Myomo Reports Record Third Quarter Financial and Operating Results
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 ha riportato risultati finanziari record per il terzo trimestre del 2024, con entrate che hanno raggiunto i 9,2 milioni di dollari, un incremento dell'81% rispetto all'anno precedente. Le entrate derivanti dai prodotti sono aumentate dell'83%, sostenute da un aumento del 35% delle unità vendute, arrivate a 161, e da un prezzo medio di vendita (ASP) di circa 57.200 dollari. L'azienda ha registrato 225 autorizzazioni e ordini per MyoPro, un incremento del 44%, con un arretrato di 316 unità, in crescita del 71%. Il numero di pazienti in attesa è aumentato del 21%, arrivando a 1.263 candidati. Il margine lordo è migliorato al 75,4%, con un incremento di 670 punti base. Le spese operative sono aumentate del 43% fino a 7,9 milioni di dollari, portando a una perdita operativa ridotta di 1,0 milione di dollari. La perdita netta è stata di 1,0 milione di dollari, ovvero 0,03 dollari per azione, rispetto ai 2,0 milioni di dollari, o 0,06 dollari per azione, nel terzo trimestre del 2023. Myomo ha aumentato le sue previsioni di entrate per l'intero anno a 30-31 milioni di dollari, citando un forte arretrato e una crescita delle entrate sequenziale attesa per il quarto trimestre del 2024.
Myomo reportó resultados financieros récord para el tercer trimestre de 2024, con ingresos alcanzando los 9.2 millones de dólares, un aumento del 81% en comparación con el año anterior. Los ingresos por productos aumentaron un 83%, impulsados por un incremento del 35% en las unidades vendidas, llegando a 161, y un precio medio de venta (ASP) de aproximadamente 57,200 dólares. La empresa registró 225 autorizaciones y pedidos de MyoPro, un aumento del 44%, y una acumulación de 316 unidades, lo que representa un aumento del 71%. La lista de pacientes creció un 21%, alcanzando 1,263 candidatos. El margen bruto mejoró al 75.4%, un aumento de 670 puntos básicos. Los gastos operativos aumentaron un 43% hasta 7.9 millones de dólares, lo que resultó en una pérdida operativa reducida de 1.0 millón de dólares. La pérdida neta fue de 1.0 millón de dólares, o 0.03 dólares por acción, en comparación con 2.0 millones de dólares, o 0.06 dólares por acción, en el tercer trimestre de 2023. Myomo elevó su guía de ingresos del año completo a 30-31 millones de dólares, citando una fuerte acumulación y un crecimiento secuencial de ingresos esperado para el cuarto trimestre de 2024.
마이오모는 2024년 3분기에 기록적인 재무 실적을 보고했으며, 수익은 920만 달러에 달해 전년 대비 81% 증가했습니다. 제품 수익은 83% 증가하였고, 이는 판매 단위가 161로 35% 상승했으며, 평균 판매 가격(ASP)이 약 57,200달러로 상승했기 때문입니다. 이 회사는 225개의 마이오프로 승인 및 주문을 기록했으며, 이는 44% 증가한 수치입니다. 재고는 316대로 71% 증가했습니다. 환자 목록은 21% 증가하여 1,263명에 달했습니다. 총 이익률은 75.4%로 향상되어 670베이시스 포인트 상승했습니다. 운영 비용은 790만 달러로 43% 증가해 운영 손실이 100만 달러로 줄어들었습니다. 순 손실은 100만 달러로 주당 0.03달러였습니다. 이는 2023년 3분기의 200만 달러 또는 주당 0.06달러와 비교됩니다. 마이오모는 강력한 재고 및 2024년 4분기에 예상되는 순수익 증가를 언급하며 연간 수익 가이드를 3천만 달러에서 3천1백만 달러로 상향 조정했습니다.
Myomo a annoncé des résultats financiers records pour le troisième trimestre de 2024, avec des revenus atteignant 9,2 millions de dollars, soit une augmentation de 81 % par rapport à l'année précédente. Les revenus des produits ont augmenté de 83 %, soutenus par une hausse de 35 % des unités vendues, atteignant 161, et un prix de vente moyen (ASP) d'environ 57 200 dollars. La société a enregistré 225 autorisations et commandes MyoPro, soit une augmentation de 44 %, et un carnet de commandes de 316 unités, en hausse de 71 %. Le nombre de patients en attente a augmenté de 21 % pour atteindre 1 263 candidats. La marge brute s'est améliorée à 75,4 %, soit une hausse de 670 points de base. Les dépenses opérationnelles ont augmenté de 43 % pour atteindre 7,9 millions de dollars, ce qui a entraîné une perte opérationnelle réduite de 1,0 million de dollars. La perte nette était de 1,0 million de dollars, soit 0,03 dollar par action, par rapport à 2,0 millions de dollars, soit 0,06 dollar par action, au troisième trimestre 2023. Myomo a relevé ses prévisions de revenus annuels à 30-31 millions de dollars, citant un carnet de commandes solide et une croissance des revenus attendue pour le quatrième trimestre de 2024.
