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Jun 30, 2020
Myomo Q2 2020 Earnings Report
Revenue exceeded projections as COVID-19 restrictions eased, and authorization backlog reached a record level, up 50% sequentially.
Key Takeaways
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.
Revenue was $0.9 million, down 2% year-over-year but exceeded the expected revenue range.
Direct billing revenue increased 329% and represented 50% of total revenue.
Operating expenses were $3.3 million, compared to $3.2 million in Q2 2019.
Backlog was 120 units as of June 30, 2020, a 50% increase compared to March 31, 2020.
Myomo
Myomo
Forward Guidance
Myomo expects to deliver a record number of MyoPro’s in the third quarter as it serves its growing backlog, which should result in significantly increased revenue in the months ahead.
Positive Outlook
- Expects to deliver a record number of MyoPro’s in the third quarter.
- Anticipates significantly increased revenue in the months ahead.
- Provided staff with personal protective equipment (PPE) and training on proper and safe procedures.
- Has PPE available for patients during the MyoPro delivery process.
- Continues to experience strong demand for its product line while adding new initiatives such as the recently launched MyoCare™ program.
Challenges Ahead
- If public health and travel restrictions are re-imposed, the Company may require additional capital to fund its operations during the second half of 2021.
- The direct and indirect impact of the novel coronavirus (COVID-19) on our business and operations, including fabrication and delivery, sales, patient consultations, supply chain, manufacturing, insurance reimbursements and employees.
- Our ability to continue normal operations and patient interactions in order to cast, deliver and fit our custom-fabricated device.
- Our ability to achieve reimbursement from third-party payers for our products.
- General market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our products to patients.