Myomo, a wearable medical robotics company, posted its financial results for the three and six months for the second quarter (2Q), which ended June 30.
Financial and operating highlights
- Revenue was $9.7 million, up 28 percent over the same period a year ago
- Gross margin for was 62.7 percent, compared with 70.8 percent for 2Q of 2024
- Operating expenses were $10.6 million, an increase of 65 percent compared with 2Q 2024
- Adjusted earnings before interest taxes depreciation and amortization (EBITDA) was $(4.0) million, compared with $(1.2) million for 2Q 2024. Year-to-date adjusted EBITDA was $(6.8) million, compared with $(4.7) million for the same period a year ago.
- Cash, cash equivalents and short-term investments as of June 30, totaled $15.5 million. Cash used in operating activities was $8.9 million for 2Q, compared with $1.9 million used in the second quarter of 2024.
“Second quarter revenues exceeded our expectations with 28 percent growth as we further strengthened our ability to convert current quarter authorizations and orders into revenue. However, several forward-looking operating metrics were not as strong as we anticipated due to factors affecting lead quality and pipeline conversion,” said Paul R. Gudonis, Myomo’s chairman and CEO. “We are taking decisive action to improve lead quality and pipeline conversion, positioning us for stronger operating performance. Specifically, we are shifting our advertising focus from digital advertising toward television.”
Business Outlook
“We are updating our 2025 revenue guidance to a range of $40 million to $42 million, compared with our previous guidance range of $50 million to $53 million, which represents an increase of 23 percent to 29 percent versus 2024. Revenue for the third quarter of 2025 is expected to be in the range of $9.5 million to $10.0 million,” Gudonis said.
