Myomo Earnings Reports

Myomo's Q4 2024 revenue reached a record $12.1 million, up 154% year-over-year, driven by a higher average selling price and strong demand. The company recognized revenue from 220 MyoPro units and recorded a gross margin of 71.4%. Net loss improved significantly to $0.3 million, and Myomo achieved its first-ever positive quarterly cash flow of $3.4 million. The company ended the quarter with a backlog of 272 units, positioning it for continued growth.

Myomo reported a record third quarter with significant revenue growth, driven by increased product revenue and higher average selling prices. The company saw growth in MyoPro units, backlog, and additions to the patient pipeline. Gross margin improved, and the company is focused on expanding its sales channels and achieving operating cash flow breakeven.

Myomo reported a record revenue of $7.5 million for Q2 2024, up 26% compared to Q2 2023. The company also achieved record 213 MyoPro authorizations and orders, and added a record 550 patients to the pipeline, ending the quarter with 1,179 patients in the pipeline.

Myomo reported a 9% increase in revenue to $3.8 million for Q1 2024, driven by a higher number of revenue units. The company is focusing on patients with traditional insurers and expects growth to increase in Q2 as they ship MyoPros to Medicare Part B beneficiaries.

Myomo reported Q4 2023 financial results with a total revenue of $4.8 million, up 18% year-over-year. The company saw a record 183 MyoPro orders and insurance authorizations, and a record backlog of 230 patients. Gross margin was 65.3%.

Myomo reported a 28% increase in total revenue to $5.1 million for Q3 2023, driven by a 27% increase in product revenue to $5.0 million. The company also saw a 20% increase in MyoPro orders and insurance authorizations, and a gross margin of 68.7%, up 220 basis points.

Myomo reported Q2 2023 revenue of $6.0 million, which includes license revenue. The company saw growth across key operational metrics, including a 21% increase in revenue units and a 23% increase in MyoPro orders and insurance authorizations.

Myomo reported a decrease in total revenue by 11% due to a partial joint venture license fee payment a year ago, but product revenue increased 20% year-over-year. The company saw a record number of pipeline additions, driven by advertising efficiencies and the implementation of a virtual waiting room.

Myomo reported fourth-quarter revenue of $4.0 million, consistent with the previous year. The company saw a 75% increase in new candidates added to the patient pipeline and a 45% reduction in the cost per new candidate. Gross margin was 65.0%, and the operating loss was $2.2 million. The company is focusing on payers with a history of reimbursement and expects first-quarter 2023 product revenue to increase between 15% and 20% compared to the first quarter of 2022.

Myomo reported third quarter revenue of $4.0 million, an 8% sequential increase, driven by a higher average selling price. The company received 130 authorizations and orders, resulting in a record-high backlog of 184 units. Gross margin was 66.5%, and the net loss was $2.8 million, or $0.40 per share.

Myomo reported an 18% increase in product revenue to $3.7 million for Q2 2022, driven by a higher ASP. The patient pipeline grew significantly, with a record 420 new candidates added. Gross margin decreased due to higher product costs, and the company experienced an operating loss of $2.9 million.

Myomo reported a strong first quarter with a 66% increase in total revenue, driven by a 23% increase in product revenue and $1.0 million in license revenue from their China joint venture. The company saw growth in international markets and expanded its reimbursement pipeline.

Myomo, Inc. reported a 6% increase in revenue for the fourth quarter of 2021, reaching $4.0 million. The company's gross margin also improved to 77.4%.

Myomo reported record revenue of $4.4 million for Q3 2021, a 128% increase compared to Q3 2020. The growth was driven by a record direct billing channel revenue and a 100% increase in revenue units. Gross margin improved to 75%, and backlog increased to 177 units.

Myomo reported a strong second quarter in 2021, with revenue increasing by 262% to $3.1 million and gross margin improving to 71%. The company also achieved a record 138 insurance authorizations and orders.

Myomo reported a strong first quarter with revenue up 132% year-over-year to $2.3 million and a gross margin of 73%, which is up 500 basis points. The company saw a 14% decrease in cash used in operations, amounting to $2.1 million. They also highlighted progress in international markets and an increase in their reimbursement pipeline.

Myomo reported a record Q4 2020 with revenue of $3.8 million, a 149% increase year-over-year. The company's strategic shift to direct billing is supporting revenue growth and margin improvement. Cash used in operations was the lowest since the company's IPO.

Myomo, Inc. reported a strong third quarter with record revenue of $1.9 million, up 218% year-over-year, driven by increased direct billing and higher average selling prices. The company also saw a rise in gross margin and backlog, with cash utilization at its lowest level since 2018. They believe they have sufficient cash to fund operations through the fourth quarter of 2021, which is their target to achieve cash flow breakeven on a quarterly basis.

Myomo reported a 2% decrease in revenue compared to Q2 2019, totaling $0.9 million, but exceeded expectations due to strengthened deliveries and increased average selling prices as the U.S. economy began to re-open. The company's authorization backlog increased by 50% sequentially, reaching 120 units.

Myomo, Inc. reported a 21% increase in revenue to $1.0 million for the first quarter of 2020, driven by a higher average selling price from record direct billing revenues. The authorization backlog also increased by 51% sequentially. However, the company anticipates a substantial decrease in revenue for the second quarter due to public health mandates and travel restrictions.