Myomo (NYSE:MYO) shares were down this morning on fourth-quarter results that were mixed compared to the consensus forecast.
The Boston-based medical robotics company posted losses of $2.7 million, or 52¢ per share, on sales of $4 million for the three months ended Dec. 31, 2021, for a bottom-line slide deeper into the red on sales growth of 6.4%.
Myomo’s losses per share of 52¢ came in 3¢ behind expectations on Wall Street, although the company’s revenues topped the consensus forecast by 34.4%.
“We are pleased to report year-over-year revenue growth for the fourth quarter as we resolved supply chain capacity issues and successfully obtained payments from a large insurance payer that had begun to deny pre-authorized claims after the MyoPros had been delivered,” Myomo Chairperson and CEO Paul R. Gudonis said in a news release. “In 2022, we moved fabrication in-house and are now shipping our first MyoPro2+ units. We continue to appeal new post-delivery payment denials from the large insurer; however, we are receiving payments upon appeal, and they continue to pre-authorize new patients. This bodes well for continued reliable reimbursement on a case-by-case basis from that insurer.”
Gudonis said the company expects year-over-year revenue growth in 2022, projecting a first-quarter sales increase of approximately 11% to 28% over last year in a range of between $2.6 million and $3 million.
MYO shares were down 11.8% at $6.53 per share as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was even.