MYO - Myomo records $1.7M license revenue from China joint venture

2023-04-10 08:55:27 ET

• Myomo ( NYSE: MYO ) shares added ~7% pre-market Monday after announcing that its joint venture in China has paid $1.7M as the final portion of the initial license fee related to the commercialization of its MyoPro device in that country.
• Boston, Massachusetts-based Myomo ( MYO ) holds ~20% stake in Jiangxi Myomo Medical Assistive Appliance Co. Ltd., a JV formed with Anhui Ryzur Medical Equipment Manufacturing Co. Ltd.
• With the payment of the full initial technology license fee, the technology transfer to the JV company can start, allowing Jiangxi Myomo to seek regulatory clearance and produce and sell the neuromuscular device in China, Hong Kong, Taiwan, and Macau.
• Myomo ( MYO ) plans to recognize the payment as license revenue for the second quarter of 2023.
• The company announced amended and restated terms of the JV deal in January 2022.

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