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Myomo Makes NYSE American Section 610(b) Public Announcement
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Myomo, Inc. (NYSE American: MYO), a company focused on wearable medical robotics, has announced a going concern emphasis of matter following its annual financial audit for the year ending December 31, 2022. This announcement, made in compliance with NYSE guidelines, does not alter the previously reported financial data. Myomo specializes in the MyoPro product line, which aids patients with neurological disorders or upper-limb paralysis, enhancing daily functionality. The MyoPro device uniquely employs non-invasive EMG sensors to support arm restoration, promoting independence and reducing care costs for users.
Positive
The MyoPro device continues to offer unique solutions for patients with upper-limb paralysis, enhancing their ability to perform daily activities.
The company's compliance with NYSE regulations reflects its commitment to transparency.
Negative
The going concern emphasis indicates potential financial instability or uncertainty regarding the company's ability to continue operations in the future.
BOSTON--(BUSINESS WIRE)--
Myomo, Inc. (NYSE American: MYO) ("Myomo" or the "Company"), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced that, as previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 filed on March 13, 2023 with the Securities and Exchange Commission, the audited financial statements for the year ended December 31, 2022 included in the 10-K contained an audit opinion from its independent registered public accounting firm, which included a going concern emphasis of matter paragraph.
This announcement is made pursuant to NYSE American Company Guide Section 610(b), which requires separate public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company’s consolidated financial statements or to its Annual Report on Form 10-K for the year ended December 31, 2022.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Boston, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com.
Investor Relations:
Kim Sutton Golodetz LHA Investor Relations
212-838-3777
kgolodetz@lhai.com
Source: Myomo, Inc.
FAQ
What is the significance of the going concern opinion for Myomo (MYO)?
The going concern opinion suggests potential financial instability, indicating that Myomo may have challenges continuing operations unless improvements are made.
How does Myomo (MYO) support patients with upper-limb paralysis?
Myomo's MyoPro device uses non-invasive EMG sensors to restore arm function, allowing patients to perform daily tasks independently.
When did Myomo file its annual report disclosing the going concern opinion?
Myomo filed its annual report on Form 10-K for the year ended December 31, 2022, on March 13, 2023.
What is the role of the audit opinion in Myomo's financial reporting?
The audit opinion provides an assessment of Myomo's financial stability and compliance with accounting standards, crucial for investor confidence.
