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.
Product revenue increased by 18% year-over-year to $3.7 million.
A record 420 new candidates were added to the patient pipeline, a 52% increase from Q2 2021.
Gross margin decreased to 65.5% due to higher product costs.
Direct billing channel represented 83% of revenue, contributing to a higher average selling price.
Myomo anticipates sequential growth in the third quarter and beyond, driven by a significant backlog. While expecting lower year-over-year revenue in Q3, they remain confident in the accelerating pipeline as an indicator of future revenue and expect continued growth over the next 12 months.
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