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Myomo Inc. (MYO) is a pioneering company in the field of wearable medical robotics, dedicated to enhancing the quality of life for individuals with neuromuscular disorders. The company specializes in the development, design, and production of myoelectric orthotics, with its flagship product being the MyoPro myoelectric upper limb orthosis. This device is designed to help individuals with paralysis or weakened muscles regain functional use of their arms and hands.
Registered with the Food and Drug Administration (FDA) as a Class II medical device, the MyoPro orthosis assists users in performing daily activities, thereby improving their independence and overall quality of life. Myomo's mission is to enable individuals to overcome their paralysis through innovative solutions and support services.
Myomo collaborates with healthcare professionals to ensure high-quality outcomes and patient satisfaction. These partnerships are strengthened through ongoing research collaborations and continuing education programs. The company supplies its devices to patients across the globe, including partnerships with orthotics and prosthetics providers and the Veterans Health Administration (VA). Notably, Myomo also handles insurance billing directly, easing the financial process for patients.
In recent achievements, Myomo has continued to expand its market presence and enhance its product offerings. Through strategic partnerships and a commitment to research and development, the company remains at the forefront of medical innovation. Myomo's dedication to reducing healthcare costs while improving patient outcomes underscores its significance in the medical field.
For those seeking the latest updates and relevant information about Myomo's performance, ongoing projects, and recent developments, staying informed through reliable news sources is essential.
Myomo reported record financial results for Q3 2024, with revenue reaching $9.2 million, an 81% increase year-over-year. Product revenue was up 83%, driven by a 35% rise in revenue units to 161 and a higher average selling price (ASP) of approximately $57,200. The company recorded 225 MyoPro authorizations and orders, a 44% increase, and a backlog of 316 units, up 71%. The patient pipeline grew by 21% to 1,263 candidates. Gross margin improved to 75.4%, up 670 basis points. Operating expenses rose 43% to $7.9 million, leading to a reduced operating loss of $1.0 million. Net loss was $1.0 million, or $0.03 per share, compared to $2.0 million, or $0.06 per share, in Q3 2023. Myomo raised its full-year revenue guidance to $30-$31 million, citing a strong backlog and expected sequential revenue growth in Q4 2024.
Myomo (NYSE American: MYO) has secured its first private insurance contracts for in-network coverage of MyoPro with Blue Cross Blue Shield of Massachusetts and Paradigm. These contracts will enable MyoPro to be provided to patients covered by private insurance on an in-network basis, serving approximately 3 million covered lives. This development follows existing Medicare Part B coverage and represents a significant step toward establishing MyoPro as a standard of care for patients with neurological disorders and upper-limb paralysis.
Myomo, a wearable medical robotics company focused on neurological disorders and upper-limb paralysis, has announced it will release its third quarter 2024 financial results on November 6, 2024. The company will host a conference call at 4:30 p.m. ET featuring remarks from chairman and CEO Paul R. Gudonis and CFO David Henry. Participants can pre-register for the call or dial in directly. A webcast will be available on Myomo's Investor Relations page, with replay access until November 20, 2024.
Myomo, a wearable medical robotics company, announced its participation in the 2024 Maxim Healthcare Virtual Summit. The event, presented by Maxim Group , will take place from October 15th to 17th. Myomo's president and CEO, Paul Gudonis, along with CFO David Henry, will engage in a 'Fireside Chat' on Wednesday, October 16th at 10:30 a.m. Eastern Time.
The interview will be conducted by Anthony Vendetti, Maxim's Executive Managing Director of Research and Senior Healthcare Analyst. The summit will feature presentations and interactive discussions with CEOs and key management from various healthcare-related companies. Interested participants can sign up for M-Vest membership to attend. Myomo's management is also available for one-on-one meetings with investors, which can be scheduled through LHA Investor Relations.
Myomo, Inc. (NYSE American: MYO) has launched the Myomo Academy, a comprehensive learning management system for professionals in Orthotics & Prosthetics (O&P) and Rehabilitation. The launch took place at the 2024 AOPA National Assembly in Charlotte, NC. The Academy offers a wide range of courses from introductory to advanced levels, designed to support Centers of Excellence and therapy training.
The platform aims to provide ongoing education and easy access to clinically relevant content, ensuring clinicians stay updated on upper-extremity myoelectric orthosis technology. Myomo's CEO, Paul R. Gudonis, emphasized the company's commitment to delivering exceptional educational content to help clinicians provide the best care for their patients.
Myomo, a wearable medical robotics company (NYSE American: MYO), announced its participation in two investor conferences in September 2024. The company, which focuses on enhancing functionality for those with neurological disorders and upper-limb paralysis, will be represented by Paul Gudonis, chairman and CEO, and David Henry, CFO.
At the HC Wainwright 26th Annual Global Investment Conference (September 9-11), management will present and host one-on-one meetings. The presentation will be available from 7:00 a.m. ET on September 9th, with virtual meetings on September 9th and 11th.
Additionally, David Henry will attend the Lake Street 8th Annual Best Ideas Growth "Big 8" Conference on September 12th, hosting one-on-one meetings with investors at the Yale Club in New York.
Myomo announced its Q2 2024 financial results, reporting record revenue of $7.5 million, a 26% increase compared to Q2 2023, driven by a 77% rise in product revenue. The company saw a record 213 MyoPro authorizations and orders, marking a 70% increase, and added 550 new candidates to its patient pipeline, up 35%. Gross margin stood at 70.8%, though it slightly declined by 100 basis points. Operating expenses rose by 20%, resulting in an operating loss of $1.1 million, unchanged from the previous year. Net loss was $1.1 million, or $0.03 per share, compared to $1.0 million, or $0.04 per share, in Q2 2023. The company expects Q3 revenue to range between $8.0 and $8.5 million and maintains its full-year revenue target of $28 to $30 million.
Myomo (NYSE American: MYO), a wearable medical robotics company, has announced it will report its second quarter 2024 financial results on August 6, 2024. The company will host a conference call the same day at 4:30 p.m. ET, featuring prepared remarks from Paul R. Gudonis, chairman and CEO, and David Henry, CFO.
Participants can pre-register for the call using a provided link, receiving a passcode and unique PIN for immediate access. Those unable to pre-register can dial in directly. A webcast of the call will be available on Myomo's Investor Relations page, with a replay accessible shortly after the call's completion. A dial-in replay will be available until August 20, 2024.
Myomo, a wearable medical robotics company, announced preliminary revenues and operating metrics for Q2 2024. The company expects record quarterly revenues between $7.2 million and $7.4 million, a 92% to 97% increase from Q1 2024, and above the previous expectation of at least $5 million. Revenue units are anticipated to rise by 70% to 76% from Q1 2024. Payments from CMS and Medicare Advantage plans were faster than expected, aiding in the achievement of these figures. The company also recorded significant growth in pipeline additions, authorizations, and orders, each reaching record highs of approximately 550 and 210, respectively. Full financial results and future expectations will be disclosed in the second week of August 2024.
Myomo, a wearable medical robotics company, will present at the Sidoti Virtual Investor Conference on June 12-13, 2024. The company’s chairman and CEO, Paul Gudonis, alongside CFO David Henry, will lead the presentation and host one-on-one meetings with investors. The presentation is scheduled for 10:00 a.m. ET on June 12th and is accessible online. Investors can also request one-on-one meetings on both days. Registration for the event is free and available on Sidoti’s website.
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