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), a company specializing in wearable medical robotics, is set to participate in two investor conferences in March 2022. The first event is the 34th Annual ROTH Conference from March 13-15 at The Ritz-Carlton, Laguna Niguel, CA, with a Fireside Chat on March 14 at 2:00 p.m. PT. The second is the Oppenheimer’s 32nd Annual Healthcare Conference on March 15-16, featuring a presentation on March 16 at 2:00 p.m. ET. Myomo’s product line, MyoPro, assists those with upper-limb paralysis to regain functionality.
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.