Myomo Reports Third Quarter 2025 Financial and Operating Results
Revenue of
229 authorizations and orders, highest number this year
Reiterates full year revenue guidance of
Conference call begins today at 4:30pm Eastern time
“Third quarter revenues were at the high end of our expectations, with International and
"We believe the key to lowering cost per pipeline add is strengthening relationships with the therapists and physicians that are integrated into the continuum of care our patients receive, while reducing our reliance on advertising for lead generation. Under this new program, called MyoConnect, which is expected to generate recurring patient referrals, our clinical team engages with therapists and physicians nationwide to expand the network of healthcare professionals who understand the benefits of the MyoPro. We view MyoConnect as a more scalable means of growing our patient pipeline, while reducing cost per pipeline add and improving pipeline quality, and we are encouraged by the early results," added Gudonis. "We are also seeing growth from the O&P channel as more clinicians add the MyoPro to their product offerings and begin building their own patient pipelines"
Recent Operational and Strategic Highlights:
-
MyoPro Orders and Insurance Authorizations: The 229 MyoPro orders in Q3 represented the strongest quarter of the year, while revenue velocity increased as intra-quarter orders represented
57% of revenue units. -
Recurring Patient Sources: The Company's strategy to grow revenues from recurring sources —
U.S. and International O&P providers and MyoConnect — is gaining traction, with recordU.S. O&P and International revenue in the third quarter. -
Patient Pipeline and Marketing: 826 new candidates were added to the patient pipeline, up
28% , from Q3 2024, with a record 1,669 patients in the process of obtaining a MyoPro. Adjustments to the advertising media mix resulted in a5% sequential decline in cost per pipeline add. - Cost Reduction Projects Underway: Work has begun on several manufacturing cost reduction projects, which are expected to generate 200 basis points of gross margin improvement in the aggregate. Savings are expected to be fully realized starting in the third quarter of 2026.
-
New Debt Financing Arrangement: On November 4, 2025, the Company entered into a Loan and Security Agreement (the "Facility") with Avenue Capital.
$17.5 million $12.5 million $5.0 million $20.1 million
Financial Results
|
For the Three Months
|
|
Period-
|
|
For the Nine Months
|
|
Period-
|
|
||||||||||||||||
|
2025 |
|
2024 |
|
$ |
|
% |
|
2025 |
|
2024 |
|
$ |
|
% |
|
||||||||
Revenue |
$ |
10,090,699 |
|
$ |
9,207,586 |
|
$ |
883,113 |
|
|
10 |
% |
$ |
29,574,746 |
|
$ |
20,482,742 |
|
$ |
9,092,004 |
|
|
44 |
% |
Cost of revenue |
|
3,648,451 |
|
|
2,262,031 |
|
|
1,386,420 |
|
|
61 |
% |
|
10,470,696 |
|
|
5,912,632 |
|
|
4,558,064 |
|
|
77 |
% |
Gross profit |
$ |
6,442,248 |
|
$ |
6,945,555 |
|
$ |
(503,307 |
) |
|
(7 |
)% |
$ |
19,104,050 |
|
$ |
14,570,110 |
|
$ |
4,533,940 |
|
|
31 |
% |
|
63.8 |
% |
|
75.4 |
% |
|
|
|
-11.6 |
% |
|
64.6 |
% |
|
71.1 |
% |
|
|
|
-6.5 |
% |
|||
Revenue: Revenue for the third quarter of 2025 was
Gross Margin: Gross margin for the third quarter of 2025 was
Operating Expenses: Operating expenses for the third quarter of 2025 were
Operating and Net Loss: Operating loss for the third quarter of 2025 was
Adjusted EBITDA: Adjusted EBITDA for the third quarter of 2025 was
Cash, Cash Equivalents and Cash Flows: Cash, cash equivalents and short-term investments as of September 30, 2025 were
