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.
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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 location value="LC/cn"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 location value="LC/cn"China, location value="LC/hk"Hong Kong, location value="LC/tw"Taiwan, and location value="LC/mo"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.
Myomo, Inc. (NYSE American: MYO) will report its financial results for the year ended December 31, 2022, on March 13, 2023, before market open. A conference call will follow at 10:00 a.m. ET, featuring remarks from CEO Paul R. Gudonis and CFO David Henry. Participants can pre-register here or dial in at 1-844-707-6932. Myomo specializes in wearable medical robotics, specifically targeted at patients with upper-limb paralysis due to conditions like stroke and ALS, primarily through their MyoPro product line.