Myomo Reports Record Third Quarter Financial and Operating Results

Business Wire11-07

$9.2 million in revenue, raises full-year revenue guidance225 MyoPro® authorizations and orders with 316 patients in backlog at quarter end645 additions to the pipeline result in 1,263 patients in the...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2481965299?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/WhNtXBcPIQkOkrLMvpKPtQ--~B/aD0yMzA7dz04OTg7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/3c2c12f8977a1230a142292507629d30","is_english":true,"pubTime":"2024-11-07 05:05","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2481965299","market":"us","top_or_hot":-1,"title":"Myomo Reports Record Third Quarter Financial and Operating Results","media":"Business Wire","content":"<div>\n<p>$9.2 million in revenue, raises full-year revenue guidance225 MyoPro® authorizations and orders with 316 patients in backlog at quarter end645 additions to the pipeline result in 1,263 patients in the...</p>\n\n<a href=\"https://finance.yahoo.com/news/myomo-reports-record-third-quarter-210500063.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Myomo Reports Record Third Quarter Financial and Operating Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMyomo Reports Record Third Quarter Financial and Operating Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/myomo-reports-record-third-quarter-210500063.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>$9.2 million in revenue, raises full-year revenue guidance225 MyoPro® authorizations and orders with 316 patients in backlog at quarter end645 additions to the pipeline result in 1,263 patients in the...</p>\n\n<a href=\"https://finance.yahoo.com/news/myomo-reports-record-third-quarter-210500063.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MYO","symbol_name":"Myomo Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/myomo-reports-record-third-quarter-210500063.html","article_id":"2481965299","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/WhNtXBcPIQkOkrLMvpKPtQ--~B/aD0yMzA7dz04OTg7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/3c2c12f8977a1230a142292507629d30"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481965299","pubTimestamp":1730927100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"$9.2 million in revenue, raises full-year revenue guidance225 MyoPro authorizations and orders with 316 patients in backlog at quarter end645 additions to the pipeline result in 1,263 patients in the pipeline as of September 30, 2024. BOSTON, November 06, 2024----Myomo, Inc.  , a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced financial results for the three and nine months ended September 30, 2024.Financial and operating highlights for the third quarter of 2024 include the following :. Product and total revenue was a record $9.2 million, up 83% and 81%, respectively;Revenue units were a record 161, up 35%;Orders and insurance authorizations were received for a record 225 MyoPro units, up 44%;Backlog, which represents insurance authorizations and orders received but not yet converted to revenue, was a record 316 units as of September 30, 2024, up 71%;A record 645 new candidat","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["rate"],"viewcount":null,"language":"en","relate_stocks":{"MYO":"Myomo Inc."},"translate_title":"Myomo报告创纪录的第三季度财务和运营业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MYO":0.9},"content_text":"$9.2 million in revenue, raises full-year revenue guidance225 MyoPro® authorizations and orders with 316 patients in backlog at quarter end645 additions to the pipeline result in 1,263 patients in the pipeline as of September 30, 2024\nBOSTON, November 06, 2024--(BUSINESS WIRE)--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 financial results for the three and nine months ended September 30, 2024.