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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, a wearable medical robotics company, reported financial results for Q1 2024. Highlights include $3.8 million in revenue, up 9% from Q1 2023, a record 275 patients in backlog, and 493 MyoPro candidates added to the pipeline. Gross margin decreased to 61.2%, and operating expenses increased by 24%. Net loss was $3.8 million. The company has a cash position of $11.0 million and expects to generate $28-30 million in revenue in 2024.
Myomo, Inc. (NYSE American: MYO) announced that Medicare Part B beneficiaries are receiving lump sum reimbursements for MyoPros, a wearable medical robotics offering increased functionality for those with neurological disorders and upper-limb paralysis. CMS has remitted payments based on published rates, effective April 1, 2024, through their regional contractors known as DME MACs. The company is pleased with the equitable access to this technology and the interest from clinical providers in the orthotics and prosthetics industry.
Myomo, a wearable medical robotics company, will report financial results for the first quarter ended March 31, 2024 on May 8, 2024. The Company will host a conference call on the same day with prepared remarks by its executives. Participants can pre-register for the call to gain immediate access.
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