Myomo reports Q3 EPS (9c) , consensus (11c)

Reports Q3 revenue $10.09M, consensus $9.44M. “Third quarter revenues were at the high end of our expectations, with International and U.S. orthotics and prosthetics revenues at record levels. Revenue increased while operating expenses decreased on a sequential basis, reflecting our focus on improving operating leverage. We also achieved our strongest quarter of the year for authorizations and orders, while the marketing changes we implemented during the quarter contributed to a sequential decline in cost per pipeline add of 5%. We believe the key to lowering cost per pipeline add is strengthening relationships with the therapists and physicians that are integrated into the continuum of care our patients receive, while reducing our reliance on advertising for lead generation. Under this new program, called MyoConnect, which is expected to generate recurring patient referrals, our clinical team engages with therapists and physicians nationwide to expand the network of healthcare professionals who understand the benefits of the MyoPro. We view MyoConnect as a more scalable means of growing our patient pipeline, while reducing cost per pipeline add and improving pipeline quality, and we are encouraged by the early results. We are also seeing growth from the O&P channel as more clinicians add the MyoPro to their product offerings and begin building their own patient pipeline,” said Paul Gudonis, Myomo’s (MYO) Chairman and Chief Executive Officer.