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Jun 30, 2024
Myomo Q2 2024 Earnings Report
Reported record revenue and MyoPro authorizations and orders.
Key Takeaways
Myomo reported a record revenue of $7.5 million for Q2 2024, up 26% compared to Q2 2023. The company also achieved record 213 MyoPro authorizations and orders, and added a record 550 patients to the pipeline, ending the quarter with 1,179 patients in the pipeline.
Product revenue was $7.5 million, up 77%.
Orders and insurance authorizations were received for 213 MyoPro units, up 70%.
550 new candidates were added to the patient pipeline, up 35%.
Gross margin was 70.8%, down 100 basis points, with gross margin on product revenues up 1,030 basis points.
Myomo
Myomo
Forward Guidance
Myomo expects third quarter revenue to be in the range of $8.0 million to $8.5 million. The company continues to believe its full year revenue expectation of $28 million to $30 million is achievable.
Positive Outlook
- Backlog entering the third quarter is slightly higher than the backlog entering the second quarter.
- Velocity of revenue recognition is expected to be somewhat higher as the company is now recording revenue from Medicare Part B patients at the time of product delivery.
- Full year revenue expectation of $28 million to $30 million is achievable.
- Required clinical, reimbursement and manufacturing capacity is in place.
- Efforts to position the company to achieve revenue of $10 million in the fourth quarter and for continued growth in 2025.
Challenges Ahead
- Increasing advertising spending to educate prospective patients in the second half of the year may impact achieving operating cash flow breakeven in the fourth quarter.
- Ability to obtain sufficient reimbursement from third-party payers for products.
- Ability to navigate factors both within and outside control to grow revenues sufficiently to achieve operating cash flow breakeven on a quarterly basis.
- Revenue concentration with Medicare and with a particular insurance payer.
- General market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of products to patients.