Myomo, Cambridge, Massachusetts, reported its financial results for the second quarter (2Q) ended June 30.
Financial highlights include:
- Total revenue was $632,000, an increase of 106 percent, compared to the same period a year ago. Total revenue for the six months ended June 30, was $946,000, an increase of 81 percent, versus the comparable period of 2017. Results for the three and six months ended June 30 included increases in units, as well as a higher average selling price primarily due direct sales.
- Operating expenses totaled $3.1 million, an increase of $973,000, or 45 percent compared to the same period a year ago. Operating expenses were $5.7 million, an increase of $2 million, or 57 percent, during the six months ended June 30, as compared to the same period in 2017. The increases in operating expenses primarily reflect higher compensation costs associated with the addition of personnel, expansion in sales, marketing and product development efforts.
- The 2Q net loss was $2.6 million, compared with a net loss of $7.3 million for 2Q 2017. Net loss for 2Q 2017 included a $5.1 million charge for debt discount on convertible notes. Net loss available to common stockholders for 2Q 2018 was $2.6 million, or $0.21 per share, compared with a net loss available to stockholders of $7.7 million, or $3.35 per share, for the same period in 2017.
- Cash on hand ending June 30 totaled $11.6 million, compared to $12.9 million at December 31, 2017.
