Myomo Stock Price, News & Analysis

Myomo (AMEX: MYO) has announced the receipt of a $1.7 million payment as part of its Technology License Agreement with its joint venture in China—Jiangxi Myomo Medical Assistive Appliance Co. Ltd.. This payment enables the start of technology transfer and the process of obtaining regulatory approval to manufacture and sell the MyoPro in China, Hong Kong, Taiwan, and Macau. The company expects to account for this fee as licensing revenue in Q2 2023. The joint venture has committed to purchasing at least $10.75 million in MyoPro units over the next decade, subject to regulatory approvals.

Myomo, Inc. (NYSE American: MYO), a company focused on wearable medical robotics, has announced a going concern emphasis of matter following its annual financial audit for the year ending December 31, 2022. This announcement, made in compliance with NYSE guidelines, does not alter the previously reported financial data. Myomo specializes in the MyoPro product line, which aids patients with neurological disorders or upper-limb paralysis, enhancing daily functionality. The MyoPro device uniquely employs non-invasive EMG sensors to support arm restoration, promoting independence and reducing care costs for users.

Myomo (NYSE American: MYO) reported fourth quarter revenue of $4.0 million, a 2% increase sequentially but flat year-over-year. Patient pipeline growth was notable, with 387 new patients added, a 75% rise from Q4 2021. The company achieved a 65.0% gross margin, a decline from 77.4% in the prior year, driven by increased product costs. Operating expenses decreased by 17% to $4.9 million. The company anticipates first quarter 2023 product revenue growth between 15% and 20% and full-year growth of 20% to 30%. Cash position stood at $5.3 million as of December 31, 2022.