Myomo Inc ( (MYO) ) has released its Q3 earnings. Here is a breakdown of the information Myomo Inc presented to its investors.
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Myomo, Inc. is a wearable medical robotics company specializing in devices that enhance arm and hand function for individuals with neurological disorders and upper-limb paralysis, based in the healthcare sector with a focus on improving patient independence and functionality.
In the third quarter of 2024, Myomo, Inc. reported record financial and operational results, with significant growth in revenue and pipeline development. The company announced an 83% increase in product revenue, reaching a record $9.2 million, and expanded its patient pipeline with substantial additions.
Key financial metrics show that Myomo achieved a gross margin of 75.4% for the third quarter, marking a significant improvement from the previous year. The company also reported a reduction in net loss, with operating expenses rising due to increased staffing and marketing efforts. Additionally, the launch of the orthotics and prosthetics channel program was highlighted as a strategic move to broaden market reach.
Looking ahead, Myomo’s management anticipates continued revenue growth in the fourth quarter, fueled by a robust backlog and strategic initiatives, with expectations of reaching operating cash flow breakeven and approaching Adjusted EBITDA breakeven, positioning the company for stronger financial performance in the future.
