Myomo, Cambridge, Massachusetts, reported its financial results for the third quarter (3Q) for the period ending September 30.
Financial highlights include:
- Total revenue was $609,000, compared to $488,540 from the same period of 2017, an increase of 25 percent. Year-to-date revenues were up 54 percent to $1.5 million compared to $1 million from the same period a year ago. Results for the three and nine months ended September 30, reflected a higher average selling price due to product mix.
- Total operating expenses were $3.1 million, an increase of $1.3 million or 74 percent, during the three months ended September 30, compared to the same period of 2017. Operating expenses totaled $8.8 million, an increase of $3.4 million, or 63 percent, during the nine months ended September 30, as compared to the first nine months of 2017. The increases in operating expenses reflect higher compensation costs associated with more personnel, expanding sales, marketing and product development efforts as well as an increase in administrative costs.
- The 3Q loss totaled $2.6 million, compared with a net loss of $1.25 million for the corresponding period of 2017. Net loss for the first nine months of the year totaled $7.6 million compared with a loss of $10.1 million for the corresponding period a year ago. Net loss for the first nine months of the year included a $5.1 million charge for debt discount on convertible notes.
- Cash on hand as of September 30 totaled $9 million, compared to $12.9 million at December 31, 2017.
