Myomo Reports Fourth Quarter and Full Year 2025 Financial and Operating Results
Key Terms
randomized controlled trial medical
validated functional outcome measures medical
medicare part b regulatory
gross margin financial
operating loss financial
net loss financial
adjusted ebitda financial
derivative liabilities financial
Fourth quarter revenue of
Record 241 authorizations and orders in the quarter
Introduces 2026 revenue guidance of
Conference call begins today at 4:30pm Eastern time
“We delivered 2025 revenue at the midpoint of our updated guidance range with record fourth quarter revenues from the
Recent Operational and Strategic Highlights:
-
MyoPro Orders, Insurance Authorizations and Pipeline: The 241 MyoPro orders in the fourth quarter represented the strongest quarter of the year, while revenue velocity continued to increase as intra-quarter orders represented
62% of revenue units, up from57% of revenue units in the third quarter. In the fourth quarter, 676 new candidates were added to the patient pipeline, up3% , from Q4 2024. -
Recurring Patient Sources: The Company's strategy to grow revenues from recurring sources —
U.S. and International O&P providers and referrals from its MyoConnect program — is gaining traction, with two successive quarters of recordU.S. O&P and International revenue. With more than10% of authorizations and orders in the fourth quarter generated by referrals under the MyoConnect program, recurring patient sources represented42% of fourth quarter revenue, compared with26% in the prior year quarter. - New Marketing Strategy: A new advertising agency has been retained to implement a comprehensive social media strategy to support both direct-to-patient advertising as well as the MyoConnect program and O&P channel building efforts. New television and social media ad placements have already been launched.
-
Randomized Controlled Trial: The Company is partnering with the University of
Utah to conduct a 50-subject randomized controlled trial to evaluate the clinical impact of the MyoPro compared to usual care therapy. Subjects will be followed for six months to assess changes in validated functional outcome measures. -
Improving Gross Margin: Gross margin expanded by 480 basis points sequentially driven by higher sales volume. Efforts are underway to reduce material costs by approximately
20% , with the full benefit from these initiatives expected to be realized by the second half of 2026.
Financial Results
|
For the Three Months Ended
|
|
Period-
|
|
For the Year Ended
|
|
Period-
|
|
||||||||||||||||
|
2025 |
|
2024 |
|
$ |
|
% |
|
2025 |
|
2024 |
|
$ |
|
% |
|
||||||||
Revenue |
$ |
11,353,296 |
|
$ |
12,068,456 |
|
$ |
(715,160 |
) |
|
(6 |
)% |
$ |
40,928,042 |
|
$ |
32,551,199 |
|
$ |
8,376,843 |
|
|
26 |
% |
Cost of revenue |
|
3,569,021 |
|
|
3,453,224 |
|
|
115,797 |
|
|
3 |
|
|
14,039,718 |
|
|
9,365,856 |
|
|
4,673,862 |
|
|
50 |
|
Gross profit |
$ |
7,784,275 |
|
$ |
8,615,232 |
|
$ |
(830,957 |
) |
|
(10 |
)% |
$ |
26,888,324 |
|
$ |
23,185,343 |
|
$ |
3,702,981 |
|
|
16 |
% |
Gross margin |
|
68.6 |
% |
|
71.4 |
% |
|
|
|
(2.8 |
)% |
|
65.7 |
% |
|
71.2 |
% |
|
|
|
(5.5 |
)% |
||
Revenue: Revenue for the fourth quarter of 2025 was
Gross Margin: Gross margin for the fourth quarter of 2025 was
Operating Expenses: Operating expenses for the fourth quarter of 2025 were
Operating and Net Loss: Operating loss for the fourth quarter of 2025 was
Adjusted EBITDA: Adjusted EBITDA for the fourth quarter of 2025 was
Cash, Cash Equivalents and Cash Flows: Cash, cash equivalents and short-term investments as of December 31, 2025 were
Business Outlook
"We expect 2026 to be a transition year as we focus on growing revenues from recurring patient sources, including the
Conference Call and Webcast
Myomo will hold a conference call today at 4:30 p.m. Eastern time to discuss these results and answer questions. Participants are encouraged to pre-register for the call at this link. Callers who pre-register will receive a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time up to and after the start of the call. Those unable to pre-register may participate by dialing 844-707-6932 (
A replay of the webcast will be available beginning approximately one hour after the completion of the live conference call at http://ir.myomo.com/. A dial-in replay of the call will be available until March 23, 2026 at 855-669-9658 (
Non-GAAP Financial Measures
Myomo is providing financial information that has not been prepared in accordance with generally accepted accounting principles in
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury or other neuromuscular disease or injury. It is currently the only marketed device in the
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s future business expectations, including expectations for first quarter and full year 2026 revenue, operating expenses and cash flows, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors.
