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Myomo Reports Fourth Quarter and Full Year 2023 Financial Results

Thursday, March 7, 2024 BiopharmaWatch Research 1 min read
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Key Takeaway: Myomo, Inc. reported a total revenue of $4.8 million for Q4 2023, marking an 18% increase from the previous year. The company achieved a record of 183 MyoPro orders and insurance authorizations, up 87% year-over-year. As of December 31, 2023, Myomo's backlog reached 230 patients, and the company has provided guidance for Q1 and full-year 2024.
Price reaction · baseline $3.6466 (2024-03-07T16:03:00.000Z) · hit during market hours · clean, no other MYO news in the window
day 0 close · peak
-3.5%

Market Sentiment Analysis

POSITIVE FACTORS

  • Total revenue increased by 18% compared to the previous year.
  • Record number of MyoPro orders and insurance authorizations received.
  • Strong backlog of patients indicates growing demand.

Full Press Release Details

Q4 total revenue of $4.8 million, up 18% over the prior year
Addition of Medicare Part B patients to backlog results in record 183 MyoPro orders and insurance authorizations received in Q4, up 87% over the prior year
Record backlog of 230 patients as of December 31, 2023
Introduces 2024 first quarter and full year guidance
Conference call begins at 4:30 p.m. Eastern time today
BOSTON (March 7, 2024) – Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced financial results for the three months and year ended December 31, 2023. Read more .

Frequently Asked Questions

What was Myomo's total revenue for Q4 2023?

Myomo reported a total revenue of $4.8 million for Q4 2023.

How much did Myomo's revenue increase compared to last year?

The revenue increased by 18% compared to the prior year.

What record did Myomo achieve in Q4 2023?

Myomo achieved a record of 183 MyoPro orders and insurance authorizations.

What is the current backlog of patients for Myomo?

As of December 31, 2023, Myomo has a backlog of 230 patients.

When is Myomo's conference call scheduled?

The conference call is scheduled for 4:30 p.m. Eastern time today.

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Tags: MYO Viatris Investor Conferences Healthcare Myomo MyoPro financial results revenue growth 2023 guidance
Last updated: Mar 7, 2024

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