Business Outlook
"We expect full year 2025 revenue within our previous guidance range of
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 November 24, 2025 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 fourth quarter and full year 2025 revenue, and the amount and timing of certain cost reduction actions 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 ability to remediate the material weakness in our internal control over financial reporting;
- 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 (Unaudited) |
||||||||||||||||
|
|
For the Three Months ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Revenue |
|
$ |
10,090,699 |
|
|
$ |
9,207,586 |
|
|
$ |
29,574,746 |
|
|
$ |
20,482,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
|
3,648,451 |
|
|
|
2,262,031 |
|
|
|
10,470,696 |
|
|
|
5,912,632 |
|
Gross profit |
|
|
6,442,248 |
|
|
|
6,945,555 |
|
|
|
19,104,050 |
|
|
|
14,570,110 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
1,527,660 |
|
|
|
1,248,870 |
|
|
|
5,319,015 |
|
|
|
3,212,309 |
|
Selling, clinical and marketing |
|
|
5,254,246 |
|
|
|
3,401,182 |
|
|
|
14,883,936 |
|
|
|
8,540,161 |
|
General and administrative |
|
|
3,177,856 |
|
|
|
3,253,056 |
|
|
|
10,529,188 |
|
|
|
8,779,024 |
|
|
|
|
9,959,762 |
|
|
|
7,903,108 |
|
|
|
30,732,139 |
|
|
|
20,531,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from operations |
|
|
(3,517,514 |
) |
|
|
(957,553 |
) |
|
|
(11,628,089 |
) |
|
|
(5,961,384 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other expense (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense (income), net |
|
|
9,743 |
|
|
|
(76,020 |
) |
|
|
(288,797 |
) |
|
|
(318,555 |
) |
|
|
|
9,743 |
|
|
|
(76,020 |
) |
|
|
(288,797 |
) |
|
|
(318,555 |
) |
Loss before income taxes |
|
|
(3,527,257 |
) |
|
|
(881,533 |
) |
|
|
(11,339,292 |
) |
|
|
(5,642,829 |
) |
Income tax expense |
|
|
135,658 |
|
|
|
84,876 |
|
|
|
420,654 |
|
|
|
280,819 |
|
Net loss |
|
$ |
(3,662,915 |
) |
|
$ |
(966,409 |
) |
|
$ |
(11,759,946 |
) |
|
$ |
(5,923,648 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
42,168,120 |
|
|
|
37,950,515 |
|
|
|
41,737,724 |
|
|
|
37,359,366 |
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.16 |
) |
MYOMO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2025 |
|
|
2024 |
|
||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
12,553,558 |
|
|
$ |
24,372,373 |
|
Short-term investments |
|
|
— |
|
|
|
492,990 |
|
Accounts receivable, net |
|
|
5,292,520 |
|
|
|
3,825,291 |
|
Inventories, net |
|
|
3,645,314 |
|
|
|
3,165,965 |
|
Prepaid expenses and other current assets |
|
|
1,457,595 |
|
|
|
933,377 |
|
Total Current Assets |
|
|
22,948,987 |
|
|
|
32,789,996 |
|
Restricted cash |
|
|
375,000 |
|
|
|
375,000 |
|
Operating lease assets with right of use |
|
|
6,870,283 |
|
|
|
7,584,663 |
|
Equipment, net |
|
|
3,714,810 |
|
|
|
1,330,008 |
|
Other assets |
|
|
168,350 |
|
|
|
164,412 |
|
Total Assets |
|
$ |
34,077,430 |
|
|
$ |
42,244,079 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
6,668,162 |
|
|
|
9,021,817 |
|
Current operating lease liability |
|
|
464,239 |
|
|
|
748,021 |
|
Income taxes payable |
|
|
351,974 |
|
|
|
318,885 |
|
Deferred revenue |
|
|
134,750 |
|
|
|
83,115 |
|
Current portion long-term debt |
|
|
583,333 |
|
|
|
— |
|
Revolving credit line |
|
|
1,000,000 |
|
|
|
— |
|
Total Current Liabilities |
|
|
9,202,458 |
|
|
|
10,171,838 |
|
Non-current operating lease liability |
|
|
7,832,722 |
|
|
|
7,358,184 |
|
Long-term debt |
|
|
2,416,667 |
|
|
|
— |
|
