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Sep 30, 2023
Myomo Q3 2023 Earnings Report
Myomo's Q3 2023 earnings featured record product revenue and authorizations.
Key Takeaways
Myomo reported a 28% increase in total revenue to $5.1 million for Q3 2023, driven by a 27% increase in product revenue to $5.0 million. The company also saw a 20% increase in MyoPro orders and insurance authorizations, and a gross margin of 68.7%, up 220 basis points.
Total revenue increased by 28% to $5.1 million.
Product revenue increased by 27% to $5.0 million.
MyoPro orders and insurance authorizations increased by 20% to 156 units.
Gross margin increased by 220 basis points to 68.7%.
Myomo
Myomo
Forward Guidance
Myomo anticipates another strong quarter for insurance authorizations and orders for the MyoPro, with full year product revenue growth expected to be consistent with the growth rate through the first nine months of the year, within the target range of 20-30%.
Positive Outlook
- Expected strong quarter of insurance authorizations and orders for MyoPro.
- Positioned for year-over-year product revenue growth for the fourth quarter.
- Full year product revenue growth expected to be consistent with the growth rate through the first nine months of the year.
- Targeting 20-30% growth for the full year.
- Large patient pipeline entering the fourth quarter.
Challenges Ahead
- Realized revenue for the quarter will depend on payer mix.
- Timing of MyoPro deliveries will impact revenue.
- Receipt of reimbursement payments from insurers will affect revenue.
- Backlog up modestly on a sequential basis.
- Unspecified number of ‘in-quarter’ fill orders assumed.