These factors include, among other things:
- our ability to obtain sufficient reimbursement from third-party payers for our products;
- our dependence on external sources for the financing of our operations;
- our ability to scale the business to achieve positive cash flow from operations;
- our revenue concentration with patients who carry Medicare Part B;
- our ability to continue normal operations and patient interactions without supply chain disruption in order to deliver and fit our custom-fabricated devices;
- our marketing and commercialization efforts;
- our ability to obtain and maintain our strategic collaborations and to realize the intended results of such collaborations;
- our expectations as to our product development programs, including improving our existing products and developing new products;
- our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our products;
- our expectations as to our clinical research program and clinical results;
- our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others;
- our ability to gain and maintain regulatory approvals;
- our ability to compete and succeed in a highly competitive and evolving industry; and
- general market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our products to patients.
More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material or adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
(Tables follow)
MYOMO, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Revenue |
|
|
11,353,296 |
|
|
|
12,068,456 |
|
|
|
40,928,042 |
|
|
|
32,551,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
|
3,569,021 |
|
|
|
3,453,224 |
|
|
|
14,039,718 |
|
|
|
9,365,856 |
|
Gross profit |
|
|
7,784,275 |
|
|
|
8,615,232 |
|
|
|
26,888,324 |
|
|
|
23,185,343 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
1,624,824 |
|
|
|
1,559,704 |
|
|
|
6,943,838 |
|
|
|
4,772,013 |
|
Selling, clinical, and marketing |
|
|
5,501,162 |
|
|
|
3,696,748 |
|
|
|
20,385,098 |
|
|
|
12,236,910 |
|
General and administrative |
|
|
3,432,047 |
|
|
|
3,604,094 |
|
|
|
13,961,235 |
|
|
|
12,383,118 |
|
|
|
|
10,558,033 |
|
|
|
8,860,546 |
|
|
|
41,290,171 |
|
|
|
29,392,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from operations |
|
|
(2,773,758 |
) |
|
|
(245,314 |
) |
|
|
(14,401,847 |
) |
|
|
(6,206,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other expense (income) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense (income), net |
|
|
739,629 |
|
|
|
(70,031 |
) |
|
|
450,832 |
|
|
|
(388,586 |
) |
Change in fair value of derivative liabilities |
|
|
216,673 |
|
|
|
— |
|
|
|
216,673 |
|
|
|
— |
|
|
|
|
956,302 |
|
|
|
(70,031 |
) |
|
|
667,505 |
|
|
|
(388,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss before income taxes |
|
|
(3,730,060 |
) |
|
|
(175,283 |
) |
|
|
(15,069,352 |
) |
|
|
(5,818,112 |
) |
Income tax expense (benefit) |
|
|
83,879 |
|
|
|
84,798 |
|
|
|
504,532 |
|
|
|
365,617 |
|
Net loss |
|
$ |
(3,813,939 |
) |
|
$ |
(260,081 |
) |
|
$ |
(15,573,884 |
) |
|
$ |
(6,183,729 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
42,205,413 |
|
|
|
38,905,739 |
|
|
|
41,855,607 |
|
|
|
37,758,837 |
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.16 |
) |
MYOMO, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
14,132,027 |
|
|
$ |
24,372,373 |
|
Short-term investments |
|
|
4,261,782 |
|
|
|
492,990 |
|
Accounts receivable, net |
|
|
4,096,327 |
|
|
|
3,825,291 |
|
Inventories |
|
|
3,123,089 |
|
|
|
3,165,965 |
|
Prepaid expenses and other current assets |
|
|
1,943,860 |
|
|
|
933,377 |
|
Total Current Assets |
|
|
27,557,085 |
|
|
|
32,789,996 |
|
Restricted cash |
|
|
575,000 |
|
|
|
375,000 |
|
Operating lease assets with right of use, net |
|
|
6,679,349 |
|
|
|
7,584,663 |
|
Equipment, net |
|
|
2,212,901 |
|
|
|
1,330,008 |
|
Software development costs |
|
|
1,590,864 |
|
|
|
— |
|
Other assets |
|
|
21,374 |
|
|
|
164,412 |
|
Total Assets |
|
$ |
38,636,573 |
|
|
$ |
42,244,079 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
5,819,767 |
|
|
|
9,021,817 |
|
Current operating lease liability |
|
|
494,662 |
|
|
|
748,021 |
|
Taxes payable |
|
|
813,260 |
|
|
|
318,885 |
|