Total Liabilities |
|
|
19,451,847 |
|
|
|
17,530,022 |
|
Commitments and Contingencies |
|
|
— |
|
|
|
— |
|
Stockholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3,843 |
|
|
|
3,439 |
|
Additional paid-in capital |
|
|
129,365,034 |
|
|
|
127,846,026 |
|
Accumulated other comprehensive income |
|
|
137,653 |
|
|
|
(14,406 |
) |
Accumulated deficit |
|
|
(114,874,483 |
) |
|
|
(103,114,538 |
) |
Treasury stock, at cost |
|
|
(6,464 |
) |
|
|
(6,464 |
) |
Total Stockholders’ Equity |
|
|
14,625,583 |
|
|
|
24,714,057 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
34,077,430 |
|
|
$ |
42,244,079 |
|
MYOMO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
For the Nine Months Ended September 30, |
|
2025 |
|
|
2024 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net loss |
|
$ |
(11,759,946 |
) |
|
$ |
(5,923,648 |
) |
Adjustments to reconcile net loss to net cash used in operations: |
|
|
|
|
|
|
||
Depreciation |
|
|
596,091 |
|
|
|
114,346 |
|
Stock-based compensation |
|
|
1,519,083 |
|
|
|
552,580 |
|
Accretion of discount on short-term investments |
|
|
(24,708 |
) |
|
|
— |
|
Credit losses |
|
|
155,422 |
|
|
|
5,257 |
|
Inventory reserves |
|
|
32,558 |
|
|
|
— |
|
Amortization of deferred offering costs |
|
|
91,051 |
|
|
|
— |
|
Amortization of right-of-use assets |
|
|
714,379 |
|
|
|
196,592 |
|
Other non-cash charges |
|
|
49,924 |
|
|
|
84,180 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(1,111,217 |
) |
|
|
(1,116,352 |
) |
Inventories |
|
|
(1,018,876 |
) |
|
|
(1,573,193 |
) |
Prepaid expenses and other current assets |
|
|
(956,856 |
) |
|
|
(614,951 |
) |
Other assets |
|
|
6,514 |
|
|
|
(16,640 |
) |
Accounts payable and accrued expenses |
|
|
(1,899,337 |
) |
|
|
1,895,795 |
|
Income taxes payable |
|
|
(7,429 |
) |
|
|
202,137 |
|
Operating lease liabilities |
|
|
190,756 |
|
|
|
(366,675 |
) |
Deferred revenue |
|
|
51,636 |
|
|
|
23,460 |
|
Net cash used in operating activities |
|
|
(13,370,955 |
) |
|
|
(6,655,632 |
) |
CASH USED IN INVESTING ACTIVITIES |
|
|
(2,463,748 |
) |
|
|
1,613,180 |
|
CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
3,913,494 |
|
|
|
5,162,409 |
|
Effect of foreign exchange rate changes on cash |
|
|
102,394 |
|
|
|
6,412 |
|
|
|
|
|
|
|
|
||
'Net (decrease) increase in cash and cash equivalents and restricted cash |
|
|
(11,818,815 |
) |
|
|
126,369 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, beginning of period |
|
|
24,747,373 |
|
|
|
6,871,306 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, end of period |
|
$ |
12,928,558 |
|
|
$ |
6,997,675 |
|
MYOMO, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (Unaudited) |
||||||||||||||||
|
|
For the Three Months
|
|
|
For the Nine Months
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
GAAP net loss |
|
$ |
(3,662,915 |
) |
|
$ |
(966,409 |
) |
|
$ |
(11,759,946 |
) |
|
$ |
(5,923,648 |
) |
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
9,743 |
|
|
|
(76,020 |
) |
|
|
(288,797 |
) |
|
|
(318,555 |
) |
Depreciation expense |
|
|
246,850 |
|
|
|
48,682 |
|
|
|
596,091 |
|
|
|
114,346 |
|
Stock-based compensation |
|
|
583,991 |
|
|
|
324,185 |
|
|
|
1,519,083 |
|
|
|
552,580 |
|
Income tax expense |
|
|
135,658 |
|
|
|
84,876 |
|
|
|
420,654 |
|
|
|
280,819 |
|
Adjusted EBITDA |
|
$ |
(2,686,673 |
) |
|
$ |
(584,686 |
) |
|
$ |
(9,512,915 |
) |
|
$ |
(5,294,458 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251110512761/en/
Myomo:
ir@myomo.com
Alliance Advisors IR:
Tirth T. Patel
tpatel@allianceadvisors.com
212-201-6614
Source: Myomo, Inc.
