Myomo (NYSE: MYO) grows Q1 revenue, improves margins and reaffirms 2026 outlook
Rhea-AI Filing Summary
Myomo, Inc. reported first quarter 2026 revenue of $10.1 million, up 3% from a year earlier, driven by a higher average selling price and a growing mix of recurring patient sources, which rose to 49% of revenue versus 25% in the prior-year quarter.
Gross margin improved to 68.2% and operating expenses fell 1%, narrowing the net loss to $3.0 million, or $0.07 per share. Management expects second quarter 2026 revenue of $10.3 million to $10.8 million and reaffirmed full-year 2026 revenue guidance of $43 million to $46 million, citing a larger backlog and expanding in-network payer access.
Positive
- None.
Negative
- None.
Insights
Myomo showed modest growth, better margins and reaffirmed its 2026 revenue outlook.
Myomo delivered Q1 2026 revenue of $10.1 million, up 3% year over year, as higher average selling prices offset a small decline in units. Recurring patient sources grew to 49% of revenue, indicating more repeat and follow-on business.
Gross margin improved to 68.2% and operating expenses declined 1%, helping narrow the net loss to $3.0 million. Adjusted EBITDA loss improved to $(2.3) million. Cash, cash equivalents and short-term investments totaled $15.7 million as of March 31, 2026, with reduced operating cash use versus a year ago.
Management guided Q2 2026 revenue to $10.3–$10.8 million and reaffirmed full-year 2026 revenue of $43–$46 million, tied to a growing backlog and broader payer coverage. Actual outcomes will depend on authorization rates, execution of marketing programs and reimbursement dynamics discussed in the risk disclosures.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Medicare Part B financial
MyoPro technical
warrant derivative liability financial
forward-looking statements regulatory
Earnings Snapshot
Q2 2026 revenue expected between $10.3M and $10.8M; full-year 2026 revenue guidance reaffirmed at $43M to $46M.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Company as Specified in Charter)
|
|
|
|
|
|
|
|||
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
|
|
|||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Company’s telephone number, including area code: (
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026, Myomo, Inc, (the "Company") announced its financial results for the first quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Form 8-K (including Exhibit 99.1) is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01.
(d) Exhibits
Exhibit |
|
Description |
|
|
|
|
|
|
99.1 |
|
Press release issued by Myomo, Inc. on May 7, 2026, furnished herewith. |
104 |
|
The cover page from the Company’s Form 8-K dated May 7, 2026, formatted in Inline XBRL |
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
MYOMO, INC. |
|
|
|
|
Date: |
May 7, 2026 |
By: |
/s/ David A. Henry |
|
|
|
David A. Henry |
Exhibit 99.1
Myomo Reports First Quarter 2026 Financial and Operating Results
Revenue of $10.1 million with 49% of first quarter revenue from recurring patient sources
MyoPro® orders received during the quarter were up 12% year-over-year
Expanded gross margin, lower operating expenses and narrowed net loss
Conference call begins at 4:30pm Eastern time today
BURLINGTON, Mass. (May 7, 2026) – Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today reported financial results for the three months ended March 31, 2026.
“Earlier this year we established four success pillars for 2026, including growing revenue from recurring patient sources, increasing market access, demonstrating operating leverage and investing in innovation. With strong progress against each, first quarter revenue and operating results were above our targets. We are effectively shifting our business toward recurring patient sources, which represented 49% of revenue in the quarter, up from 25% a year ago. Our MyoConnect program is ramping up nicely and enhancing the clinical quality of prospective patients as well. This resulted in 11% of pipeline adds and 16% of orders generated by direct billing referrals in the quarter, with the added benefit of a sequential decline in cost per pipeline add," said Paul Gudonis, Myomo's Chairman and Chief Executive Officer.
