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, 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.
Myomo, Inc. (NYSE American: MYO) will present at the Microcap Rodeo conference on October 12, 2022, at 9:30 a.m. Central time. Paul Gudonis, Myomo's CEO, will lead the presentation, which will be available via live webcast. This event will take place in Chicago, featuring 60 microcap companies and valuable insights for investors. One-on-one meetings can be scheduled, and registration is encouraged for attendees. Myomo specializes in wearable medical robotics, particularly the MyoPro device that assists those with upper limb paralysis.
Myomo, Inc. (NYSE American: MYO), a company specializing in wearable medical robotics, is set to present at the H.C. Wainwright 24th Annual Global Investment Conference from September 12 to 14 in New York City. The CEO, Paul Gudonis, and CFO, David Henry, will participate virtually. A webcast of their presentation will be available on-demand starting September 12, 2022, at 7:00 a.m. Eastern time. Myomo develops MyoPro, a powered upper limb orthosis aimed at restoring function for patients with neurological disorders and paralysis, improving daily living activities.
Myomo, a company focused on wearable medical robotics, has received a $120,000 order for MyoPro units from the Louis Stokes Cleveland VA Medical Center. This order supports an investigator-initiated randomized clinical trial led by Dr. Svetlana Pundik, aimed at assessing the MyoPro’s efficacy in motor learning therapy for chronic stroke patients with severe upper limb deficits. Revenue from this order is anticipated in the coming months as devices are fitted to study participants.