Welcome to our dedicated page for Myomo news (Ticker: MYO), a resource for investors and traders seeking the latest updates and insights on Myomo stock.
About Myomo Inc.
Myomo, Inc. (NYSE American: MYO) is a pioneering medical robotics company specializing in the development and production of advanced myoelectric orthotics designed to enhance mobility and independence for individuals with neuromuscular disorders. The company’s flagship product, the MyoPro myoelectric orthosis, is a wearable device that leverages cutting-edge technology to restore arm and hand function for patients suffering from conditions such as stroke, brachial plexus injury, cerebral palsy, and other neurological impairments. This FDA-registered Class II medical device represents a significant innovation in the field of rehabilitation and assistive technology.
Core Business Model
Myomo operates a multifaceted business model that integrates direct patient services, partnerships with healthcare providers, and insurance reimbursement. The company provides its devices directly to patients, working closely with insurance companies to secure coverage and make the technology accessible. Additionally, Myomo collaborates with orthotics and prosthetics (O&P) providers, offering its products through these clinical partners while compensating them for their services. This hybrid approach ensures broad market reach and aligns with the healthcare industry’s focus on value-based care.
Market Position and Differentiation
Operating within the highly specialized niche of wearable medical robotics, Myomo addresses a critical gap in neuromuscular rehabilitation. Unlike traditional orthotics, the MyoPro device utilizes myoelectric sensors to detect faint muscle signals, enabling users to regain functional movement in their arms and hands. This unique technology not only empowers patients to perform daily activities but also contributes to improved quality of life and reduced long-term healthcare costs. Myomo’s focus on patient outcomes and its collaboration with institutions such as the Veterans Health Administration further underscore its commitment to delivering high-quality, impactful solutions.
Industry Context
The medical robotics and assistive technology sectors are experiencing rapid growth, driven by advancements in wearable devices, increasing awareness of rehabilitation technologies, and a growing aging population. Myomo’s specialization in myoelectric orthotics positions it as a key player in this evolving landscape. By addressing the unmet needs of individuals with neuromuscular disabilities, the company not only enhances patient independence but also aligns with broader healthcare trends emphasizing personalized care and cost efficiency.
Commitment to Innovation and Collaboration
Myomo’s mission extends beyond product development to include active collaboration with healthcare professionals, researchers, and educators. The company invests in ongoing research and development to refine its technology and expand its applications. Through partnerships and educational initiatives, Myomo fosters a community dedicated to advancing neuromuscular rehabilitation and improving patient outcomes. This holistic approach reinforces its reputation as a trusted and authoritative provider in the medical robotics field.
Conclusion
Myomo, Inc. stands at the forefront of wearable medical robotics, offering transformative solutions for individuals with neuromuscular disabilities. By combining innovative technology, a patient-centric business model, and strategic partnerships, the company addresses critical healthcare challenges while empowering patients to lead more independent lives. Its commitment to improving quality of life and reducing healthcare costs positions Myomo as a significant contributor to the future of rehabilitation and assistive technology.
Myomo, Inc. (NYSE American: MYO) will report its financial results for the three and six months ended June 30, 2021 on August 9, 2021, after market close. A conference call will follow at 4:30 p.m. ET with remarks from CEO Paul R. Gudonis and CFO David Henry. Participants are encouraged to pre-register for immediate access. Myomo specializes in wearable medical robotics aimed at improving upper limb function in patients with neurological disorders and paralysis, featuring the MyoPro product line that utilizes EMG sensors for functionality restoration.
Myomo, Inc. (NYSE American: MYO) announced its accreditation by the Healthcare Quality Association on Accreditation (HQAA), confirming compliance with the Social Security Act requirements. This accreditation follows the Company’s authorization as a Medicare Provider by the Centers for Medicare & Medicaid Services (CMS). CEO Paul R. Gudonis highlighted that while reimbursement for MyoPro orthosis is approved on a case-by-case basis, broader coverage could enhance service for beneficiaries suffering from upper-limb paralysis. However, he emphasized that coverage terms from CMS are still pending.
