Myomo has a strong outlook for 2024 with new Medicare coverage

Myomo (NYSE:MYO) shares took a hit today on fourth-quarter results that came up short of the consensus forecast.

Shares of MYO fell 10% to $3.16 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked up 0.5%.

The Boston-based wearable exoskeleton maker posted losses of $2.5 million in the quarter. That amounts to 7¢ per share on sales of $4.76 million for the three months ended Dec. 31, 2023. Myomo’s bottom line dipped 13.5% deeper into the red on sales growth of 17.7%.

Losses per share fell 1¢ shy of Wall Street expectations, while sales came up just short of the projected $4.79 million.

“Fourth quarter and full year 2023 revenues were in line with our expectations as we continued to post solid gains in all key performance metrics,” said Paul R. Gudonis, Myomo chair and CEO. “Our pace in converting pipeline to backlog accele…

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Myomo to raise $6M with eyes on Medicare coverage

[Image courtesy of Myomo]Myomo (NYSE:MYO) announced today that it entered into securities purchase agreements worth approximately $6 million.

The company entered into agreements with certain new and existing institutional investors, plus insiders at Myomo. This agreement includes nearly 1.6 million shares of common stock priced at $3.80 per share.

In conjunction with the offering, Myomo disclosed that it expects existing cash plus proceeds to help achieve cash flow breakeven on a quarterly basis. The company anticipates realizing this by the fourth quarter of 2024. That accounts for the expectation of CMS establishing final fee that isn’t significantly lower than the currently published preliminary fee.

Last year, the Centers for Medicare and Medicaid Services (CMS) announced a new proposed rule that could benefit Myomo. It would classify the company’s technology as a brace, enabling payments on a lump sum basis. If the fee comes in around what the co…

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Myomo closes $4.4M public offering

[Image courtesy of Myomo]Myomo (NYSE:MYO) announced today that it closed its previously announced offering worth proceeds of approximately $4.4 million.

The Boston-based wearable medical robotics maker priced its “reasonable best efforts” public offering last week. It included more than 7.3 million shares of common stock priced at 60¢ per share. Members of management, affiliated investors and certain high-quality, healthcare-focused investors participated in the offering. A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.

Myomo plans to use proceeds for general corporate purposes, according to a news release. That may include working capital and capital expenditures, R&D expenses and sales and marketing activities. Funds may also go toward company growth, contingent on the implementation of a new Medicare rule.

Earlier this year, the Centers for Medicare and Medicaid Services (CMS) announced a new proposed ru…

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Myomo prices $4.4M offering, scores reimbursement win

[Image courtesy of Myomo]Myomo (NYSE:MYO) announced today that it priced a “reasonable best efforts” public offering worth proceeds of approximately $4.4 million.

Boston-based Myomo’s offering includes more than 7.3 million shares of common stock priced at 60¢ per share. The company expects to close the offering on or about Aug. 29, 2023, subject to customary conditions.

Myomo develops wearable medical robotic technologies. These offer improved arm and hand function for those suffering from neurological disorders and upper limb paralysis.

The company plans to use proceeds for general corporate purposes, according to a news release. That may include working capital and capital expenditures, R&D expenses and sales and marketing activities.

Earlier this year, the Centers for Medicare and Medicaid Services (CMS) announced a new proposed rule that could benefit Myomo. It would classify the company’s technology as a brace, enabl…

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ReWalk Robotics, Myomo to benefit from new proposed Medicare classifications

The MyoPro (left) and Personal Exoskeleton (right) could benefit from a proposed Medicare ruling. [Images from ReWalk Robotics and Myomo]A new proposed rule from the Centers for Medicare and Medicaid Services (CMS) could benefit companies like ReWalk Robotics (Nasdaq:RWLK) and Myomo (NYSE:MYO).

The proposed rule would establish a new regulatory definition of “brace.” In Myomo’s case, it aims to classify the L8701 and L8702 HCPCS codes as “brace.”

Adding the definition of brace would expedite coverage and payment for newer technology and powered devices, according to CMS. This potentially enables faster access to the newer technologies, like those made by ReWalk and Myomo.

CMS released the proposal on June 30.

How ReWalk Robotics benefits from the proposed Medicare ruling

ReWalk said in a news release that it “applauds” the CMS proposal, which includes personal exoskeletons in the Medicare benefit category for…

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Myomo prices $6.5M public offering

[Image courtesy of Myomo]Myomo (NYSE:MYO) announced today that it priced a public offering of 20 million shares of common stock at $0.325 per share.

Boston-based Myomo expects aggregate gross proceeds to total approximately $6.5 million. That comes before deducting placement agent fees and other offering expenses.

