Myomo, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 10:30 pm
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Myomo, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 5.08 million compared to USD 3.97 million a year ago. Net loss was USD 2.03 million compared to USD 2.83 million a year ago. Basic loss per share from continuing operations was USD 0.06 compared to USD 0.4 a year ago. Diluted loss per share from continuing operations was USD 0.06 compared to USD 0.4 a year ago.
For the nine months, revenue was USD 14.48 million compared to USD 11.51 million a year ago. Net loss was USD 5.69 million compared to USD 8.55 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to USD 1.24 a year ago. Diluted loss per share from continuing operations was USD 0.21 compared to USD 1.24 a year ago.
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. It develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. MyoPro senses a patientâs own electromyography (EMG) signals through non-invasive sensors on the arm, and can restore an individualâs ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. It provides devices directly to patients and bill their insurance companies directly. It also sells its products through various other sales channels, including through orthotics and prosthetics providers, the veteranâs administration, and others.