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Mar 31, 2024
Myomo Q1 2024 Earnings Report
Reported financial results for Q1 2024, showing revenue increase and strategic focus on traditional insurers.
Key Takeaways
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.
Total and product revenue increased by 9% to $3.8 million.
MyoPro orders and insurance authorizations increased by 48% to 180 units.
Backlog increased by 56% to 275 units, including 83 Medicare Part B patients.
A record 493 new candidates were added to the MyoPro patient pipeline, up 12%.
Myomo
Myomo
Forward Guidance
Myomo anticipates exceeding $5.0 million in product revenue for the second quarter of 2024 and aims to achieve operating cash flow breakeven on a quarterly basis by the fourth quarter of 2024. The company is projecting revenue between $28 million and $30 million for 2024.
Positive Outlook
- Expected revenue to exceed $5.0 million in Q2 2024.
- Making progress on capacity expansion plans with approximately 20 new hires in Q1.
- Opportunity to generate between $28 million and $30 million in revenue in 2024.
- Aiming to achieve operating cash flow breakeven on a quarterly basis by Q4 2024.
- Authorizations for lump sum reimbursement for MyoPros delivered to Medicare Part B beneficiaries in April have been received from all four of the DME MACs, with a number of payments having been received.
Challenges Ahead
- Assumes meeting hiring goals.
- Subject to no supply chain or other unexpected disruptions.
- Uncertainty exists until a clearer line of sight into the forecast is established by the second quarter financial results.
- Achieving operating cash flow breakeven is not guaranteed.
- Future business expectations are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.