Financial highlights include:
2Q total revenue was $307,000; an increase of $53,000, or 21 percent, compared to the same period a year ago.
Gross margin was 68 percent, as compared to 80 percent for the three months ended June 30, 2016.
Research and development expenses totaled $709,000, an increase of $450,000, or 174 percent, compared to the same period a year ago.
Myomo’s net loss for the quarter ended June 30, totaled $7.3 million, compared with a net loss of $760,000 for the corresponding 2016 period.
Cash on hand at the end of 2Q was $7.1 million, compared to $797,000 at December 31, 2016.
Myomo completed its initial public offering on June 9, for total gross proceeds of about $8 million, including $5 million through the sale of shares and nearly $3 million in a concurrent private placement of units that include one share of common stock and one warrant. With growth capital raised during the quarter, 2Q and YTD 2017 results reflect business operations under a controlled product launch.