\nFinancial and operating highlights for the third quarter of 2024 include the following (all comparisons are with the third quarter of 2023 unless otherwise indicated):\n\nProduct and total revenue was a record $9.2 million, up 83% and 81%, respectively;\nRevenue units were a record 161, up 35%;\nOrders and insurance authorizations were received for a record 225 MyoPro units, up 44%;\nBacklog, which represents insurance authorizations and orders received but not yet converted to revenue, was a record 316 units as of September 30, 2024, up 71%;\nA record 645 new candidates were added to the patient pipeline, up 69%;\nThere were 1,263 MyoPro candidates in the patient pipeline as of September 30, 2024, up 21%;\nGross margin was 75.4%, up 670 basis points, with gross margin on product revenues up 700 basis points;\nCost per pipeline add was $1,618, down 25%; and\nThe Company launched its orthotics and prosthetics (\"O&P\") channel program at the American Orthotic and Prosthetic Association (AOPA) National Assembly in September, and began training O&P clinics to provide the MyoPro to their patients.\n\nManagement Commentary\n\"Myomo delivered a second consecutive quarter of record financial and operating results as we emphasized outreach and education to the Medicare population regarding the benefits of the MyoPro, as well as an unwavering commitment to efficiency, quality and improving patient outcomes across our organization\", said Paul R. Gudonis, Myomo's chairman and chief executive officer. \"Our focus has been on accelerating revenue growth though our direct provider sales channel and laying the groundwork for growth in the O&P channel in 2025 and beyond. Demonstrable progress was made on both of these areas during the third quarter.\"\nFinancial Results\n\n\n\n\nFor the Three MonthsEnded September 30,\n\nPeriod-to-PeriodChange\n\nFor the Nine MonthsEnded September 30,\n\nPeriod-to-PeriodChange\n\n\n\n\n2024\n\n2023\n\n$\n\n%\n\n2024\n\n2023\n\n$\n\n%\n\n\n\nProduct revenue\n$\n9,207,586\n\n$\n5,029,523\n\n$\n4,178,063\n\n\n83\n%\n$\n20,482,742\n\n$\n12,719,855\n\n$\n7,762,887\n\n\n61\n%\n\n\nLicense revenue\n\n—\n\n\n50,000\n\n\n(50,000\n)\n\n(100\n)%\n\n—\n\n\n1,764,920\n\n\n(1,764,920\n)\n\n(100\n)%\n\n\nTotal revenue\n\n9,207,586\n\n\n5,079,523\n\n\n4,128,063\n\n\n81\n%\n\n20,482,742\n\n\n14,484,775\n\n\n5,997,967\n\n\n41\n%\n\n\nCost of revenue\n\n2,262,031\n\n\n1,590,675\n\n\n671,356\n\n\n42\n%\n\n5,912,632\n\n\n4,407,270\n\n\n1,505,362\n\n\n34\n%\n\n\nGross profit\n$\n6,945,555\n\n$\n3,488,848\n\n$\n3,456,707\n\n\n99\n%\n$\n14,570,110\n\n$\n10,077,505\n\n$\n4,492,605\n\n\n45\n%\n\n\nGross margin %\n\n75.4\n%\n\n68.7\n%\n\n\n\n6.7\n%\n\n71.1\n%\n\n69.6\n%\n\n\n\n1.5\n%\n\n\n\nRevenue for the third quarter of 2024 was $9.2 million, up 81% compared with the third quarter of 2023. Product revenue increased 83% compared with the same period a year ago, driven by growth in revenue units and by a higher average selling price (\"ASP\"). Myomo recognized revenue on 161 MyoPro units in the third quarter of 2024, up 35% over the same quarter a year ago. ASP was approximately $57,200 in the third quarter, up 35%. A portion of the increase in ASP reflects payments from supplemental insurance payers on revenue units recognized in a prior period. Excluding these payments, ASP was approximately $52,700, up 23%. Effective July 1, 2024, revenue for Medicare Part B patients is being recognized at the time of product delivery for the amount expected to be paid for each patient. Revenue from patients with Medicare Part B represented 55% of revenue in the third quarter. Year-to-date revenue was $20.5 million, up 41% compared with the same period a year ago. Year-to-date product revenue was up 61% compared with the first nine months of 2023.\nGross margin for the third quarter of 2024 was 75.4%, compared with 68.7% for the third quarter of 2023. The increase was driven primarily by a higher ASP. Gross margin on product revenues for the third quarter of 2023 was 68.4%. Year-to-date gross margin was 71.1% compared with 69.6% for the same period a year ago. Gross margin on product revenue for the first nine months of 2023 was 65.4%.