Welcome to our dedicated page for Myomo news (Ticker: MYO), a resource for investors and traders seeking the latest updates and insights on Myomo stock.
Myomo Inc. develops and markets wearable medical robotics for people with neurological disorders and upper-limb paralysis. Its MyoPro product line is a powered upper-limb orthosis that uses non-invasive EMG sensors to support weakened or paralyzed arms in patients with conditions such as stroke, brachial plexus injury, traumatic brain injury, spinal cord injury and other neuromuscular disease or injury.
Company news commonly covers MyoPro orders, insurance authorizations, patient-pipeline trends, revenue from recurring patient sources, market-access relationships with orthotics and prosthetics providers, and product-development updates such as the Myomo Mobile App. Updates also include clinical research evaluating MyoPro, operating results, direct-billing activity, international sales channels and board governance changes.
Myomo reported Q4 2021 revenue of $4.0 million, a 6% increase year-over-year, and full-year revenue of $13.9 million, up 83% from 2020. Gross margin improved to 77.4%, up 400 basis points year-over-year. Despite this, operating loss increased to $2.7 million in Q4 and net loss for the quarter was $3.4 million, or $0.52 per share. The cash position was strong at $15.5 million, adequately funding operations for at least the next 12 months. Myomo anticipates product revenue between $2.6 million to $3.0 million in Q1 2022.
Myomo, Inc. (NYSE American: MYO) will report its financial results for the fiscal year ending December 31, 2021, on March 9, 2022, after market close. A conference call will follow at 4:30 p.m. ET on the same day, featuring remarks from CEO Paul R. Gudonis and CFO David Henry. Interested participants can pre-register for the call or access it via dial-in. Myomo specializes in wearable medical robotics, particularly the MyoPro product line, which aids individuals with upper limb paralysis. For more details, visit Myomo’s Investor Relations page.
Myomo, Inc. (NYSE American: MYO) has announced the issuance of a new patent for its MyoPro device by the Japanese Patent Office, bringing the total to 20 patents globally. This patent covers a powered orthotic device designed to assist users with upper-limb paralysis, allowing for voluntary movement control using electromyographic and inertial sensors. The company aims to leverage this patent for future business ventures in Japan, reflecting ongoing efforts to expand its global patent portfolio and enhance its position in the medical robotics market.
Myomo, Inc. (NYSE American: MYO) announced new research demonstrating statistically significant improvements in motor function among stroke and traumatic brain injury patients using the MyoPro orthosis. Funded by the U.S. Army Medical Research Acquisition Activity, the study published in Frontiers in Neurology followed 13 individuals and showed improvements across several metrics, including a +7.5 point gain on the Fugl-Meyer scale. These results support expanding reimbursement coverage in the U.S. and Germany, reflecting the therapeutic value of MyoPro.
Myomo, Inc. (AMEX: MYO), a company specializing in wearable medical robotics, announced that CEO Paul Gudonis and CFO David Henry will present at the Sidoti Winter Small Cap Conference on January 19, 2022, at 2:30 p.m. ET. Investors can access the presentation here. Virtual one-on-one sessions will also be available on January 19 and 20, with free registration open to all investors.
Myomo, Inc. (AMEX: MYO) announced an update on its MyoPro device reimbursement amidst earlier claim denials by a major payer. For Q3 2021, this payer accounted for 32% of total revenue. Currently, 90% of denied claims from September/October have been resolved. However, post-service claims filed after November 10, 2021, continue to face denials, attributed to internal processing issues at the payer. Despite challenges, Myomo maintains its revenue recognition practice and anticipates resolution of the issues impacting future revenues.
Myomo, Inc. (AMEX: MYO) has announced the launch of the MyoPro 2+, an enhanced powered brace designed for individuals with neurological disorders and upper-limb paralysis. This new model features a lighter design, improved comfort, and advanced grasp functionality. Deliveries are set to begin this month. The MyoPro 2+ will be manufactured in-house, allowing for better customization and reduced production costs. CEO Paul R. Gudonis emphasized the device's improved user experience and the company's rapid growth trajectory.
Myomo, Inc. (NYSE American: MYO) announced an amended joint venture agreement with Beijing Ryzur Medical Investment and Wuxi Chinaleaf Rehabilitation Fund. Myomo retains a 19.9% stake in the venture, while Ryzur holds 65.1%. An upfront license fee of $2.7 million will be paid for technology and trademark licensing, with $0.2 million due within 30 days. $10.75 million is guaranteed over 10 years. Operations in China will commence upon full payment of the license fee expected by March 31, 2022.
Myomo (NYSE American: MYO) reported record financial results for Q3 2021, achieving $4.4 million in revenue, a 128% increase year-over-year, and 159% year-to-date. Gross margin improved to 75%, up 1,900 basis points. The backlog rose to a record 177 units. However, the company faces challenges including temporary labor shortages impacting deliveries. The net loss for Q3 was $2.1 million, or $0.36 per share. Despite strong revenue growth, forecasting for Q4 is difficult due to these constraints.
Myomo, Inc. (NYSE American: MYO) will announce its financial results for the three and nine months ended September 30, 2021 on November 10, 2021, after the market closes. The company will hold a conference call on the same day at 4:30 p.m. ET, featuring remarks from CEO Paul R. Gudonis and CFO David Henry. Participants can pre-register for the call or join through provided dial-in information. Myomo specializes in wearable medical robotics aimed at aiding patients with upper-limb paralysis.