The company expects the offering to close on or about Jan. 17, 2023, subject to customary closing conditions. It earmarked net proceeds for working capital and general corporate purposes. Myomo said it anticipates participation from management, affiliated investors and certain healthcare-focused investors.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering, according to a news release.

Myomo develops medical robotic technologies. Its wearable robotics improve arm and hand function for those with neurological disorders and upper-limb paralysis.

The company designed its MyoPro upper-limb orthosis pro…

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Myomo prices $6.5M public offering

[Image courtesy of Myomo]Myomo (NYSE:MYO) announced today that it priced a public offering of 20 million shares of common stock at $0.325 per share.

Boston-based Myomo expects aggregate gross proceeds to total approximately $6.5 million. That comes before deducting placement agent fees and other offering expenses.

The company expects the offering to close on or about Jan. 17, 2023, subject to customary closing conditions. It earmarked net proceeds for working capital and general corporate purposes. Myomo said it anticipates participation from management, affiliated investors and certain healthcare-focused investors.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering, according to a news release.

Myomo develops medical robotic technologies. Its wearable robotics improve arm and hand function for those with neurological disorders and upper-limb paralysis.

The company designed its MyoPro upper-limb orthosis pro…

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Myomo slides as Q4 earnings miss despite massive sales beat

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…

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Myomo touts independent study of its MyoPro myoelectric orthosis

Myomo (NYSE:MYO) announced today that new research demonstrated benefits with its MyoPro myolectric orthosis.

Results from the study, funded by the U.S. Army Medical Research Acquisition Activity, and supported by the Office of Secretary of Defense for Health Affairs, were published in the peer-reviewed journal Frontiers in Neurology. Data showed “statistically significant improvements” in a number of motor function measurements.

The study observed 13 individuals with chronic moderate-to-severe arm weakness from stroke or traumatic brain injury, with outcomes collected through in-therapy sessions and at-home use, according to a news release. Dr. Svetlana Pundik, the lead investigator and grant recipient, along with colleagues at the Louis Stokes Cleveland Veterans Administration Medical Center, conducted the study.

Authors stated that gains were seen at week three, increased further during the in-clinic phase and were maintained during the at…

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Myomo skyrockets after hours on Street-beating Q3

Myomo (NYSE:MYO) shares got a big boost after hours today on third-quarter results that came in ahead of the consensus forecast.

MYO shares were up 10.9% at $11.52 per share after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.9%.

The Boston-based medical robotics company posted losses of $2.1 million, or 36¢ per share, on sales of $4.4 million for the three months ended Sept. 30, 2021, for a 25.9% bottom-line gain having more than doubled its sales numbers from the third quarter of 2020.

Myomo’s losses per share of 36¢ came in 10¢ ahead of Wall Street, where analysts were looking for sales of $3.2 million.

“We are proud to be reporting both the highest quarterly revenue and the highest direct billing channel revenue in the Company’s history,” Myomo Chairman & CEO Paul R. Gudonis said in a news release. “These achievements demon…

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Myomo ticks up before hours on Street-beating Q2 results

Myomo (NYSE:MYO) posted second-quarter results this week that beat the overall consensus on Wall Street.

The Boston-based company reported losses of -$2.6 million, or -46¢ per share, on sales of $3.1 million for the three months ended June 30, for a sales growth of 261.56% compared with Q2 2020.

Earnings per share were -46¢, 14¢ ahead of The Street, where analysts were looking for sales of $2.1 million.

“We are pleased to be reporting sustained momentum with our efforts to expand the number of individuals who receive a MyoPro through our direct-to-consumer marketing and our own clinical services channel,” CEO Paul Gudonis said in a news release. “A growing number of physicians are prescribing the MyoPro for their patients, and we obtained a record number of insurance authorizations and orders during the second quarter. We are also experiencing an acceleration of the revenue cycle as a growing number of units are regularly reimbursed by certain insurance …

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Myomo rises on Street-beating Q4

Myomo (NYSE:MYO) shares ticked up this morning on fourth-quarter results that topped the consensus forecast.

The Boston-based wearable medical robotics company posted losses of -$1.7 million, or -37¢ per share, on sales of $3.8 million for the three months ended Dec. 31, 2020, for a 38.5% bottom-line gain on revenues that were more than doubled year-over-year.

Adjusted to exclude one-time items, losses per share were also -37¢, 10¢ ahead of Wall Street, where Myomo’s revenues beat projections by 14.5%.

“Fourth-quarter revenue was not only a record, it also was equivalent to our full-year 2019 revenue. This is a testament to the adaptability and execution of our team in light of the challenges presented by the COVID-19 pandemic,” Myomo chairman & CEO Paul R. Gudonis said in a news release. “The strategic shift to direct billing implemented in late 2019 is supporting both revenue growth and margin improvement.”

Myomo did not offer specific…

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