Myomo Prelim Q2 Revenues and Operating Metrics

 Expects record quarterly revenues of $7.2 million to $7.4 million, an increase of 92% to 97% sequentially

Generates record pipeline additions, and authorizations and orders

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, reports preliminary revenues and operating metrics for the three months ended June 30, 2024.

Revenues for the second quarter of 2024 are expected to be $7.2 million to $7.4 million, the highest quarterly revenues in the Company’s history. This is up 92% to 97% over the first quarter of 2024, and compares with the Company’s previous expectation for second quarter revenues to be at least $5.0 million. Revenue units are expected to be between 155 and 160 in the second quarter of 2024, an increase of 70% to 76% compared with 91 revenue units in the first quarter of 2024. Payments during the second quarter from the Centers for Medicare & Medicaid Services ("CMS") and certain Medicare Advantage plans reflected the fees published by CMS on April 1, 2024.

Pipeline additions, and authorizations and orders during the second quarter are expected to be approximately 550 and 210, respectively, each a record high.

"Payments from CMS were much faster than we had anticipated at the beginning of the quarter," said Paul R. Gudonis, Myomo’s chairman and chief executive officer. "In addition, we expect to substantially meet our hiring objective for the first half of the year, as we exited the second quarter with nearly 150 employees. The added capacity in our clinical, reimbursement and manufacturing operations enabled us to evaluate a record number of patients and add them to our pipeline, generate a record number of authorizations and orders, and manufacture and deliver a record number of MyoPros."

"With an established claims payment history from Medicare Part B beneficiaries, as of July 1, 2024, we began recording revenue for these patients upon product delivery," added David Henry, Myomo’s chief financial officer.

Myomo expects to report full financial results and operating metrics for the three and six months ended June 30, 2024, as well as its expectations for third quarter and full year 2024 financial results, during the second week of August 2024.

https://finance.yahoo.com/news/myomo-reports-preliminary-second-quarter-123000481.html