Myomo (MYO – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Sean Lee CFA from H.C. Wainwright maintained a Buy rating on the stock and has a $9.50 price target.
Sean Lee CFA has given his Buy rating due to a combination of factors that highlight Myomo’s strong financial performance and promising future prospects. The company reported impressive fourth-quarter results for 2024, with total revenues reaching $12.1 million, a 154% increase year-over-year, surpassing the consensus estimate. This growth was driven by a higher average selling price and a significant increase in revenue units, alongside a notable improvement in gross margin and positive free cash flow. Myomo’s cash reserves are deemed sufficient to support its operations, further solidifying its financial stability.
Looking ahead, Sean Lee CFA anticipates significant growth for Myomo in 2025, expecting the company to achieve record financial milestones. The company plans to enhance its advertising efforts and expand its commercial operations, which are projected to drive substantial revenue growth. With management’s guidance suggesting a potential revenue increase of 54-63% year-over-year, the analyst has raised the 12-month price target to $9.50. Despite potential risks in commercial, clinical, financial, regulatory, and intellectual property areas, the positive outlook and strategic initiatives underpin the Buy rating.
Lee CFA covers the Healthcare sector, focusing on stocks such as Monopar Therapeutics Inc, Verastem, and Corvus Pharmaceuticals. According to TipRanks, Lee CFA has an average return of -4.3% and a 28.48% success rate on recommended stocks.
In another report released yesterday, Craig-Hallum also maintained a Buy rating on the stock with a $11.00 price target.