Myomo's Fourth Quarter Financial Results Feature Record Revenue of $12.1 Million
Generated first-ever positive quarterly cash flow from operations
Received a record 233 MyoPro® authorizations and orders with 657 additions to the pipeline
Introduces 2025 revenue guidance of
Conference call being held today at 4:30pm Eastern time
Financial and operating highlights for the fourth quarter of 2024 include the following (all comparisons are with the fourth quarter of 2023 unless otherwise indicated):
-
Revenue was a record
$12.1 million 154% ; -
Revenue units were a record 220, up
106% ; -
Positive cash flow from operations of
$3.4 million $2.5 million -
Orders and insurance authorizations were received for a record 233 MyoPro units, up
27% ; -
Backlog, which represents insurance authorizations and orders received but not yet converted to revenue, was 272 units as of December 31, 2024, up
18% ; -
A record 657 new candidates were added to the patient pipeline, up
72% ; -
There were 1,389 MyoPro candidates in the patient pipeline as of December 31, 2024, up
33% ; -
Gross margin was
71.4% , up 610 basis points; -
Cost per pipeline add was
$1,224 46% ; and -
Trained nearly 160 certified prosthetist orthotists ("CPO's) in 2024 to provide the MyoPro to their patients;
U.S. orthotics and prosthetics ("O&P") channel revenue was$0.6 million 94% sequentially.
Management Commentary
“Our success in the fourth quarter is the culmination of a transformational year for Myomo, as quarterly revenue surpassed
Financial Results
|
For the Three Months Ended
|
|
Period-
|
|
For the Year Ended
|
|
Period-
|
|
||||||||||||||||
|
2024 |
|
2023 |
|
$ |
|
% |
|
2024 |
|
2023 |
|
$ |
|
% |
|
||||||||
Product revenue |
$ |
12,068,456 |
|
$ |
4,756,383 |
|
$ |
7,312,073 |
|
|
154 |
% |
$ |
32,551,199 |
|
$ |
17,476,238 |
|
$ |
15,074,961 |
|
|
86 |
% |
License revenue |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
1,764,920 |
|
|
(1,764,920 |
) |
|
(100 |
) |
|
Total revenue |
|
12,068,456 |
|
|
4,756,383 |
|
|
7,312,073 |
|
|
154 |
|
|
32,551,199 |
|
|
19,241,158 |
|
|
13,310,041 |
|
|
69 |
|
Cost of revenue |
|
3,453,224 |
|
|
1,651,505 |
|
|
1,801,719 |
|
|
109 |
|
|
9,365,856 |
|
|
6,058,775 |
|
|
3,307,081 |
|
|
55 |
|
Gross profit |
$ |
8,615,232 |
|
$ |
3,104,878 |
|
$ |
5,510,354 |
|
|
177 |
% |
$ |
23,185,343 |
|
$ |
13,182,383 |
|
$ |
10,002,960 |
|
|
76 |
% |
Gross margin |
|
71.4 |
% |
|
65.3 |
% |
|
|
|
6.1 |
% |
|
71.2 |
% |
|
68.5 |
% |
|
|
|
2.7 |
% |
||
Revenue for the fourth quarter of 2024 was
Gross margin for the fourth quarter of 2024 was
Operating expenses for the fourth quarter of 2024 were
Operating loss for the fourth quarter of 2024 was
Adjusted EBITDA for the fourth quarter of 2024 was
Full Year Financial Results
Revenue for the year ended December 31, 2024 was
Operations Update
The MyoPro patient pipeline was 1,389 patients as of December 31, 2024, compared with 1,042 patients as of December 31, 2023, an increase of
Cash Position
Cash, cash equivalents and short-term investments as of December 31, 2024 were
Business Outlook
"Our investments in support of growth in the direct billing channel during the first half of 2025 are expected to result in accelerating revenue growth during the second half of the year," added Mr. Gudonis. "We expect typical seasonality in the first quarter, with expected revenue in the 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 March 24, 2025 at 877-344-7529 (
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 that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in
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 2025 revenue, as well as an expectation of returning to positive cash flows from operations by the fourth quarter of 2025, 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 ability to scale the business to return to positive cash flow from operations on a quarterly basis by the fourth quarter of 2025;