Success Pillar Accomplishments:
Results of Key Operating Metrics:
Financial Results
|
For the Three Months |
|
Period- |
|
||||||||
|
2026 |
|
2025 |
|
$ |
|
% |
|
||||
Revenue |
$ |
10,113,288 |
|
$ |
9,831,814 |
|
$ |
281,474 |
|
|
3 |
% |
Cost of revenue |
|
3,211,682 |
|
|
3,222,184 |
|
|
(10,502 |
) |
|
(0 |
)% |
Gross profit |
$ |
6,901,606 |
|
$ |
6,609,630 |
|
$ |
291,976 |
|
|
4 |
% |
Gross margin % |
|
68.2 |
% |
|
67.2 |
% |
|
|
|
1.0 |
% |
|
Revenue: Revenue for the first quarter of 2026 was $10.1 million, up 3% compared with the first quarter of 2025, reflecting a higher average selling price ("ASP"), partially offset by a modest decrease in the number of revenue units. ASP was approximately $58,800, up 9% versus the prior year. Myomo recognized revenue on 172 MyoPro units in the quarter, down 5% over the same period a year ago. Medicare Part B patients represented 51% of first quarter 2026 revenue.
Gross Margin: Gross margin for the first quarter of 2026 was 68.2%, compared with 67.2% for the first quarter of 2025. The increase was driven primarily by the higher ASP, partially offset by higher clinical costs classified to cost of goods sold.
Operating Expenses: Operating expenses for the first quarter of 2026 were $10.1 million, a decrease of 1% compared with the first quarter of 2025. The decrease was primarily due to lower research and development and general and administrative expenses, partially offset by higher sales, clinical and marketing expenses, including higher advertising expense. Cost per pipeline add was $2,550, down 16% sequentially and up 11% compared with the same period a year ago.
Operating and Net Loss: Operating loss for the first quarter of 2026 was $3.2 million, compared with an operating loss of $3.5 million for the first quarter of 2025. Net loss for the first quarter of 2026 was $3.0 million, or $0.07 per share, compared with a net loss of $3.5 million, or $0.08 per share, for the first quarter of 2025.
Adjusted EBITDA: Adjusted EBITDA for the first quarter of 2026 was $(2.3) million, compared with $(2.8) million for the first quarter of 2025. A reconciliation of GAAP net loss to this non-GAAP financial measure appears below.
Cash, Cash Equivalents and Cash Flows: Cash, cash equivalents and short-term investments as of March 31, 2026, were $15.7 million. Cash used in operating activities was $2.2 million for the first quarter of 2026, compared with $2.7 million used in operating activities in the first quarter of 2025.
Business Outlook
"With a strong backlog entering the second quarter, we expect to grow revenue sequentially with modestly higher operating expenses from increased advertising spend as changes made in our marketing program continue to gain traction," added Mr. Gudonis. "We expect second quarter 2026 revenue to be in the range of $10.3 million to $10.8 million. We reaffirm our guidance for full year revenue to be in the range of $43 million to $46 million and our prior full-year operating leverage expectation."
Conference Call and Webcast
Myomo will hold a conference call today at 4:30 p.m. Eastern time to discuss these results and answer questions. Participants are encouraged to pre-register for the call at this link. Callers who pre-register will receive a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time up to and after the start of the call. Those unable to pre-register may participate by dialing 844-707-6932 (U.S.) or 412-317-9250 (International). A webcast of the call will also be available at Myomo’s Investor Relations page at http://ir.myomo.com/.
A replay of the webcast will be available beginning approximately one hour after the completion of the live conference call at http://ir.myomo.com/. A dial-in replay of the call will be available until May 21, 2026 at 855-669-9658 (U.S./Canada toll-free) or 412-317-0088 (International), with passcode 8935228.
Non-GAAP Financial Measures
Myomo is providing financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. This information includes Adjusted EBITDA. This non-GAAP financial measure is not in accordance with, or an alternative for, GAAP and may be different from similar non-GAAP financial measures used by other companies. Myomo believes the use of this non-GAAP financial measure provides supplementary information for investors to use in evaluating operating performance and in comparing Myomo’s financial measures with other companies in its industry, many of which present similar non-GAAP financial measures. Adjusted EBITDA is EBITDA adjusted for stock-based compensation expense. This non-GAAP financial measure is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP, and should be viewed in conjunction with GAAP financial measures. Investors are encouraged to review the reconciliation of this non-GAAP measure to its most directly comparable GAAP financial measure. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury or other neuromuscular disease or injury. It is currently the only marketed device in the U.S. that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Burlington, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s future business expectations, including expectations for second quarter and full year 2026 revenue, and operating leverage expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors.
