Wearable medical robotics company Myomo reported its financial results for the fourth quarter (4Q) and year ended December 31, 2024.
Financial and operating highlights were (all comparisons are with the 4Q 2023 unless otherwise indicated):
- The company trained nearly 160 CPOs in 2024 to provide the MyoPro to their patients
- The US O&P channel revenue was $0.6 million, up 94 percent sequentially
- There were 1,389 MyoPro candidates in the patient pipeline as of December 31, 2024, up 33 percent
- Revenue was a record $12.1 million, up 154 percent
- Revenue units were a record 220, up 106 percent
- Positive cash flow from operations of $3.4 million, excluding net proceeds from the company’s equity offering in December 2024 and including capital expenditures, free cash flow was $2.5 million
- Orders and insurance authorizations were received for a record 233 MyoPro units, up 27 percent
- Backlog, which represents insurance authorizations and orders received but not yet converted to revenue, was 272 units as of December 31, 2024, up 18 percent
- A record 657 new candidates were added to the patient pipeline, up 72 percent
- Gross margin was 71.4 percent, up 610 basis points
- Cost per pipeline add was $1,224, down 46 percent
“Our success in the fourth quarter is the culmination of a transformational year for Myomo, as quarterly revenue surpassed $12 million, with double the unit volume compared to the prior year period and generating positive quarterly cash flows. I’m proud of our team achieving, and in many cases exceeding, the ambitious objectives we set for ourselves at the beginning of the year.
“We rapidly scaled our operations to serve the Medicare Part B population that is medically eligible to receive a MyoPro. We exited the year in the best position we’ve been in, and our objective is to repeat our success from this year in 2025,” said Paul R. Gudonis, Myomo’s chairman and CEO.
