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 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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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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Myomo launches MyoCare

Myomo (NYSE:MYO) announced today that it launched its MyoCare program for providing support to first-year users of its MyoPro powered brace.

MyoCare offers expanded support to current and future clients who receive their MyoPro directly from the Cambridge, Mass.-based company, at no additional cost. Anyone who obtained the MyoPro from an authorized orthotics & prosthetics clinic will receive support from the clinic, according to a news release.

MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to weakened or paralyzed arms in people suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury.

The company touts MyoPro as the only marketed device that currently senses a patient’s own EMG signals through non-invasive sensors on the arm to restore the ability to perform daily activities.

“We have so many satisfied clients because…

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