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. (NYSE American: MYO) is a wearable medical robotics company whose news flow centers on its MyoPro myoelectric orthosis product line, financial performance and commercialization efforts. The company develops and markets powered upper-limb orthoses designed to support the arm and restore function to weakened or paralyzed arms in patients with neurological disorders and neuromuscular injuries.
News about Myomo frequently includes quarterly financial and operating results, where the company reports revenue, gross margin, operating expenses, net loss and non-GAAP metrics such as Adjusted EBITDA. These updates also describe operating metrics such as MyoPro revenue units, orders and insurance authorizations, patient pipeline size, backlog and the proportion of revenue associated with Medicare Part B patients.
Investors following MYO can also expect announcements about product developments, such as the launch of the MyoPro 2x, which Myomo characterizes as a major step forward in donning, fit and function for users. Additional news items cover marketing and commercialization initiatives, including engagement with orthotics and prosthetics providers, training of Certified Prosthetists Orthotists, and programs like MyoConnect that are intended to generate recurring patient referrals from therapists and physicians.
Myomo’s news releases may also highlight capital markets and corporate events, including participation in investor conferences, Investor & Analyst Day presentations, and financing arrangements such as loan facilities documented in Form 8-K filings. For readers tracking MYO, this news page aggregates company-issued press releases and related updates, providing a single location to review Myomo’s reported progress on its business model, product line and financial performance over time.
Myomo, Inc. (NYSE American: MYO) will announce financial results for the three months and year ended December 31, 2022, on March 13, 2023, before market opening. A conference call is scheduled for the same day at 10:00 a.m. ET, featuring remarks from CEO Paul R. Gudonis and CFO David Henry. Participants can pre-register for the call to receive a passcode for immediate access. Myomo specializes in wearable medical robotics, improving arm function for patients with neurological disorders and upper-limb paralysis. Their MyoPro devices restore function through EMG signals, enabling daily activities and independence for users.
Myomo, Inc. (NYSE American: MYO) announced that the National Disability Insurance Scheme (NDIS) in Australia has approved reimbursement for the MyoPro device, enhancing access for patients with upper-limb paralysis. The first beneficiary, Natalee W., who suffered a brain aneurysm and stroke at 16, benefited from a trial funded by NDIS, enabling her to regain functionality in daily activities. Myomo seeks to increase market reach with this approval. The patented MyoPro technology, developed with MIT and Harvard Medical School, is designed to restore arm function through sensing the patient's EMG signals.
Myomo, Inc. (NYSE American: MYO) has appointed Yitzchak Jacobovitz as a Class II director effective January 27, 2023. Jacobovitz, who brings extensive healthcare investment experience from AIGH Capital Management, will serve until the 2025 annual stockholders' meeting. This appointment expands the board to six directors. CEO Paul R. Gudonis expressed confidence that Jacobovitz's insights will add significant value to the company. Myomo develops wearable medical robotics, including the MyoPro device, which aids individuals with upper-limb paralysis by restoring functionality through sensing patient’s EMG signals, enhancing their ability to perform daily activities.
Myomo, Inc. (NYSE American: MYO) has successfully closed its "best efforts" public offering of 20 million shares at a price of $0.325 per share, generating approximately $6.5 million in gross proceeds. The funds will be utilized for working capital and general corporate purposes. Management and select healthcare-focused investors participated in the offering, facilitated by A.G.P./Alliance Global Partners as the placement agent. The securities were offered under registration statements effective January 11, 2023. The offering supports Myomo's mission of improving upper-limb function for patients with neurological disorders.
Myomo, Inc. (NYSE American: MYO) announced a public offering of 20 million shares at $0.325 each, aiming to raise approximately $6.5 million before expenses. The offering is set to close around January 17, 2023, pending customary conditions. The funds will be utilized for working capital and corporate needs. Management and selected healthcare investors are participating. A.G.P./Alliance Global Partners serves as the placement agent. The offering follows the registration statements filed with the SEC, which became effective on January 11, 2023.
Myomo, Inc. (NYSE American: MYO) announced a reduction in force impacting approximately 12% of its workforce to enhance efficiency in its direct billing channel. This decision aims to reduce cash burn and is expected to save over $2 million annually. The CEO, Paul Gudonis, emphasized that this was a necessary step to improve operating leverage and extend the company's cash runway while pursuing reimbursement for the MyoPro device.
Myomo, Inc. (NYSE American: MYO) announced steps to obtain Medicare Part B reimbursement for its MyoPro device after meeting with DME MAC medical directors. The company has been discussing changing the MyoPro's classification from durable medical equipment to an orthosis, which would allow for a single payment reimbursement. Discussions are ongoing, and claims will start to be submitted in early 2023. Myomo’s MyoPro is currently covered by some Medicare Advantage plans and other insurers. However, no assurance is provided regarding CMS's decision on reimbursement or payment timing.
Myomo, Inc. (NYSE American: MYO) has won a pivotal ruling in Germany confirming that its MyoPro powered orthosis is an orthopedic aid. The Berlin-Brandenburg Regional Social Court mandated that DAK, Germany's third-largest health insurer, must cover the costs associated with the MyoPro for a 33-year-old plaintiff who suffered paralysis after a motor vehicle accident. This ruling aims to ease access to MyoPro devices for patients with upper extremity impairments, which can significantly enhance their quality of life.
Myomo, Inc. (NYSE American: MYO) reported third quarter 2022 revenue of $4.0 million, reflecting an 8% sequential increase despite a 9% decline year-over-year. The company achieved a record backlog of 184 units with 130 new patient authorizations, up 27% sequentially. Gross margin for the quarter was 66.5%, a decrease of 820 basis points from last year. Operating loss increased to $2.8 million. The company expects modest sequential growth in product revenue for Q4 and a larger pipeline entering 2023.
Myomo, Inc. (NYSE American: MYO) announced it will report financial results for the three and nine months ended September 30, 2022, on November 10, 2022, after market close. A conference call is scheduled for 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 immediate access. Myomo specializes in wearable medical robotics, aiding those with neurological disorders. The MyoPro product line supports arm function for individuals with paralysis.