\nOperating expenses for the third quarter of 2024 were $7.9 million, an increase of 43% compared with the third quarter of 2023. The increase was driven primarily by higher payroll expense due to additional headcount to support the Company's engineering efforts, as well as the addition of field clinical and reimbursement capacity and incentive compensation accruals. Advertising costs of $1.0 million were up 23% over the third quarter of 2023. Cost per pipeline add was $1,618, a decrease of 25% compared with the third quarter of 2023. Year-to-date operating expenses were $20.5 million, an increase of 29% compared with the same period a year ago.\nOperating loss for the third quarter of 2024 was $1.0 million, compared with $2.0 million for the third quarter of 2023. Net loss for the third quarter of 2024 was $1.0 million, or $0.03 per share, compared with a net loss of $2.0 million, or $0.06 per share, for the third quarter of 2023. Year-to-date operating loss was $6.0 million, compared with an operating loss of $5.8 million for the same period a year ago. Year-to-date net loss was $5.9 million, or $0.16 per share, compared with a net loss of $5.7 million, or $0.21 per share, for the same period a year ago.\nAdjusted EBITDA for the third quarter of 2024 was $(0.6) million, compared with $(1.7) million for the third quarter of 2023. Year-to-date Adjusted EBITDA was $(5.3) million, compared with $(4.9) million for the same period a year ago. A reconciliation of GAAP net loss to this non-GAAP financial measure appears below.\nOperations Update\nThe patient pipeline was 1,263 patients as of September 30, 2024, compared with 1,046 as of September 30, 2023, an increase of 21%. A record 645 patients were added to the pipeline during the third quarter of 2024, an increase of 69% compared with the same period a year ago. The Company generated a record 225 authorizations and orders in the third quarter of 2024, an increase of 44% compared with the same period a year ago. As a result, backlog was a record 316 patients as of September 30, 2024, an increase of 71% compared with September 30, 2023.\nCash Position\nCash, cash equivalents and restricted cash as of September 30, 2024 were $7.0 million. Cash used in operating activities was $1.5 million for the third quarter of 2024, compared with $1.7 million for the third quarter of 2023. Cash used in operating activities in the third quarter of 2024 was impacted by a payment delay during the last two to three weeks of the quarter from the Centers for Medicare & Medicaid Services (\"CMS\") due to a transition from check payments to electronic funds transfer, which is expected to speed up payments going forward. The delayed payments were subsequently received in October.\nBusiness Outlook\n\"We are positioned to deliver sequential revenue growth in the fourth quarter due to the strength of our backlog,\" added Mr. Gudonis. \"As a result, we expect fourth quarter revenue to be in the range of $9.5 million to $10.5 million, resulting in full year revenue of $30 million to $31 million, up from our previous guidance of $28 million to $30 million.\"\n\"We believe our objective of reaching operating cash flow breakeven in the fourth quarter is achievable. We also expect to approach Adjusted EBITDA breakeven in the fourth quarter. We expect a moderation in cash used to fund growth in working capital, as we collected in the fourth quarter the Medicare payments that were delayed from the third quarter,\" said David Henry, Myomo's chief financial officer. \"Moderation in the growth of working capital in the fourth quarter is predicated on minimizing growth in days sales outstanding and receipt of a contractual reimbursement from the landlord for initial costs associated with the lease on our new facility.