These factors include, among other things:
More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material or adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contacts:
Myomo:
ir@myomo.com
Alliance Advisors IR:
Bruce Voss
bvoss@allianceadvisors.com
310-691-7100
(Tables follow)
MYOMO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
For the Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Revenue |
|
$ |
10,113,288 |
|
|
$ |
9,831,814 |
|
|
|
|
|
|
|
|
||
Cost of revenue |
|
|
3,211,682 |
|
|
|
3,222,184 |
|
Gross profit |
|
|
6,901,606 |
|
|
|
6,609,630 |
|
Operating expenses: |
|
|
|
|
|
|
||
Research and development |
|
|
1,623,160 |
|
|
|
1,790,024 |
|
Selling, clinical and marketing |
|
|
4,816,759 |
|
|
|
4,395,804 |
|
General and administrative |
|
|
3,618,739 |
|
|
|
3,944,056 |
|
|
|
|
10,058,658 |
|
|
|
10,129,884 |
|
|
|
|
|
|
|
|
||
Loss from operations |
|
|
(3,157,052 |
) |
|
|
(3,520,254 |
) |
|
|
|
|
|
|
|
||
Other expense (income), net |
|
|
|
|
|
|
||
Interest expense (income), net |
|
|
504,696 |
|
|
|
(191,991 |
) |
Change in fair value of derivative liabilities |
|
|
(839,064 |
) |
|
|
— |
|
|
|
|
(334,368 |
) |
|
|
(191,991 |
) |
Loss before income taxes |
|
|
(2,822,684 |
) |
|
|
(3,328,263 |
) |
Income tax expense |
|
|
186,715 |
|
|
|
136,795 |
|
Net loss |
|
$ |
(3,009,399 |
) |
|
$ |
(3,465,058 |
) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
||
Basic and diluted |
|
|
42,269,133 |
|
|
|
41,454,472 |
|
Net loss per share attributable to common stockholders |
|
|
|
|
|
|
||
Basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
MYOMO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
11,396,426 |
|
|
$ |
14,132,027 |
|
Short-term investments |
|
|
4,299,978 |
|
|
|
4,261,782 |
|
Accounts receivable, net |
|
|
4,824,537 |
|
|
|
4,096,327 |
|
Inventories |
|
|
3,548,424 |
|
|
|
3,123,089 |
|
Prepaid expenses and other current assets |
|
|
1,588,453 |
|
|
|
1,943,860 |
|
Total Current Assets |
|
|
25,657,818 |
|
|
|
27,557,085 |
|
Restricted cash |
|
|
575,000 |
|
|
|
575,000 |
|
Operating lease assets with right of use |
|
|
6,499,282 |
|
|
|
6,679,349 |
|
Equipment, net |
|
|
2,242,811 |
|
|
|
2,212,901 |
|
Software development costs |
|
|
1,757,402 |
|
|
|
1,590,864 |
|
Other assets |
|
|
21,374 |
|
|
|
21,374 |
|
Total Assets |
|
$ |
36,753,687 |
|
|
$ |
38,636,573 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
7,020,809 |
|
|
|
5,819,767 |
|
Current operating lease liability |
|
|
594,937 |
|
|
|
494,662 |
|
Income taxes payable |
|
|
863,236 |
|
|
|
813,260 |
|
Deferred revenue |
|
|
187,498 |
|
|
|
218,222 |
|
Warrant derivative liability |
|
|
718,540 |
|
|
|
999,418 |
|
Total Current Liabilities |
|
|
9,385,020 |
|
|
|
8,345,329 |
|
Non-current operating lease liability |
|
|
7,440,778 |
|
|
|
7,665,622 |
|
Long-term debt, net of discount |
|
|
10,926,208 |
|
|
|
11,222,155 |
|
Total Liabilities |
|
|
27,752,006 |
|
|
|
27,233,106 |
|
Commitments and Contingencies |
|
|
— |
|
|
|
— |
|
Stockholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
