Myomo Inc. - MYO STOCK NEWS

Myomo, Inc. (NYSE American: MYO) has provided an update regarding its joint venture in China, confirming receipt of a $1.0 million technology license fee from Jiangxi Myomo Medical Assistive Appliance Co. Ltd. This fee is part of a total license fee of $2.7 million and will contribute to the Company’s first quarter revenue, alongside product revenue projected between $2.6 million and $3.0 million. Myomo anticipates the remaining $1.7 million will be received in the second quarter, enabling further operations in China to aid individuals with upper-limb paralysis.

Myomo, Inc. (NYSE American: MYO), a company specializing in wearable medical robotics, is set to participate in two investor conferences in March 2022. The first event is the 34th Annual ROTH Conference from March 13-15 at The Ritz-Carlton, Laguna Niguel, CA, with a Fireside Chat on March 14 at 2:00 p.m. PT. The second is the Oppenheimer’s 32nd Annual Healthcare Conference on March 15-16, featuring a presentation on March 16 at 2:00 p.m. ET. Myomo’s product line, MyoPro, assists those with upper-limb paralysis to regain functionality.

Myomo reported Q4 2021 revenue of $4.0 million, a 6% increase year-over-year, and full-year revenue of $13.9 million, up 83% from 2020. Gross margin improved to 77.4%, up 400 basis points year-over-year. Despite this, operating loss increased to $2.7 million in Q4 and net loss for the quarter was $3.4 million, or $0.52 per share. The cash position was strong at $15.5 million, adequately funding operations for at least the next 12 months. Myomo anticipates product revenue between $2.6 million to $3.0 million in Q1 2022.

Myomo, Inc. (NYSE American: MYO) will report its financial results for the fiscal year ending December 31, 2021, on March 9, 2022, after market close. A conference call will follow at 4:30 p.m. ET on the same day, featuring remarks from CEO Paul R. Gudonis and CFO David Henry. Interested participants can pre-register for the call or access it via dial-in. Myomo specializes in wearable medical robotics, particularly the MyoPro product line, which aids individuals with upper limb paralysis. For more details, visit Myomo’s Investor Relations page.

Myomo, Inc. (NYSE American: MYO) has announced the issuance of a new patent for its MyoPro device by the Japanese Patent Office, bringing the total to 20 patents globally. This patent covers a powered orthotic device designed to assist users with upper-limb paralysis, allowing for voluntary movement control using electromyographic and inertial sensors. The company aims to leverage this patent for future business ventures in Japan, reflecting ongoing efforts to expand its global patent portfolio and enhance its position in the medical robotics market.

Myomo, Inc. (NYSE American: MYO) announced new research demonstrating statistically significant improvements in motor function among stroke and traumatic brain injury patients using the MyoPro orthosis. Funded by the U.S. Army Medical Research Acquisition Activity, the study published in Frontiers in Neurology followed 13 individuals and showed improvements across several metrics, including a +7.5 point gain on the Fugl-Meyer scale. These results support expanding reimbursement coverage in the U.S. and Germany, reflecting the therapeutic value of MyoPro.

Myomo, Inc. (AMEX: MYO), a company specializing in wearable medical robotics, announced that CEO Paul Gudonis and CFO David Henry will present at the Sidoti Winter Small Cap Conference on January 19, 2022, at 2:30 p.m. ET. Investors can access the presentation here. Virtual one-on-one sessions will also be available on January 19 and 20, with free registration open to all investors.

Myomo, Inc. (AMEX: MYO) announced an update on its MyoPro device reimbursement amidst earlier claim denials by a major payer. For Q3 2021, this payer accounted for 32% of total revenue. Currently, 90% of denied claims from September/October have been resolved. However, post-service claims filed after November 10, 2021, continue to face denials, attributed to internal processing issues at the payer. Despite challenges, Myomo maintains its revenue recognition practice and anticipates resolution of the issues impacting future revenues.

Myomo, Inc. (AMEX: MYO) has announced the launch of the MyoPro 2+, an enhanced powered brace designed for individuals with neurological disorders and upper-limb paralysis. This new model features a lighter design, improved comfort, and advanced grasp functionality. Deliveries are set to begin this month. The MyoPro 2+ will be manufactured in-house, allowing for better customization and reduced production costs. CEO Paul R. Gudonis emphasized the device's improved user experience and the company's rapid growth trajectory.