Myomo hat für das dritte Quartal 2024 Rekordfinanzergebnisse gemeldet, wobei Einnahmen von 9,2 Millionen Dollar erreicht wurden, was einem Anstieg von 81 % im Vergleich zum Vorjahr entspricht. Der Produktumsatz stieg um 83 %, angetrieben von einem Anstieg der Verkaufszahlen um 35 % auf 161 und einem höheren durchschnittlichen Verkaufspreis (ASP) von etwa 57.200 Dollar. Das Unternehmen verzeichnete 225 MyoPro-Autorisierungen und Bestellungen, ein Anstieg von 44 %, und einen Auftragsbestand von 316 Einheiten, ein Plus von 71 %. Die Patientenzahl wuchs um 21 % auf 1.263 Kandidaten. Die Bruttomarge verbesserte sich auf 75,4 %, ein Anstieg um 670 Basispunkte. Die Betriebskosten stiegen um 43 % auf 7,9 Millionen Dollar, was zu einem reduzierten operativen Verlust von 1,0 Millionen Dollar führte. Der Nettoverlust betrug 1,0 Millionen Dollar oder 0,03 Dollar pro Aktie im Vergleich zu 2,0 Millionen Dollar oder 0,06 Dollar pro Aktie im dritten Quartal 2023. Myomo hob die Prognose für die Jahresumsätze auf 30 bis 31 Millionen Dollar an und verwies auf einen starken Auftragsbestand sowie eine erwartete sequenzielle Umsatzsteigerung im vierten Quartal 2024.
- Revenue increased by 81% to $9.2 million.
- Product revenue grew by 83%.
- Gross margin improved by 670 basis points to 75.4%.
- Patient pipeline increased by 21% to 1,263 candidates.
- Operating loss reduced to $1.0 million from $2.0 million.
- Full-year revenue guidance raised to $30-$31 million.
- Operating expenses increased by 43% to $7.9 million.
- Net loss was $1.0 million, or $0.03 per share.
- Year-to-date operating loss increased to $6.0 million.
225 MyoPro® authorizations and orders with 316 patients in backlog at quarter end
645 additions to the pipeline result in 1,263 patients in the pipeline as of September 30, 2024
Financial and operating highlights for the third quarter of 2024 include the following (all comparisons are with the third quarter of 2023 unless otherwise indicated):
-
Product and total revenue was a record
, up$9.2 million 83% and81% , respectively; -
Revenue units were a record 161, up
35% ; -
Orders and insurance authorizations were received for a record 225 MyoPro units, up
44% ; -
Backlog, which represents insurance authorizations and orders received but not yet converted to revenue, was a record 316 units as of September 30, 2024, up
71% ; -
A record 645 new candidates were added to the patient pipeline, up
69% ; -
There were 1,263 MyoPro candidates in the patient pipeline as of September 30, 2024, up
21% ; -
Gross margin was
75.4% , up 670 basis points, with gross margin on product revenues up 700 basis points; -
Cost per pipeline add was
, down$1,618 25% ; and - The Company launched its orthotics and prosthetics ("O&P") channel program at the American Orthotic and Prosthetic Association (AOPA) National Assembly in September, and began training O&P clinics to provide the MyoPro to their patients.
Management Commentary
“Myomo delivered a second consecutive quarter of record financial and operating results as we emphasized outreach and education to the Medicare population regarding the benefits of the MyoPro, as well as an unwavering commitment to efficiency, quality and improving patient outcomes across our organization", said Paul R. Gudonis, Myomo's chairman and chief executive officer. "Our focus has been on accelerating revenue growth though our direct provider sales channel and laying the groundwork for growth in the O&P channel in 2025 and beyond. Demonstrable progress was made on both of these areas during the third quarter."
