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, today announced preliminary
revenue and operating metrics for the fourth quarter of 2023.
Revenue for the fourth quarter of 2023 is expected to be in the
range of $4.6 million to $4.8 million, an increase of 14% to 19%,
compared with the same period a year ago. The Company’s cash
balance was approximately $8.7M as of December 31, 2023.
As of January 1, 2024, the Centers for Medicare and Medicaid
Services (“CMS”) has formally classified the MyoPro as a brace,
which is reimbursed on a lump sum basis. During the fourth quarter,
the Company accelerated its efforts to identify and evaluate
qualified Medicare Part B patients. As a result, backlog as of
December 31, 2023, including Medicare Part B beneficiaries, was
approximately 230 patients, an increase of approximately 40%
compared with December 31, 2022.
“We’ve begun deliveries of our MyoPro device to Medicare Part B
beneficiaries, a patient population we expect to be a significant
driver of revenue growth in 2024,” stated Paul R. Gudonis, Myomo’s
Chairman and CEO. With this anticipated major increase in our
addressable market, our aspiration is to achieve at least $100
million in annual revenues within the next five years.”
MyoPro deliveries to Medicare Part B beneficiaries in the near
term are being made under the process of individual consideration,
whereby medical records for each patient are expected to be
reviewed to determine medical necessity prior to reimbursement. As
a result, near-term revenues for Medicare Part B beneficiaries are
expected to be recognized upon receipt of payment.
The Company plans to report financial results for the fourth
quarter and year ended December 31, 2023 before March 15, 2024.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers
improved arm and hand function for those suffering from
neurological disorders and upper-limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper-limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of certain patients suffering from CVA
stroke, brachial plexus injury, traumatic brain or spinal cord
injury, ALS or other neuromuscular disease or injury. It is
currently the only marketed device that, sensing a patient’s own
EMG signals through non-invasive sensors on the arm, can restore an
individual’s ability to perform activities of daily living,
including feeding themselves, carrying objects and doing household
tasks. Many are able to return to work, live independently and
reduce their cost of care. Myomo is headquartered in Boston,
Massachusetts, with sales and clinical professionals across the
U.S. and representatives internationally. For more information,
please visit www.myomo.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding
the Company’s future business expectations, including expectations
for revenue for the fourth quarter of 2023 and within the next five
years, and its cash balance and backlog as of December 31, 2023,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are only predictions and may differ materially from
actual results due to a variety of factors.
These factors include, among other things:
• We have a history of operating losses and our financial
statements for the period ended September 30, 2023 include
disclosures regarding there being substantial doubt about our
ability to continue as a going concern;
• our ability to obtain sufficient reimbursement from
third-party payers for our products, including CMS for Medicare
Part B patients;
• our revenue concentration with a particular insurance payer as
a result of focusing our efforts on patients with insurers who have
previously reimbursed for the MyoPro;
• our ability to continue normal operations and patient
interactions without supply chain disruption in order to deliver
and fit our custom-fabricated device;
• our marketing and commercialization efforts;
• our dependence upon external sources for the financing of our
operations, to the extent that we do not achieve or maintain cash
flow breakeven;
• our ability to effectively execute our business plan and scale
up our operations;
• our expectations as to our product development programs,
and;
• general market, economic, environmental and social factors
that may affect the evaluation, fitting, delivery and sale of our
products to patients.
More information about these and other factors that potentially
could affect our financial results is included in Myomo’s filings
with the Securities and Exchange Commission, including those
contained in the risk factors section of the Company’s annual
report on Form 10-K, quarterly reports on Form 10-Q and other
filings with the Commission. The Company cautions readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. Although the forward-looking
statements in this release of financial information are based on
our beliefs, assumptions and expectations, taking into account all
information currently available to us, we cannot guarantee future
transactions, results, performance, achievements or outcomes. No
assurance can be made to any investor by anyone that the
expectations reflected in our forward-looking statements will be
attained, or that deviations from them will not be material or
adverse. The Company disclaims any obligation subsequently to
revise any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20240117418267/en/
For Myomo: ir@myomo.com Investor Relations: Kim Sutton Golodetz
LHA Investor Relations kgolodetz@lhai.com 212-838-3777
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