\"\nConference Call and Webcast\nMyomo will hold a conference call today at 4:30 p.m. Eastern time to discuss these results and answer questions. Participants are encouraged to pre-register for the call at this link. Callers who pre-register will receive a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time up to and after the start of the call. Those unable to pre-register may participate by dialing 844-707-6932 (U.S.) or 412-317-9250 (International). A webcast of the call will also be available at Myomo’s Investor Relations page at http://ir.myomo.com/.\nA replay of the webcast will be available beginning approximately one hour after the completion of the live conference call at http://ir.myomo.com/. A dial-in replay of the call will be available until November 20, 2024 at 877-344-7529 (U.S. toll-free), 855-669-9658 (Canada toll-free) or 412-317-0088 (International), with passcode 3377340.\nNon-GAAP Financial Measures\nMyomo is providing financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. This information includes Adjusted EBITDA. This non-GAAP financial measure is not in accordance with, or an alternative for, GAAP and may be different from similar non-GAAP financial measures used by other companies. Myomo believes the use of this non-GAAP financial measure provides supplementary information for investors to use in evaluating operating performance and in comparing Myomo’s financial measures with other companies in its industry, many of which present similar non-GAAP financial measures. Adjusted EBITDA is EBITDA adjusted for stock-based compensation expense and loss on equity investment. This non-GAAP financial measure is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP, and should be viewed in conjunction with GAAP financial measures. Investors are encouraged to review the reconciliation of this non-GAAP measure to its most directly comparable GAAP financial measure. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release.\nAbout Myomo\nMyomo, 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 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.\nForward-Looking Statements\nThis press release contains forward-looking statements regarding the Company’s future business expectations, including expectations for fourth quarter and full year 2024 revenue, as well as expectations regarding achieving operating cash flow breakeven and approaching Adjusted EBITDA breakeven in the fourth quarter of 2024, 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.\nThese factors include, among other things:\n\nour ability to obtain sufficient reimbursement from third-party payers for our products;\nour ability to navigate factors both within and outside our control to grow revenues sufficiently to achieve operating cash flow breakeven on a quarterly basis;\nour revenue concentration with Medicare and with a particular insurance payer as a result of focusing our efforts on patients with insurers who have previously reimbursed for the MyoPro;\nour ability to continue normal operations and patient interactions without supply chain disruption in order to deliver and fit our custom-fabricated devices;\nour marketing and commercialization efforts;\nour dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;\nour ability to obtain and maintain our strategic collaborations and to realize the intended results of such collaborations;\nour ability to effectively execute our business plan and scale up our operations;\nour expectations as to our product development programs, including improving our existing products and developing new products;\nour ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our products;\nour expectations as to our clinical research program and clinical results;\nour ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others;\nour ability to gain and maintain regulatory approvals;\nour ability to compete and succeed in a highly competitive and evolving industry; and\ngeneral market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our products to patients.