MYO - Myomo stock climbs as Q4 net loss narrows

2023-03-13 11:58:03 ET

Myomo ( NYSE: MYO ) stock rose ~9% on Monday following its Q4 results.

Net loss attributable to common stockholders narrowed to -$2.17M, compared to -$3.37M in Q4 2021. The GAAP EPS beat analysts estimates.

Revenue, which consisted only of Product, was largely flat Y/Y to $4.04M.

The company, however, noted that Revenue units were 101, up 16% sequentially but down 6% Y/Y.

Backlog, which represents insurance authorizations and orders received but not yet converted to revenue, was 164 units, up 6% Y/Y, according to the company.

"Importantly, we achieved our key objective of significant pipeline growth, moreover with a 45% reduction in the cost per new candidate entering the patient pipeline," said Myomo's Chairman and CEO Paul Gudonis.

Operating expenses declined 16.6% to $4.86M. The company said the decrease was mainly due to lower product development expenses, lower incentive compensation costs and lower advertising expenses.

Outlook :

"Entering 2023, we've modified how we determine our pipeline of candidates to include only those patients with insurance payers that have a history of reimbursement for the MyoPro," Gudonis added.

Gudonis noted that the company expects Q1 product revenue growth between 15% and 20% compared to Q1 2022. Meanwhile, full-year product revenue growth is anticipated between 20% and 30%.

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