Financial Results
|
For the Three Months
|
|
Period-
|
|
For the Nine Months
|
|
Period-
|
|
||||||||||||||||
|
2024 |
|
2023 |
|
$ |
|
% |
|
2024 |
|
2023 |
|
$ |
|
% |
|
||||||||
Product revenue |
$ |
9,207,586 |
|
$ |
5,029,523 |
|
$ |
4,178,063 |
|
|
83 |
% |
$ |
20,482,742 |
|
$ |
12,719,855 |
|
$ |
7,762,887 |
|
|
61 |
% |
License revenue |
|
— |
|
|
50,000 |
|
|
(50,000 |
) |
|
(100 |
)% |
|
— |
|
|
1,764,920 |
|
|
(1,764,920 |
) |
|
(100 |
)% |
Total revenue |
|
9,207,586 |
|
|
5,079,523 |
|
|
4,128,063 |
|
|
81 |
% |
|
20,482,742 |
|
|
14,484,775 |
|
|
5,997,967 |
|
|
41 |
% |
Cost of revenue |
|
2,262,031 |
|
|
1,590,675 |
|
|
671,356 |
|
|
42 |
% |
|
5,912,632 |
|
|
4,407,270 |
|
|
1,505,362 |
|
|
34 |
% |
Gross profit |
$ |
6,945,555 |
|
$ |
3,488,848 |
|
$ |
3,456,707 |
|
|
99 |
% |
$ |
14,570,110 |
|
$ |
10,077,505 |
|
$ |
4,492,605 |
|
|
45 |
% |
Gross margin % |
|
75.4 |
% |
|
68.7 |
% |
|
|
|
6.7 |
% |
|
71.1 |
% |
|
69.6 |
% |
|
|
|
1.5 |
% |
Revenue for the third quarter of 2024 was
Gross margin for the third quarter of 2024 was
Operating expenses for the third quarter of 2024 were
Operating loss for the third quarter of 2024 was
Adjusted EBITDA for the third quarter of 2024 was
Operations Update
The patient pipeline was 1,263 patients as of September 30, 2024, compared with 1,046 as of September 30, 2023, an increase of
Cash Position
Cash, cash equivalents and restricted cash as of September 30, 2024 were
Business Outlook
“We are positioned to deliver sequential revenue growth in the fourth quarter due to the strength of our backlog," added Mr. Gudonis. "As a result, we expect fourth quarter revenue to be in the range of
"We believe our objective of reaching operating cash flow breakeven in the fourth quarter is achievable. We also expect to approach Adjusted EBITDA breakeven in the fourth quarter. We expect a moderation in cash used to fund growth in working capital, as we collected in the fourth quarter the Medicare payments that were delayed from the third quarter," said David Henry, Myomo's chief financial officer. "Moderation in the growth of working capital in the fourth quarter is predicated on minimizing growth in days sales outstanding and receipt of a contractual reimbursement from the landlord for initial costs associated with the lease on our new facility."
Conference Call and Webcast
Myomo will hold a conference call today at 4:30 p.m. Eastern time to discuss these results and answer questions. Participants are encouraged to pre-register for the call at this link. Callers who pre-register will receive a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time up to and after the start of the call. Those unable to pre-register may participate by dialing 844-707-6932 (
A replay of the webcast will be available beginning approximately one hour after the completion of the live conference call at http://ir.myomo.com/. A dial-in replay of the call will be available until November 20, 2024 at 877-344-7529 (
Non-GAAP Financial Measures
Myomo is providing financial information that has not been prepared in accordance with generally accepted accounting principles in
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 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
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s future business expectations, including expectations for fourth quarter and full year 2024 revenue, as well as expectations regarding achieving operating cash flow breakeven and approaching Adjusted EBITDA breakeven in the fourth quarter of 2024, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors.
These factors include, among other things:
- our ability to obtain sufficient reimbursement from third-party payers for our products;
- our ability to navigate factors both within and outside our control to grow revenues sufficiently to achieve operating cash flow breakeven on a quarterly basis;
- our revenue concentration with Medicare and with a particular insurance payer as a result of focusing our efforts on patients with insurers who have previously reimbursed for the MyoPro;
- our ability to continue normal operations and patient interactions without supply chain disruption in order to deliver and fit our custom-fabricated devices;
- our marketing and commercialization efforts;
- our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;
- our ability to obtain and maintain our strategic collaborations and to realize the intended results of such collaborations;
- our ability to effectively execute our business plan and scale up our operations;
- our expectations as to our product development programs, including improving our existing products and developing new products;
- our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our products;
- our expectations as to our clinical research program and clinical results;
- our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others;
- our ability to gain and maintain regulatory approvals;
- our ability to compete and succeed in a highly competitive and evolving industry; and
- general market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our products to patients.