\n\nMore 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.\n\n\n\nMYOMO, INC.  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)\n\n\n\n\nFor the Three Months ended\n\n\nFor the Nine Months Ended\n\n\n\n\n\nSeptember 30,\n\n\nSeptember 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\nRevenue\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProduct revenue\n\n$\n9,207,586\n\n\n$\n5,029,523\n\n\n$\n20,482,742\n\n\n$\n12,719,855\n\n\n\nLicense revenue\n\n\n—\n\n\n\n50,000\n\n\n\n—\n\n\n\n1,764,920\n\n\n\n\n\n\n9,207,586\n\n\n\n5,079,523\n\n\n\n20,482,742\n\n\n\n14,484,775\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of revenue\n\n\n2,262,031\n\n\n\n1,590,675\n\n\n\n5,912,632\n\n\n\n4,407,270\n\n\n\nGross profit\n\n\n6,945,555\n\n\n\n3,488,848\n\n\n\n14,570,110\n\n\n\n10,077,505\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nResearch and development\n\n\n1,248,870\n\n\n\n717,256\n\n\n\n3,212,309\n\n\n\n1,758,480\n\n\n\nSelling, clinical and marketing\n\n\n3,401,182\n\n\n\n2,387,090\n\n\n\n8,540,161\n\n\n\n6,689,578\n\n\n\nGeneral and administrative\n\n\n3,253,056\n\n\n\n2,408,871\n\n\n\n8,779,024\n\n\n\n7,427,818\n\n\n\n\n\n\n7,903,108\n\n\n\n5,513,217\n\n\n\n20,531,494\n\n\n\n15,875,876\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoss from operations\n\n\n(957,553\n)\n\n\n(2,024,369\n)\n\n\n(5,961,384\n)\n\n\n(5,798,371\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther (income) expense, net\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest income, net\n\n\n(76,020\n)\n\n\n(112,300\n)\n\n\n(318,555\n)\n\n\n(302,053\n)\n\n\nOther expense, net\n\n\n—\n\n\n\n467\n\n\n\n—\n\n\n\n6,098\n\n\n\nLoss on equity investment\n\n\n—\n\n\n\n70,124\n\n\n\n—\n\n\n\n99,840\n\n\n\n\n\n\n(76,020\n)\n\n\n(41,709\n)\n\n\n(318,555\n)\n\n\n(196,115\n)\n\n\nLoss before income taxes\n\n\n(881,533\n)\n\n\n(1,982,660\n)\n\n\n(5,642,829\n)\n\n\n(5,602,256\n)\n\n\nIncome tax expense\n\n\n84,876\n\n\n\n46,356\n\n\n\n280,819\n\n\n\n85,204\n\n\n\nNet loss\n\n$\n(966,409\n)\n\n$\n(2,029,016\n)\n\n$\n(5,923,648\n)\n\n$\n(5,687,461\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average number of common shares outstanding:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic and diluted\n\n\n37,950,515\n\n\n\n35,266,361\n\n\n\n37,359,366\n\n\n\n27,537,357\n\n\n\nNet loss per share attributable to common stockholders\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic and diluted\n\n$\n(0.03\n)\n\n$\n(0.06\n)\n\n$\n(0.16\n)\n\n$\n(0.21\n)\n\n\n\n\n\n\nMYOMO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS\n\n\n\n\nSeptember 30,\n\n\nDecember 31,\n\n\n\n\n\n2024\n\n\n2023\n\n\n\n\n\n(unaudited)\n\n\n\n\n\n\nASSETS\n\n\n\n\n\n\n\n\nCurrent Assets:\n\n\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n6,622,675\n\n\n$\n6,871,306\n\n\n\nShort-term investments\n\n\n—\n\n\n\n1,994,662\n\n\n\nAccounts receivable, net\n\n\n3,729,387\n\n\n\n2,382,658\n\n\n\nInventories, net\n\n\n3,383,513\n\n\n\n1,803,507\n\n\n\nPrepaid expenses and other current assets\n\n\n968,569\n\n\n\n598,850\n\n\n\nTotal Current Assets\n\n\n14,704,144\n\n\n\n13,650,983\n\n\n\nRestricted cash\n\n\n375,000\n\n\n\n—\n\n\n\nOperating lease assets with right of use\n\n\n466,962\n\n\n\n663,554\n\n\n\nEquipment, net\n\n\n561,325\n\n\n\n175,794\n\n\n\nOther assets\n\n\n205,440\n\n\n\n91,237\n\n\n\nTotal Assets\n\n$\n16,312,871\n\n\n$\n14,581,568\n\n\n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\n\n\n\n\n\n\n\nCurrent Liabilities:\n\n\n\n\n\n\n\n\nAccounts payable and accrued expenses\n\n\n6,448,076\n\n\n\n4,885,944\n\n\n\nCurrent operating lease liability\n\n\n205,464\n\n\n\n486,143\n\n\n\nIncome taxes payable\n\n\n305,861\n\n\n\n96,461\n\n\n\nDeferred revenue\n\n\n31,971\n\n\n\n8,510\n\n\n\nTotal Current