Myomo reaches $3.1 million in sales in second quarter

MyoPro is a powered arm and hand orthosis designed to restore function to the wearer’s paralyzed or weakened upper extremities. | Credit: Myomo

Myomo (NYSE:MYO) posted second-quarter results this week that beat the overall consensus on Wall Street. The Boston-based medical robotics company, which makes the MyoPro powered arm braces, reported losses of $2.6 million, or $0.46 per share, on sales of $3.1 million for the three months ended June 30, for a sales growth of 261.56% compared with Q2 2020.

Myomo recognized revenue on 80 units in the second quarter of 2021, an increase of 233% compared with the second quarter of 2020. Year-to-date revenue of $5.4 million was up 191% compared with the same period a year ago

Earnings per share were down $0.46, $0.14 ahead of The Street, where analysts were looking for sales of $2.1 million.

“We are pleased to be reporting sustained momentum with our efforts to expand the number of individuals who receive a MyoPro through our direct-to-consumer marketing and our own clinical services channel,” CEO Paul Gudonis said in a news release. “A growing number of physicians are prescribing the MyoPro for their patients, and we obtained a record number of insurance authorizations and orders during the second quarter. We are also experiencing an acceleration of the revenue cycle as a growing number of units are regularly reimbursed by certain insurance plans.”

Adjusted EBITDA for the second quarter of 2021 was negative $2.2 million, compared with negative $2.7 million for the second quarter of 2020. Adjusted EBITDA for the first six months of 2021 was negative $4.9 million, compared with negative $6.0 million for the same period a year ago.

“We expect to deliver another solid quarter of year-over-year revenue growth in the third quarter. Our plan is to build upon the successful strategies we implemented during the first half of the year, in particular increased direct-to-patient marketing. In addition, we will continue to focus on the direct billing channel as we look forward to a strong finish to 2021,” Gudonis said.

Editor’s Note: This article was first published by sister website MassDevice.