More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material or adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
MYOMO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
||||||||||||||||
|
|
For the Three Months ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product revenue |
|
$ |
9,207,586 |
|
|
$ |
5,029,523 |
|
|
$ |
20,482,742 |
|
|
$ |
12,719,855 |
|
License revenue |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
1,764,920 |
|
|
|
|
9,207,586 |
|
|
|
5,079,523 |
|
|
|
20,482,742 |
|
|
|
14,484,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
|
2,262,031 |
|
|
|
1,590,675 |
|
|
|
5,912,632 |
|
|
|
4,407,270 |
|
Gross profit |
|
|
6,945,555 |
|
|
|
3,488,848 |
|
|
|
14,570,110 |
|
|
|
10,077,505 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
1,248,870 |
|
|
|
717,256 |
|
|
|
3,212,309 |
|
|
|
1,758,480 |
|
Selling, clinical and marketing |
|
|
3,401,182 |
|
|
|
2,387,090 |
|
|
|
8,540,161 |
|
|
|
6,689,578 |
|
General and administrative |
|
|
3,253,056 |
|
|
|
2,408,871 |
|
|
|
8,779,024 |
|
|
|
7,427,818 |
|
|
|
|
7,903,108 |
|
|
|
5,513,217 |
|
|
|
20,531,494 |
|
|
|
15,875,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from operations |
|
|
(957,553 |
) |
|
|
(2,024,369 |
) |
|
|
(5,961,384 |
) |
|
|
(5,798,371 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other (income) expense, net |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income, net |
|
|
(76,020 |
) |
|
|
(112,300 |
) |
|
|
(318,555 |
) |
|
|
(302,053 |
) |
Other expense, net |
|
|
— |
|
|
|
467 |
|
|
|
— |
|
|
|
6,098 |
|
Loss on equity investment |
|
|
— |
|
|
|
70,124 |
|
|
|
— |
|
|
|
99,840 |
|
|
|
|
(76,020 |
) |
|
|
(41,709 |
) |
|
|
(318,555 |
) |
|
|
(196,115 |
) |
Loss before income taxes |
|
|
(881,533 |
) |
|
|
(1,982,660 |
) |
|
|
(5,642,829 |
) |
|
|
(5,602,256 |
) |
Income tax expense |
|
|
84,876 |
|
|
|
46,356 |
|
|
|
280,819 |
|
|
|
85,204 |
|
Net loss |
|
$ |
(966,409 |
) |
|
$ |
(2,029,016 |
) |
|
$ |
(5,923,648 |
) |
|
$ |
(5,687,461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
37,950,515 |
|
|
|
35,266,361 |
|
|
|
37,359,366 |
|
|
|
27,537,357 |
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.21 |
) |
MYOMO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
6,622,675 |
|
|
$ |
6,871,306 |
|
Short-term investments |
|
|
— |
|
|
|
1,994,662 |
|
Accounts receivable, net |
|
|
3,729,387 |
|
|
|
2,382,658 |
|
Inventories, net |
|
|
3,383,513 |
|
|
|
1,803,507 |
|
Prepaid expenses and other current assets |
|
|
968,569 |
|
|
|
598,850 |
|
Total Current Assets |
|
|
14,704,144 |
|
|
|
13,650,983 |
|
Restricted cash |
|
|
375,000 |
|
|
|
— |
|
Operating lease assets with right of use |
|
|
466,962 |
|
|
|
663,554 |
|
Equipment, net |
|
|
561,325 |
|
|
|
175,794 |
|
Other assets |
|
|
205,440 |
|
|
|
91,237 |
|
Total Assets |
|
$ |
16,312,871 |
|
|
$ |
14,581,568 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
6,448,076 |
|
|
|
4,885,944 |
|
Current operating lease liability |
|
|
205,464 |
|
|
|
486,143 |
|
Income taxes payable |
|
|
305,861 |
|
|
|
96,461 |
|
Deferred revenue |
|
|
31,971 |
|
|
|
8,510 |
|
Total Current Liabilities |
|
|
6,991,372 |
|
|
|
5,477,058 |
|
Non-current operating lease liability |
|
|
29,165 |
|
|
|
115,160 |
|
Total Liabilities |
|
|
7,020,537 |
|
|
|
5,592,218 |
|
Commitments and Contingencies |
|
|
— |
|
|
|
— |
|
Stockholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3,026 |
|
|
|
2,715 |
|
