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Jun 30, 2023
Myomo Q2 2023 Earnings Report
Reported year-over-year growth in revenue and operating metrics.
Key Takeaways
Myomo reported Q2 2023 revenue of $6.0 million, which includes license revenue. The company saw growth across key operational metrics, including a 21% increase in revenue units and a 23% increase in MyoPro orders and insurance authorizations.
Total revenue reached $6.0 million, which includes license revenue.
Product revenue was $4.2 million, up 15%.
Gross margin increased to 71.8%, up 650 basis points.
Patient pipeline increased by 27% to 969 MyoPro candidates.
Forward Guidance
The backlog entering the third quarter is slightly higher than the backlog entering the second quarter. Expect to achieve modest year-over-year revenue growth in the third quarter, while sequential revenue growth will depend on the number of new orders during the third quarter that can be delivered for revenue given the anticipated ASP. Meeting our target for full year product revenue growth of 20% to 30% will depend on the number of insurance authorizations we receive in the next few months.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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