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Sep 30, 2022
Myomo Q3 2022 Earnings Report
Reported strong authorizations and orders and record backlog.
Key Takeaways
Myomo reported third quarter revenue of $4.0 million, an 8% sequential increase, driven by a higher average selling price. The company received 130 authorizations and orders, resulting in a record-high backlog of 184 units. Gross margin was 66.5%, and the net loss was $2.8 million, or $0.40 per share.
Product revenue was $4.0 million, up 8% sequentially.
Revenue units were 87, up 9% sequentially.
MyoPro orders and insurance authorizations were received for 130 patients, up 27% sequentially.
Backlog was a record 184 units, up 13% sequentially.
Myomo
Myomo
Forward Guidance
The company expects modest sequential product revenue growth in the fourth quarter and anticipates entering 2023 with a larger pipeline, positioning the company for stronger product revenue growth.
Positive Outlook
- Expect to be able to report modest sequential product revenue growth in the fourth quarter
- Expect to enter 2023 with a much larger pipeline than we entered 2022
- Positioning the Company for stronger product revenue growth in 2023
Challenges Ahead
- Growing the pipeline will be seasonally challenging in the fourth quarter due to competition from holiday and election advertising