Liabilities\n\n\n6,991,372\n\n\n\n5,477,058\n\n\n\nNon-current operating lease liability\n\n\n29,165\n\n\n\n115,160\n\n\n\nTotal Liabilities\n\n\n7,020,537\n\n\n\n5,592,218\n\n\n\nCommitments and Contingencies\n\n\n—\n\n\n\n—\n\n\n\nStockholders’ Equity:\n\n\n\n\n\n\n\n\nPreferred stock\n\n\n—\n\n\n\n—\n\n\n\nCommon stock\n\n\n3,026\n\n\n\n2,715\n\n\n\nAdditional paid-in capital\n\n\n111,754,495\n\n\n\n105,840,239\n\n\n\nAccumulated other comprehensive income\n\n\n395,734\n\n\n\n83,669\n\n\n\nAccumulated deficit\n\n\n(102,854,457\n)\n\n\n(96,930,809\n)\n\n\nTreasury stock, at cost\n\n\n(6,464\n)\n\n\n(6,464\n)\n\n\nTotal Stockholders’ Equity\n\n\n9,292,334\n\n\n\n8,989,350\n\n\n\nTotal Liabilities and Stockholders’ Equity\n\n$\n16,312,871\n\n\n$\n14,581,568\n\n\n\n\n\n\n\nMYOMO, INC.  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)\n\n\nFor the Nine Months Ended September 30,\n\n2024\n\n\n2023\n\n\n\nCASH FLOWS FROM OPERATING ACTIVITIES\n\n\n\n\n\n\n\n\nNet loss\n\n$\n(5,923,648\n)\n\n$\n(5,687,461\n)\n\n\nAdjustments to reconcile net loss to net cash used in operations:\n\n\n\n\n\n\n\n\nDepreciation\n\n\n114,346\n\n\n\n136,416\n\n\n\nStock-based compensation\n\n\n552,580\n\n\n\n781,513\n\n\n\nAccretion of discount on short-term investments\n\n\n(108,999\n)\n\n\n—\n\n\n\nCredit losses\n\n\n5,257\n\n\n\n12,626\n\n\n\nLoss on equity investment\n\n\n—\n\n\n\n99,840\n\n\n\nAmortization of right-of-use assets\n\n\n196,592\n\n\n\n301,053\n\n\n\nOther non-cash charges\n\n\n84,180\n\n\n\n(49,271\n)\n\n\nChanges in operating assets and liabilities:\n\n\n\n\n\n\n\n\nAccounts receivable\n\n\n(1,116,352\n)\n\n\n(625,596\n)\n\n\nInventories\n\n\n(1,573,193\n)\n\n\n(90,100\n)\n\n\nPrepaid expenses and other current assets\n\n\n(614,951\n)\n\n\n(439,584\n)\n\n\nOther assets\n\n\n(16,640\n)\n\n\n19,797\n\n\n\nAccounts payable and accrued expenses\n\n\n1,895,795\n\n\n\n2,141,978\n\n\n\nIncome taxes payable\n\n\n202,137\n\n\n\n(74,944\n)\n\n\nOperating lease liabilities\n\n\n(366,675\n)\n\n\n(352,820\n)\n\n\nDeferred revenue\n\n\n23,460\n\n\n\n9,533\n\n\n\nNet cash used in operating activities\n\n\n(6,655,632\n)\n\n\n(3,817,020\n)\n\n\nCASH USED IN INVESTING ACTIVITIES\n\n\n1,613,180\n\n\n\n(4,324,017\n)\n\n\nCASH PROVIDED BY FINANCING ACTIVITIES\n\n\n5,162,409\n\n\n\n9,713,426\n\n\n\nEffect of foreign exchange rate changes on cash\n\n\n6,412\n\n\n\n(6,610\n)\n\n\n\n\n\n\n\n\n\n\n\n'Net (decrease) increase in cash and cash equivalents and restricted cash\n\n\n126,369\n\n\n\n1,565,780\n\n\n\n\n\n\n\n\n\n\n\n\nCash, cash equivalents and restricted cash, beginning of period\n\n\n6,871,306\n\n\n\n5,345,967\n\n\n\n\n\n\n\n\n\n\n\n\nCash, cash equivalents and restricted cash, end of period\n\n$\n6,997,675\n\n\n$\n6,911,747\n\n\n\n\n\n\n\nMYOMO, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (unaudited)\n\n\n\n\nFor the Three MonthsEnded September 30,\n\n\nFor the Nine MonthsEnded September 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\nGAAP net loss\n\n$\n(966,409\n)\n\n$\n(2,029,016\n)\n\n$\n(5,923,648\n)\n\n$\n(5,687,461\n)\n\n\nAdjustments to reconcile to Adjusted EBITDA:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest income\n\n\n(76,020\n)\n\n\n(112,300\n)\n\n\n(318,555\n)\n\n\n(302,053\n)\n\n\nDepreciation expense\n\n\n48,682\n\n\n\n35,794\n\n\n\n114,346\n\n\n\n136,416\n\n\n\nStock-based compensation\n\n\n324,185\n\n\n\n330,394\n\n\n\n552,580\n\n\n\n781,513\n\n\n\nLoss on investment in minority interest\n\n\n—\n\n\n\n70,124\n\n\n\n—\n\n\n\n99,840\n\n\n\nIncome tax expense\n\n\n84,876\n\n\n\n46,356\n\n\n\n280,819\n\n\n\n85,204\n\n\n\nAdjusted EBITDA\n\n$\n(584,686\n)\n\n$\n(1,658,648\n)\n\n$\n(5,294,458\n)\n\n$\n(4,886,541\n)\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241106431006/en/\nContacts\nFor Myomo:ir@myomo.com Investor Relations:Kim Sutton GolodetzAlliance Advisors IRkgolodetz@allianceadvisors.com 212-838-3777","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481965299"}