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Sep 30, 2021
Myomo Q3 2021 Earnings Report
Achieved record revenue with a 128% increase year-over-year, driven by growth in the direct billing channel and unit sales.
Key Takeaways
Myomo reported record revenue of $4.4 million for Q3 2021, a 128% increase compared to Q3 2020. The growth was driven by a record direct billing channel revenue and a 100% increase in revenue units. Gross margin improved to 75%, and backlog increased to 177 units.
Revenue reached a record $4.4 million, up 128% year-over-year.
Direct billing channel revenue was a record, representing 85% of total revenue.
Gross margin increased to 75%, a 1,900 basis point improvement.
Backlog grew to a record 177 units as of September 30, 2021.
Myomo
Myomo
Forward Guidance
Myomo anticipates strong year-over-year revenue growth for 2021 but faces short-term challenges in Q4 due to subcontractor labor shortages and claim denials, making revenue forecasting difficult.
Positive Outlook
- Expects strong year-over-year revenue growth for 2021.
- Record number of units in backlog.
- Subcontractor capacity has returned to nearly normal.
- Focus on growing the pipeline.
- Focus on growing the backlog.
Challenges Ahead
- Temporary labor shortage at a subcontractor constrained capacity and deliveries in early Q4.
- Difficulty in making up all delayed shipments by the end of the year.
- Delayed shipments and associated revenue may be realized in early 2022.
- Appealing a number of recent claim denials after pre-authorization and delivery to the patient.
- Difficult to forecast revenue for the fourth quarter.