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Mar 31, 2022
Myomo Q1 2022 Earnings Report
Myomo's Q1 2022 financial results were announced, featuring a 66% increase in revenue compared to the prior year.
Key Takeaways
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.
Total revenue reached $3.9 million, a 66% increase year-over-year, including $1.0 million from license revenue.
Product revenue increased by 23% to $2.9 million, driven by higher unit sales and average selling price.
Gross margin was 66.7%, reflecting increased deliveries and transition to in-house fabrication.
The reimbursement pipeline grew to 924 MyoPro candidates, a 62% increase over the previous quarter.
Myomo
Myomo
Forward Guidance
Myomo anticipates continued year-over-year product revenue growth in 2022 as the pipeline converts to orders. They expect $1.7 million in license revenue in Q2, contingent on the final payment from their China JV partner. Second quarter product revenue will depend on converting backlog and generating new orders.
Positive Outlook
- Expects year-over-year product revenue growth in 2022 as pipeline converts
- Anticipates $1.7 million license revenue in Q2 from China JV
- Potential for revenue from $6.0 million in backlog
- Focus on new fill orders from O&P, VA, and international channels
- Working to grow the pipeline and adapt to changing marketing environment