Deferred revenue |
|
|
218,222 |
|
|
|
83,115 |
|
Warrant derivative liability |
|
|
999,418 |
|
|
|
— |
|
Total Current Liabilities |
|
|
8,345,329 |
|
|
|
10,171,838 |
|
Non-current operating lease liability, net of current |
|
|
7,665,622 |
|
|
|
7,358,184 |
|
Long-term debt, net of discount |
|
|
11,222,155 |
|
|
|
— |
|
Total Liabilities |
|
|
27,233,106 |
|
|
|
17,530,022 |
|
Commitments and Contingencies |
|
|
— |
|
|
|
— |
|
Stockholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3,847 |
|
|
|
3,439 |
|
Additional paid-in capital |
|
|
129,929,989 |
|
|
|
127,846,026 |
|
Accumulated other comprehensive (loss) income |
|
|
164,517 |
|
|
|
(14,406 |
) |
Accumulated deficit |
|
|
(118,688,422 |
) |
|
|
(103,114,538 |
) |
Treasury stock, at cost |
|
|
(6,464 |
) |
|
|
(6,464 |
) |
Total Stockholders’ Equity |
|
|
11,403,467 |
|
|
|
24,714,057 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
38,636,573 |
|
|
$ |
42,244,079 |
|
MYOMO, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
For the Year Ended December 31, |
|
2025 |
|
|
2024 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net loss |
|
$ |
(15,573,884 |
) |
|
$ |
(6,183,729 |
) |
Adjustments to reconcile net loss to net cash used in operations: |
|
|
|
|
|
|
||
Depreciation |
|
|
859,354 |
|
|
|
205,910 |
|
Stock-based compensation |
|
|
2,084,042 |
|
|
|
874,438 |
|
Accretion of discount on short-term investments |
|
|
(43,012 |
) |
|
|
(118,598 |
) |
Credit losses |
|
|
158,012 |
|
|
|
43,657 |
|
Amortization of final payment fees on old debt |
|
|
215,000 |
|
|
|
— |
|
Amortization of right-of-use assets |
|
|
905,314 |
|
|
|
571,061 |
|
Amortization of deferred offering costs |
|
|
520,419 |
|
|
|
41,552 |
|
Change in fair value of derivative liabilities |
|
|
216,673 |
|
|
|
41,552 |
|
Other non-cash charges, net |
|
|
3,772 |
|
|
|
16,020 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
376,966 |
|
|
|
(1,559,604 |
) |
Inventories |
|
|
(662,680 |
) |
|
|
(1,395,042 |
) |
Prepaid expenses and other current assets |
|
|
(1,300,998 |
) |
|
|
(887,525 |
) |
Other assets |
|
|
6,512 |
|
|
|
84,773 |
|
Accounts payable and accrued expenses |
|
|
(2,902,860 |
) |
|
|
4,693,127 |
|
Operating lease liabilities |
|
|
54,079 |
|
|
|
(503,543 |
) |
Deferred revenue |
|
|
135,108 |
|
|
|
74,604 |
|
Income tax payable |
|
|
436,729 |
|
|
|
236,721 |
|
Tenant improvement allowance |
|
|
— |
|
|
|
516,274 |
|
Net cash used in operating activities |
|
|
(14,511,454 |
) |
|
|
(3,289,904 |
) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
|
(7,057,968 |
) |
|
|
259,981 |
|
CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
11,427,379 |
|
|
|
20,932,429 |
|
Effect of foreign exchange rate changes on cash |
|
|
101,697 |
|
|
|
(26,439 |
) |
|
|
|
|
|
|
|
||
Net increase in cash, cash equivalents and restricted cash |
|
|
(10,040,346 |
) |
|
|
17,876,067 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, beginning of period |
|
|
24,747,373 |
|
|
|
6,871,306 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, end of period |
|
$ |
14,707,027 |
|
|
$ |
24,747,373 |
|
MYOMO, INC. |
||||||||||||||||
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
For the Three Months Ended
|
|
|
For the Year Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
GAAP net loss |
|
$ |
(3,813,939 |
) |
|
$ |
(260,081 |
) |
|
$ |
(15,573,884 |
) |
|
$ |
(6,183,729 |
) |
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense (income), net |
|
|
739,629 |
|
|
|
(70,031 |
) |
|
|
450,832 |
|
|
|
(388,586 |
) |
Depreciation expense |
|
|
263,264 |
|
|
|
91,565 |
|
|
|
859,354 |
|
|
|
205,910 |
|
Stock-based compensation |
|
|
564,959 |
|
|
|
321,858 |
|
|
|
2,084,042 |
|
|
|
874,438 |
|
Change in fair value of derivative liabilities |
|
|
216,673 |
|
|
|
— |
|
|
|
216,673 |
|
|
|
— |
|
Income tax expense |
|
|
83,879 |
|
|
|
84,798 |
|
|
|
504,532 |
|
|
|
365,617 |
|
Adjusted EBITDA |
|
$ |
(1,945,535 |
) |
|
$ |
168,109 |
|
|
$ |
(11,458,451 |
) |
|
$ |
(5,126,350 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260309467133/en/
Myomo:
ir@myomo.com
Alliance Advisors IR:
Tirth T. Patel
tpatel@allianceadvisors.com
212-201-6614
Source: Myomo, Inc.