- our revenue concentration with Medicare and with a particular insurance payer as a result of focusing our efforts on patients with insurers who have previously reimbursed for the MyoPro;
- 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 dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;
- our ability to obtain and maintain our strategic collaborations and to realize the intended results of such collaborations;
- our ability to effectively execute our business plan and scale up our operations;
- 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 |
||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
(unaudited) |
|
|
|
|
|
|
|
|||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product revenue |
|
$ |
12,068,456 |
|
|
$ |
4,756,383 |
|
|
$ |
32,551,199 |
|
|
$ |
17,476,238 |
|
License revenue |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,764,920 |
|
|
|
|
12,068,456 |
|
|
|
4,756,383 |
|
|
|
32,551,199 |
|
|
|
19,241,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
|
3,453,224 |
|
|
|
1,651,505 |
|
|
|
9,365,856 |
|
|
|
6,058,775 |
|
Gross profit |
|
|
8,615,232 |
|
|
|
3,104,878 |
|
|
|
23,185,343 |
|
|
|
13,182,383 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
1,559,704 |
|
|
|
878,006 |
|
|
|
4,772,013 |
|
|
|
2,636,487 |
|
Selling, clinical, and marketing |
|
|
3,696,748 |
|
|
|
2,353,120 |
|
|
|
12,236,910 |
|
|
|
9,042,698 |
|
General and administrative |
|
|
3,604,094 |
|
|
|
2,306,929 |
|
|
|
12,383,118 |
|
|
|
9,734,747 |
|
|
|
|
8,860,546 |
|
|
|
5,538,055 |
|
|
|
29,392,041 |
|
|
|
21,413,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from operations |
|
|
(245,314 |
) |
|
|
(2,433,177 |
) |
|
|
(6,206,698 |
) |
|
|
(8,231,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income, net |
|
|
(70,031 |
) |
|
|
(113,533 |
) |
|
|
(388,586 |
) |
|
|
(410,274 |
) |
Other (income) expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
785 |
|
Loss on equity investment |
|
|
- |
|
|
|
69,662 |
|
|
|
- |
|
|
|
169,503 |
|
|
|
|
(70,031 |
) |
|
|
(43,871 |
) |
|
|
(388,586 |
) |
|
|
(239,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss before income taxes |
|
|
(175,283 |
) |
|
|
(2,389,306 |
) |
|
|
(5,818,112 |
) |
|
|
(7,991,563 |
) |
Income tax expense (benefit) |
|
|
84,798 |
|
|
|
70,798 |
|
|
|
365,617 |
|
|
|
156,002 |
|
Net loss |
|
$ |
(260,081 |
) |
|
$ |
(2,460,104 |
) |
|
$ |
(6,183,729 |
) |
|
$ |
(8,147,565 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
38,905,739 |
|
|
|
35,182,105 |
|
|
|
37,758,837 |
|
|
|
29,499,340 |
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.28 |
) |
MYOMO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
24,372,373 |
|
|
$ |
6,871,306 |
|
Short-term investments |
|
|
492,990 |
|
|
|
1,994,662 |
|
Accounts receivable, net |
|
|
3,825,291 |
|
|
|
2,382,658 |
|
Inventories, net |
|
|
3,165,965 |
|
|
|
1,803,507 |
|
Prepaid expenses and other current assets |
|
|
933,377 |
|
|
|
598,850 |
|
Total Current Assets |
|
|
32,789,996 |
|
|
|
13,650,983 |
|
Restricted cash |
|
|
375,000 |
|
|
|
— |
|
Operating lease assets with right of use, net |
|
|
7,584,663 |
|
|
|
663,554 |
|
Equipment, net |
|
|
1,330,008 |
|
|
|
175,794 |
|
Other assets |
|
|
164,412 |
|
|
|
91,237 |
|
Total Assets |
|
$ |
42,244,079 |
|
|
$ |
14,581,568 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
9,021,817 |
|
|
|
4,885,944 |
|
Current operating lease liability |
|
|
748,021 |
|
|
|
486,143 |
|
Income taxes payable |
|
|
318,885 |
|
|
|
96,461 |
|
Deferred revenue |
|
|
83,115 |
|
|
|
8,510 |
|
Total Current Liabilities |
|
|
10,171,838 |
|
|
|
5,477,058 |
|
Non-current operating lease liability, net of current |
