Ekso Bionics Holdings Inc (NASDAQ:EKSO): Today's Momentum Play

Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) just shipped a new generation of its lead asset to Europe, and the company is up trading just shy of key 2016 resistance on the announcement – a welcome boost to market capitalization for investors that have had to endure what can only be described as a pretty wild ride over the last couple of quarters. Back in May, Ekso announced a reverse split that would see it attempt to boost its share price above $4 a share, and hold it there for 30 consecutive days, in anticipation of a NASDAQ uplisting application.The split went as planned, and boosted the company to a little ahead of $6 a share, but during the 30 days subsequent, Ekso traded down to lows of $4.01 – putting the listing in jeopardy. Volume drove a reversal, however, and Ekso managed to trade back up towards the $6 mark throughout July. Enter August, however, and the company announces the uplisting, but concurrently announces a $15 million raise priced at $4 a share (market close was around $6.2 on announcement day).Markets sold off once again, and Ekso put in lows of circa $3.55 late September, before rising rapidly across the last couple of weeks to current levels back around $6. We think this $6-$6.6 region offers a pretty strong resistance level, and if the company can break out of it near-term, they could be some nice upside to be had on a bullish momentum play.So what's on the cards?Well, as mentioned, Ekso just started to distribute its latest technology, and we think this is going to serve as a fundamental boost to the company's operations near to medium term as well as looking farther forward. The technology in question is called Smart Assist.For those not yet familiar with Ekso, we won't go into too much detail because we have covered the company on a couple of occasions in the past, but it is a healthcare company focused on designing and developing exoskeletons for use in (primarily) patients who have suffered strokes or spinal injury as a walking aid. It has an approved product in the US and Europe, its flagship Ekso GT exoskeleton, which generated just shy of $10 million revenues for the company during the first six months of 2016. It's current authorizations mean the GT is approved to address more than 20 times the patient population of any other exoskeleton technology on the market, and there are trials underway to expand this population further, which should open up the lead that the company currently has over its competitors in potential target markets.Smart Assist is basically a next generation version of the current GT product, with a couple of key variations that should help to drive sales in certain areas of the company's target population, for which the previous model might not have been maximally efficient. It essentially allows physicians and patients to alter the power used for each leg of the system, meaning the technology is much more adaptable to a patient's individual requirements than was the previous iteration.The above-mentioned raise will primarily go towards funding the sales and marketing of this system, and so while it was dilutive (and in our view, underpriced) there's a good chance that the value it will add (in terms of the sales team that it pays to collect revenues) should outweigh any value lost through dilution.Earnings will hit early November, and we expect the company to have registered a boost in top-line sales for the third quarter over both the same period last year and the second quarter this year. If Ekso's share price hasn't broken through the near-term resistance mentioned above before then, numbers that support our estimates will do the job.We're watching earnings closely for signs that the company's raise being put to use effectively. Subscribe below and we will update you on the latest developments!Disclosure: We have no position in EKSO and have not been compensated for this article.