3,856 |
|
|
|
3,847 |
|
Additional paid-in capital |
|
|
130,527,228 |
|
|
|
129,929,989 |
|
Accumulated other comprehensive loss |
|
|
174,882 |
|
|
|
164,517 |
|
Accumulated deficit |
|
|
(121,697,821 |
) |
|
|
(118,688,422 |
) |
Treasury stock, at cost |
|
|
(6,464 |
) |
|
|
(6,464 |
) |
Total Stockholders’ Equity |
|
|
9,001,681 |
|
|
|
11,403,467 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
36,753,687 |
|
|
$ |
38,636,573 |
|
MYOMO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, |
|
2026 |
|
|
2025 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net loss |
|
$ |
(3,009,399 |
) |
|
$ |
(3,465,058 |
) |
Adjustments to reconcile net loss to net cash used in operations: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
291,590 |
|
|
|
158,442 |
|
Stock-based compensation |
|
|
597,248 |
|
|
|
540,204 |
|
Accretion of discount on short-term investments |
|
|
(41,594 |
) |
|
|
(11,747 |
) |
Bad debt expense |
|
|
— |
|
|
|
51,643 |
|
Amortization of right-of-use assets |
|
|
180,067 |
|
|
|
288,951 |
|
Amortization of deferred offering cost |
|
|
262,239 |
|
|
|
29,039 |
|
Change in fair value of derivative liabilities |
|
|
(839,064 |
) |
|
|
— |
|
Other non-cash charges |
|
|
27,600 |
|
|
|
(34,171 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(691,038 |
) |
|
|
(637,054 |
) |
Inventories |
|
|
(447,321 |
) |
|
|
(550,772 |
) |
Prepaid expenses and other current assets |
|
|
350,375 |
|
|
|
(628,186 |
) |
Other assets |
|
|
— |
|
|
|
(70,210 |
) |
Accounts payable and accrued expenses |
|
|
1,207,038 |
|
|
|
1,440,877 |
|
Operating lease liabilities |
|
|
(124,570 |
) |
|
|
164,405 |
|
Deferred revenue |
|
|
(30,724 |
) |
|
|
46,738 |
|
Income taxes payable |
|
|
70,217 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(2,197,336 |
) |
|
|
(2,676,899 |
) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
|
(494,345 |
) |
|
|
(1,896,098 |
) |
CASH USED IN FINANCING ACTIVITIES |
|
|
— |
|
|
|
(36,506 |
) |
Effect of foreign exchange rate changes on cash |
|
|
(43,920 |
) |
|
|
30,929 |
|
|
|
|
|
|
|
|
||
Net change in cash, cash equivalents and restricted cash |
|
|
(2,735,601 |
) |
|
|
(4,578,574 |
) |
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, beginning of period |
|
|
14,707,027 |
|
|
|
24,747,373 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash, end of period |
|
$ |
11,971,426 |
|
|
$ |
20,168,799 |
|
MYOMO, INC.
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(unaudited)
|
|
For the Three Months |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
GAAP net loss |
|
$ |
(3,009,399 |
) |
|
$ |
(3,465,058 |
) |
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
||
Interest expense (income), net |
|
|
504,696 |
|
|
|
(191,991 |
) |
Depreciation expense |
|
|
291,590 |
|
|
|
158,442 |
|
Stock-based compensation |
|
|
597,248 |
|
|
|
540,204 |
|
Change in fair value of derivative liabilities |
|
|
(839,064 |
) |
|
|
— |
|
Income tax expense |
|
|
186,715 |
|
|
|
136,795 |
|
Adjusted EBITDA |
|
$ |
(2,268,214 |
) |
|
$ |
(2,821,608 |
) |
# # #