|
|
7,358,184 |
|
|
|
115,160 |
|
Total Liabilities |
|
|
17,530,022 |
|
|
|
5,592,218 |
|
Commitments and Contingencies |
|
|
— |
|
|
|
— |
|
Stockholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3,439 |
|
|
|
2,715 |
|
Additional paid-in capital |
|
|
127,846,026 |
|
|
|
105,840,239 |
|
Accumulated other comprehensive (loss) income |
|
|
(14,406 |
) |
|
|
83,669 |
|
Accumulated deficit |
|
|
(103,114,538 |
) |
|
|
(96,930,809 |
) |
Treasury stock, at cost |
|
|
(6,464 |
) |
|
|
(6,464 |
) |
Total Stockholders’ Equity |
|
|
24,714,057 |
|
|
|
8,989,350 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
42,244,079 |
|
|
$ |
14,581,568 |
|
MYOMO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
For the Year Ended December 31, |
|
2024 |
|
|
2023 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net loss |
|
$ |
(6,183,729 |
) |
|
$ |
(8,147,565 |
) |
Adjustments to reconcile net loss to net cash used in operations: |
|
|
|
|
|
|
||
Depreciation |
|
|
205,910 |
|
|
|
164,306 |
|
Stock-based compensation |
|
|
874,438 |
|
|
|
1,115,602 |
|
Accretion of discount on short-term investments |
|
|
(118,598 |
) |
|
|
(110,788 |
) |
Bad debt expense |
|
|
43,657 |
|
|
|
28,401 |
|
Amortization of right-of-use assets |
|
|
571,061 |
|
|
|
353,375 |
|
Loss on equity investment |
|
|
— |
|
|
|
169,503 |
|
Amortization of deferred offering cost |
|
|
41,552 |
|
|
|
— |
|
Other non-cash charges |
|
|
16,020 |
|
|
|
(38,809 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(1,559,604 |
) |
|
|
(495,599 |
) |
Inventories |
|
|
(1,395,042 |
) |
|
|
(384,781 |
) |
Prepaid expenses and other current assets |
|
|
(887,525 |
) |
|
|
(115,523 |
) |
Other assets |
|
|
84,773 |
|
|
|
19,797 |
|
Accounts payable and accrued expenses |
|
|
4,693,127 |
|
|
|
1,790,133 |
|
Operating lease liabilities |
|
|
(503,543 |
) |
|
|
(460,790 |
) |
Deferred revenue |
|
|
74,604 |
|
|
|
(12,642 |
) |
Other liabilities |
|
|
236,721 |
|
|
|
(47,384 |
) |
Tenent improvement allowance |
|
|
516,274 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(3,289,904 |
) |
|
|
(6,172,764 |
) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
|
259,981 |
|
|
|
(2,029,565 |
) |
CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
20,932,429 |
|
|
|
9,713,457 |
|
Effect of foreign exchange rate changes on cash |
|
|
(26,439 |
) |
|
|
14,211 |
|
|
|
|
|
|
|
|
||
Net increase in cash, cash equivalents and restricted cash |
|
|
17,876,067 |
|
|
|
1,525,339 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, beginning of period |
|
|
6,871,306 |
|
|
|
5,345,967 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, end of period |
|
$ |
24,747,373 |
|
|
$ |
6,871,306 |
|
MYOMO, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (unaudited) |
||||||||||||||||
|
|
For the Three Months Ended
|
|
|
For the Year Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP net loss |
|
$ |
(260,081 |
) |
|
$ |
(2,460,104 |
) |
|
$ |
(6,183,729 |
) |
|
$ |
(8,147,565 |
) |
Adjustments to reconcile to Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income, net |
|
|
(70,031 |
) |
|
|
(113,533 |
) |
|
|
(388,586 |
) |
|
|
(410,274 |
) |
Depreciation expense |
|
|
91,565 |
|
|
|
27,890 |
|
|
|
205,910 |
|
|
|
164,306 |
|
Stock-based compensation |
|
|
321,858 |
|
|
|
334,120 |
|
|
|
874,438 |
|
|
|
1,115,602 |
|
Loss on investment in minority interest |
|
|
— |
|
|
|
69,662 |
|
|
|
— |
|
|
|
169,503 |
|
Income tax expense |
|
|
84,798 |
|
|
|
70,798 |
|
|
|
365,617 |
|
|
|
156,002 |
|
Adjusted EBITDA |
|
$ |
168,109 |
|
|
$ |
(2,071,167 |
) |
|
$ |
(5,126,350 |
) |
|
$ |
(6,952,426 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250310436197/en/
Myomo:
ir@myomo.com
Alliance Advisors IR:
Tirth T. Patel
tpatel@allianceadvisors.com
212-201-6614
Source: Myomo, Inc.
