Myomo, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in wearable medical robotics, particularly myoelectric braces for individuals with neuromuscular disorders, experienced a notable increase in revenue. For the three months ended September 30, 2024, total revenue reached $9.2 million, an 81% increase from $5.1 million in the same period of 2023. Product revenue for the same quarter was $9.2 million, up 83% from $5.0 million year-over-year. For the nine months ended September 30, 2024, total revenue was $20.5 million, a 41% increase from $14.5 million in the prior year.
Gross profit for the third quarter of 2024 was $6.9 million, reflecting a 99% increase compared to $3.5 million in the same quarter of 2023. The gross margin improved to 75.4%, up from 68.7% in the prior year. Despite these gains, Myomo reported a net loss of $966,409 for the third quarter, a reduction from a loss of $2.0 million in the same quarter of 2023. For the nine-month period, the net loss was $5.9 million, slightly higher than the $5.7 million loss reported in the same period of the previous year.
The company’s total current assets increased to $14.7 million as of September 30, 2024, up from $13.7 million at the end of 2023. However, cash and cash equivalents decreased to $6.6 million from $6.9 million. Myomo's accumulated deficit grew to approximately $102.9 million, while total stockholders’ equity increased to $9.3 million.
Strategically, Myomo has been active in securing financing, completing several equity offerings that generated approximately $5.4 million in January 2024 and $3.9 million in August 2023. Additionally, the company entered into a Loan and Security Agreement with Silicon Valley Bank in July 2024, allowing for borrowing up to $4 million against eligible accounts receivable.
The company is focusing on expanding its market reach, particularly among Medicare patients, and aims to achieve operating cash flow breakeven by the fourth quarter of 2024. Myomo's product line, including the MyoPro, has seen increased adoption, with 55% of product revenues for the third quarter derived from Medicare Part B beneficiaries. The company is also navigating challenges related to reimbursement denials from insurance payers, which could impact future revenue growth.
About MYOMO, INC.
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