Myomo, Inc. (NYSE American: MYO) has announced its participation in A.G.P.'s Virtual MedTech Summer Conference on July 29, 2021. This virtual event will allow investors to engage in one-on-one meetings with Myomo's management team. Myomo specializes in wearable medical robotics, particularly the MyoPro product line, which aids individuals with neurological disorders and upper-limb paralysis. The MyoPro device is unique for its ability to restore arm function using non-invasive EMG sensors, enabling users to perform daily activities and live independently.
Myomo, Inc. (NYSE American: MYO) announced its addition to the Russell Microcap® Index, effective today. This is a significant milestone aimed at raising the company's profile within the global investment community. Paul R. Gudonis, Myomo's representative, expressed enthusiasm about this inclusion, which enhances exposure to investment managers and institutions.
The membership in the Russell Microcap® Index lasts for one year, providing automatic inclusion in relevant growth and value indexes, which collectively benchmark approximately $10.6 trillion in assets.
Myomo, Inc. (NYSE American: MYO) will present a corporate overview at the Sidoti Virtual Investor Conference on June 23, 2021, from 10:45 a.m. to 11:15 a.m. Eastern Time. The presentation will be led by CEO Paul R. Gudonis and CFO David Henry. Interested investors can access the live webcast at sidoti.cventevents.com and the archived presentation will be available for 90 days on myomo.com. Myomo specializes in wearable medical robotics, enhancing functionality for those with neurological disorders.
Myomo, Inc. (NYSE American: MYO) announced the election of Milton Morris, PhD, as Director during its shareholder meeting on June 9, 2021. Dr. Morris, the current President and CEO of Neuspera Medical, brings significant expertise from his previous roles at Cyberonics, Guidant, and Boston Scientific. He has over 30 patents and numerous publications to his name. Paul R. Gudonis, Chairman and CEO of Myomo, expressed confidence in Dr. Morris's contributions towards the company's technology commercialization.
Myomo, Inc. (NYSE American: MYO) announced an update regarding its HCPCS Level II code change application for codes L8701 and L8702, initially submitted in January 2021. Due to delays in CMS's Proposed Rule finalization and changes in leadership, Myomo has withdrawn its application. The company aims to engage with CMS to discuss finalizing Medicare benefit categories for these codes. CEO Paul R. Gudonis noted the recent increase in health insurance access for over 800,000 Americans and expressed optimism about future collaborations with CMS to enhance patient access to MyoPro braces.
Myomo, Inc. (NYSE American: MYO), a leader in wearable medical robotics, announced that CEO Paul R. Gudonis and CFO David Henry will present at the Summer Solstice – Best Ideas From the Buy Side Conference on June 1, 2021, at 2:30 p.m. Eastern time. The conference, held virtually from June 1-4, 2021, is sponsored by the Microcap Rodeo. A webcast of the presentation will be accessible on the Company's website. Additionally, management will engage in one-on-one investor meetings on June 3-4, and registration for the conference is available online.
Myomo, a wearable medical robotics company, reported Q1 2021 financial results showing a 132% revenue increase year-over-year, totaling $2.3 million. The company sold 65 units, marking a 117% rise. Gross margin improved to 73%, up from 68% in Q1 2020. The reimbursement pipeline reached 940 MyoPro units, with 386 new candidates added. Operating loss narrowed to $2.9 million, while net loss decreased to $3.0 million, or $0.57 per share. Cash reserves stood at $17.4 million.
Myomo, Inc. (NYSE American: MYO) will report financial results for Q1 2021 on May 5, 2021, after market close. A conference call is scheduled for the same day at 4:30 p.m. ET, featuring remarks from CEO Paul R. Gudonis and CFO David Henry. Participants can pre-register for the call or join via dial-in, with a webcast available on the company's Investor Relations page. Myomo specializes in wearable medical robotics for patients with neurological disorders, offering the MyoPro product line to restore upper limb function.
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