Additional paid-in capital |
|
|
111,754,495 |
|
|
|
105,840,239 |
|
Accumulated other comprehensive income |
|
|
395,734 |
|
|
|
83,669 |
|
Accumulated deficit |
|
|
(102,854,457 |
) |
|
|
(96,930,809 |
) |
Treasury stock, at cost |
|
|
(6,464 |
) |
|
|
(6,464 |
) |
Total Stockholders’ Equity |
|
|
9,292,334 |
|
|
|
8,989,350 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
16,312,871 |
|
|
$ |
14,581,568 |
|
MYOMO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
||||||||
For the Nine Months Ended September 30, |
|
2024 |
|
|
2023 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net loss |
|
$ |
(5,923,648 |
) |
|
$ |
(5,687,461 |
) |
Adjustments to reconcile net loss to net cash used in operations: |
|
|
|
|
|
|
||
Depreciation |
|
|
114,346 |
|
|
|
136,416 |
|
Stock-based compensation |
|
|
552,580 |
|
|
|
781,513 |
|
Accretion of discount on short-term investments |
|
|
(108,999 |
) |
|
|
— |
|
Credit losses |
|
|
5,257 |
|
|
|
12,626 |
|
Loss on equity investment |
|
|
— |
|
|
|
99,840 |
|
Amortization of right-of-use assets |
|
|
196,592 |
|
|
|
301,053 |
|
Other non-cash charges |
|
|
84,180 |
|
|
|
(49,271 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(1,116,352 |
) |
|
|
(625,596 |
) |
Inventories |
|
|
(1,573,193 |
) |
|
|
(90,100 |
) |
Prepaid expenses and other current assets |
|
|
(614,951 |
) |
|
|
(439,584 |
) |
Other assets |
|
|
(16,640 |
) |
|
|
19,797 |
|
Accounts payable and accrued expenses |
|
|
1,895,795 |
|
|
|
2,141,978 |
|
Income taxes payable |
|
|
202,137 |
|
|
|
(74,944 |
) |
Operating lease liabilities |
|
|
(366,675 |
) |
|
|
(352,820 |
) |
Deferred revenue |
|
|
23,460 |
|
|
|
9,533 |
|
Net cash used in operating activities |
|
|
(6,655,632 |
) |
|
|
(3,817,020 |
) |
CASH USED IN INVESTING ACTIVITIES |
|
|
1,613,180 |
|
|
|
(4,324,017 |
) |
CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
5,162,409 |
|
|
|
9,713,426 |
|
Effect of foreign exchange rate changes on cash |
|
|
6,412 |
|
|
|
(6,610 |
) |
|
|
|
|
|
|
|
||
'Net (decrease) increase in cash and cash equivalents and restricted cash |
|
|
126,369 |
|
|
|
1,565,780 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, beginning of period |
|
|
6,871,306 |
|
|
|
5,345,967 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, end of period |
|
$ |
6,997,675 |
|
|
$ |
6,911,747 |
|
MYOMO, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (unaudited)
|
||||||||||||||||
|
|
For the Three Months
|
|
|
For the Nine Months
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP net loss |
|
$ |
(966,409 |
) |
|
$ |
(2,029,016 |
) |
|
$ |
(5,923,648 |
) |
|
$ |
(5,687,461 |
) |
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
(76,020 |
) |
|
|
(112,300 |
) |
|
|
(318,555 |
) |
|
|
(302,053 |
) |
Depreciation expense |
|
|
48,682 |
|
|
|
35,794 |
|
|
|
114,346 |
|
|
|
136,416 |
|
Stock-based compensation |
|
|
324,185 |
|
|
|
330,394 |
|
|
|
552,580 |
|
|
|
781,513 |
|
Loss on investment in minority interest |
|
|
— |
|
|
|
70,124 |
|
|
|
— |
|
|
|
99,840 |
|
Income tax expense |
|
|
84,876 |
|
|
|
46,356 |
|
|
|
280,819 |
|
|
|
85,204 |
|
Adjusted EBITDA |
|
$ |
(584,686 |
) |
|
$ |
(1,658,648 |
) |
|
$ |
(5,294,458 |
) |
|
$ |
(4,886,541 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106431006/en/
For Myomo:
ir@myomo.com
Investor Relations:
Kim Sutton Golodetz
Alliance Advisors IR
kgolodetz@allianceadvisors.com
212-838-3777
Source: Myomo, Inc.
FAQ
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