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Jun 30, 2021
Myomo Q2 2021 Earnings Report
Myomo's Q2 2021 financial results demonstrated significant growth in revenue and gross margin, along with record insurance authorizations and orders.
Key Takeaways
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.
Revenue increased by 262% to $3.1 million.
Gross margin improved by 2,000 basis points to 71%.
Received a record 138 insurance authorizations and orders.
Direct billing channel accounted for 74% of total revenue.
Myomo
Myomo
Forward Guidance
Myomo expects to deliver another solid quarter of year-over-year revenue growth in the third quarter and plans to build upon successful strategies implemented during the first half of the year, focusing on direct-to-patient marketing and the direct billing channel to achieve a strong finish to 2021.
Positive Outlook
- Expects to deliver another solid quarter of year-over-year revenue growth in the third quarter.
- Plans to build upon successful strategies implemented during the first half of the year.
- Focus on increased direct-to-patient marketing.
- Continue to focus on the direct billing channel.
- Looks forward to a strong finish to 2021.