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Dec 31, 2023
Myomo Q4 2023 Earnings Report
Reported an 18% increase in Q4 total revenue and a record backlog driven by Medicare Part B patients.
Key Takeaways
Myomo reported Q4 2023 financial results with a total revenue of $4.8 million, up 18% year-over-year. The company saw a record 183 MyoPro orders and insurance authorizations, and a record backlog of 230 patients. Gross margin was 65.3%.
Total revenue was $4.8 million, up 18% year-over-year.
MyoPro orders and insurance authorizations increased by 87% to 183 units.
Record backlog of 230 patients as of December 31, 2023, up 40% year-over-year.
Gross margin was 65.3%, an increase of 30 basis points.
Myomo
Myomo
Forward Guidance
Myomo expects revenue for the first quarter of 2024 to be in the range of $4.1 million to $4.3 million. The company anticipates full year 2024 revenue to be between $28 million and $30 million and believes that reaching operating cash flow breakeven on a quarterly basis by the fourth quarter of 2024 is achievable.
Positive Outlook
- Revenue for the first quarter 2024 is expected to be in the range of $4.1 million to $4.3 million, with growth expected to accelerate through the remainder of the year.
- Revenues from Medicare Part B patients are expected to be more significant beginning in the second quarter.
- Hiring staff to increase clinical, reimbursement and manufacturing capacity to serve Medicare Part B patients.
- Targeting 50 to 60 new employees on board by the end of the second quarter.
- Opportunity to generate $28 million to $30 million in revenue in 2024, with second half revenues much higher than the first half.
Challenges Ahead
- Ability to obtain sufficient reimbursement from third-party payers for our products.
- Ability to navigate factors both within and outside our control to grow revenues sufficiently to achieve operating cash flow breakeven on a quarterly basis.
- Revenue concentration with a particular insurance payer as a result of focusing our efforts on patients with insurers who have previously reimbursed for the MyoPro.
- Ability to continue normal operations and patient interactions without supply chain disruption in order to deliver and fit our custom-fabricated devices.
- Dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven.