Myomo Stock Price, News & Analysis

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.

Myomo, Inc. (NYSE American: MYO) announced an amended joint venture agreement with Beijing Ryzur Medical Investment and Wuxi Chinaleaf Rehabilitation Fund. Myomo retains a 19.9% stake in the venture, while Ryzur holds 65.1%. An upfront license fee of $2.7 million will be paid for technology and trademark licensing, with $0.2 million due within 30 days. $10.75 million is guaranteed over 10 years. Operations in China will commence upon full payment of the license fee expected by March 31, 2022.

Myomo (NYSE American: MYO) reported record financial results for Q3 2021, achieving $4.4 million in revenue, a 128% increase year-over-year, and 159% year-to-date. Gross margin improved to 75%, up 1,900 basis points. The backlog rose to a record 177 units. However, the company faces challenges including temporary labor shortages impacting deliveries. The net loss for Q3 was $2.1 million, or $0.36 per share. Despite strong revenue growth, forecasting for Q4 is difficult due to these constraints.

Myomo, Inc. (NYSE American: MYO) will announce its financial results for the three and nine months ended September 30, 2021 on November 10, 2021, after the market closes. The company will hold a conference call on 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 through provided dial-in information. Myomo specializes in wearable medical robotics aimed at aiding patients with upper-limb paralysis.

Myomo, Inc. (NYSE American: MYO) has announced agreements with warrant holders to exercise 1,015,798 shares at $5.00 each, generating approximately $5.1 million in gross proceeds. This exercise is crucial for increasing capital for the wearable medical robotics company, which aims to enhance functionality for those with neurological disorders and upper-limb paralysis. The company's MyoPro product line helps restore mobility to patients, enabling them to perform daily activities and potentially return to work.

Myomo, Inc. (NYSE American:MYO) announced participation in the Fall Harvest - Best Ideas From the Buy-Side conference from October 5-8, 2021. CEO Paul Gudonis and CFO David Henry will present on October 5 at 1:00 p.m. ET, with live webcasting available. One-on-one meetings can be scheduled during the conference. Myomo specializes in wearable medical robotics, focusing on assisting those with neurological disorders and upper-limb paralysis through its MyoPro product line.

For more details, visit www.myomo.com.

Myomo, Inc. (NYSE American: MYO) has secured patents for its advanced powered orthotic device in China and Hong Kong. The patents, effective until June 2036, will be licensed to a joint venture in China created with Beijing Ryzur Medical Investment Co., Ltd.. This venture aims to introduce Myomo's technology to the extensive Chinese market, which has approximately 14 million individuals with upper-arm paralysis. The CEO expressed optimism about becoming a standard care solution for these patients.

Myomo, Inc. (NYSE American:MYO), a company specializing in wearable medical robotics for neurological disorders and upper-limb paralysis, announced participation in three investment conferences in September 2021. These include the Colliers Institutional Investor Conference on September 9, the H.C. Wainwright Global Investment Conference from September 13-15, and the Oppenheimer Fall Healthcare Summit from September 20-23. Myomo's MyoPro device is the only one that restores arm function using the patient's own EMG signals, enabling independence for users.