MYO - Myomo reports preliminary Q4 and FY20 revenue above consensus

Myomo ([[MYO]] +8.5%) reports preliminary 4Q20 is expected to be between $3.2M and $3.7M vs. $2.16M consensus; represents an increase of 110% to 143% year-over-year.Expects revenue FY20 to be between $7M and $7.5M vs. $5.95M consensus, increase of 84% to 97% year-over-year.Company had cash and cash equivalents of $12.3M as of December 31, 2020. Cash utilization for Q4 was ~$1.1M.“The relatively wide range for fourth quarter 2020 revenue expectations is attributable to a change in revenue recognition from certain insurance plans. This accounting treatment is expected to be applied on a go-forward basis and applies to certain insurers where the Company has demonstrated sufficient payment history. These insurers represented approximately 40% of direct billing channel revenue in 2020,” commented David Henry, CFO.

For further details see:

Myomo reports preliminary Q4 and FY20 revenue above consensus