange rate. Otherwise, it would incorrectly appear that the revenue for that company is shrinking. The revenue amount for Sarcos Robotics is still not included because up to 2022, the Guardian XO full-body exoskeleton has not been rolled out.

The data above is only for four companies, one of which doesn’t even label its product line as an “exoskeleton” anymore. Since there are more than 100 exoskeleton developers, the ratio of publically owned companies with an exoskeleton or exoskeleton-like product to publically held ones is less than 1:20 (or 5%). It is hard to make generalizations about an entire industry based on such a small sample value. If we did, however, we could come up with two hypotheses:

  • Assuming that, on average, all exoskeleton companies behaved like the publically traded ones, we can say that the Exoskeleton industry is growing linearly at 9% per year (see below):
Linear Growth of the Exoskeleton Industry up to 2022
  • If we assume that publicly held companies with exoskeleton-like products represent 5% of the industry and they have a total revenue of $50.4M, and if all exoskeleton producers are equal in size (which they are not), then the entire exoskeleton industry should have had a total revenue of $1B in 2022. That seems highly unlikely, and the real total was likely closer to $0.5B in revenue, but it is difficult to approximate correctly without more data.

Raw Data:

Annual revenue for select publicly owned companies, all numbers are in $ millions:

Year Ekso Bionics ReWalk Myomo CYBERDYNE Total
2016 14 5.9 1.1 9.6 30.6
2017 7.4 7.7 1.6 12.5 29.2
2018 11.4 6.6 2.4 13.1 33.6
2019 13.9 4.9 3.8 13.0 35.6
2020 9 4.4 7.6 13.6 34.6
2021 11.2 5.9 13.6 14.3 44.9
2022 12.9 5.6 15.6 16.3 50.4

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