Myomo, Inc. has reported significant financial growth in its 2024 fiscal year, with total revenue reaching approximately $32.6 million, a 69% increase from $19.2 million in 2023. This growth was primarily driven by a substantial rise in product revenue, which increased by 86% to $32.6 million, largely due to the company's ability to serve Medicare Part B beneficiaries. The gross profit for the year was approximately $23.2 million, resulting in a gross margin of 71.2%, up from 68.5% in the previous year. Despite this revenue growth, Myomo continued to incur net losses, reporting a loss of $6.2 million for 2024, although this was an improvement compared to the $8.1 million loss in 2023.
The company has made strategic advancements, including a public equity offering in December 2024 that generated approximately $15.8 million in net proceeds. These funds are intended to support growth in the direct billing channel, enhance research and development efforts, and expand clinical and manufacturing capacities. Myomo also entered into a Loan and Security Agreement with Silicon Valley Bank, allowing for borrowing against eligible accounts receivable, which remains undrawn as of the end of 2024. The company plans to hire over 100 additional employees by the end of 2025 to support its anticipated growth.
Operationally, Myomo has seen an increase in its patient pipeline, with 1,389 patients in the reimbursement process as of December 31, 2024, a 33% increase from the previous year. The backlog of MyoPro units awaiting revenue recognition also grew by 18% to 272 units, representing an estimated potential revenue of approximately $13.6 million. The company has focused on expanding its market presence, with 86% of its revenue generated in the U.S., while also making inroads into international markets, including Germany and China.
Looking ahead, Myomo's management has expressed optimism about the future, emphasizing plans to increase advertising spending and clinical capacity to drive revenue growth. However, the company acknowledges the risks associated with its reliance on third-party payers for reimbursement, particularly Medicare and commercial insurers. Changes in reimbursement policies could significantly impact revenue, and the company is actively working to mitigate these risks while continuing to enhance its product offerings and market reach.
About MYOMO, INC.
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