Myomo reports Q2 EPS (11c), consensus (11c)

Reports Q2 revenue $9.7M, consensus $9.2M. The Company believes its cash, cash equivalents and short-term investments are sufficient to fund its operations for the next 12 months. “Second quarter revenues exceeded our expectations with 28% growth as we further strengthened our ability to convert current quarter authorizations and orders into revenue. However, several forward-looking operating metrics were not as strong as we anticipated due to factors affecting lead quality and pipeline conversion,” said Paul R. Gudonis, CEO. “We are taking decisive action to improve lead quality and pipeline conversion, positioning us for stronger operating performance. Specifically, we are shifting our advertising focus from digital advertising toward television, which in recent experience generated higher quality leads with stronger patient engagement. We are also using our clinical team to engage with therapists and physicians nationwide to expand the number of healthcare professionals that understand the benefits of the MyoPro in improving patient outcomes. By enhancing our eco-system of knowledgeable providers and moving forward in the patients’ continuum of care, we expect to secure additional patient referrals for us and our O&P partners.”