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Myomo, Inc. (MYO) is a wearable medical robotics company that develops and markets advanced myoelectric orthotics for individuals with neuromuscular disorders and upper limb paralysis. The company’s primary product, the MyoPro, is a custom-fabricated device designed to help patients regain functional use of their arms and hands by leveraging their own muscle signals. Myomo operates through direct billing to insurance companies, partnerships with orthotics and prosthetics providers, and distribution in international markets.
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Product Revenue - Generates income from the sale of MyoPro, a myoelectric-controlled upper limb orthosis that supports weak or paralyzed arms, enabling functional activities of daily living. The device is custom-fabricated for each user and prescribed by physicians.
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License Revenue - Earns revenue from licensing agreements, although this segment contributes minimally or is absent in certain periods.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Paul R. Gudonis ExecutiveBoard | President, CEO, and Chairman | Advisory roles at Northwestern University (Dean’s Advisory Council, Biomedical Engineering Dept., NUvention program) | Over 40 years of experience in launching technology-based products and services. Previously CEO of Centra Software and Genuity, and President of FIRST Robotics. Holds an MBA from Harvard and a degree in electrical engineering from Northwestern. | View Report → |
David A. Henry Executive | Chief Financial Officer | None | Over 35 years of financial leadership experience. Former CFO at AMI Semiconductor, American Semiconductor Corporation, and Eos Energy Storage. CPA with an MBA from Santa Clara University and a BS from UC Berkeley. | |
Harry Kovelman, M.D. Executive | Chief Medical Officer | None | Over 25 years of experience in medical devices and pharmaceuticals. Former SVP at Helius Medical Technologies and VP at Pacira BioSciences. Holds an MD from the University of Maryland. | |
Micah J. Mitchell Executive | Chief Commercial Officer | None | Extensive experience in sales and business development in healthcare. Previously VP at Invacare Corporation and Regional VP at Numotion. Founded Wheelchair Vans, LLC. | |
Amy Knapp Board | Director | Board member at The Commons Project and The Smart Health Network, PBC | Over 40 years of experience in healthcare. Former National President, Markets for Bright HealthCare, where she grew ACA membership significantly. Holds an MBA from USC. | |
Heather C. Getz Board | Director, Chair of Audit Committee | EVP and CFO/COO at Butterfly Network, Inc. | Over 25 years of experience in finance and healthcare leadership. Former CFO at BioTelemetry. CPA with an MBA from Villanova University. | |
Milton M. Morris, Ph.D. Board | Director | Trustee at Northwestern University, Board member at Embecta Corp. and Nordson Corporation | Over 30 years of experience in medical device commercialization. Former CEO of Neuspera Medical. Holds a Ph.D. in biomedical engineering. | |
Thomas F. Kirk Board | Lead Independent Director | Chairman of the Board at American Medical Staffing, Inc. and American Surgical Professionals | Extensive experience in finance, strategic planning, and business development. Former CEO of Hanger Orthopedic Group. Registered professional engineer. | |
Yitzchak Jacobovitz Board | Director | Partner and lead healthcare analyst at AIGH Capital Management LLC | Partner at AIGH Capital Management since 2014. Former managing director at Capstone and analyst at Leap Tide Capital Management. Holds an MBA from Johns Hopkins University and is a CFA. |
- Given the substantial increase in operating expenses, particularly due to higher headcount and advertising spend, how do you plan to achieve operating cash flow breakeven in the fourth quarter, especially if there are potential delays in payments or supply chain disruptions?
- With the expansion into the O&P channel expected to lower ASPs due to the mix, how will this impact your gross margins, and what strategies do you have in place to mitigate any potential erosion of profitability as this channel grows?
- Considering the challenges you've faced with Medicare Advantage plans, including lower success rates in obtaining preauthorizations and more denials leading to administrative law judge hearings, how are you addressing these issues to improve authorization rates and reduce the administrative burden?
- Your international expansion seems to be on hold due to the investment required and long timelines, particularly in markets like France and Italy taking 2 to 3 years. How do you plan to accelerate international growth and capitalize on these markets without significantly increasing expenditures?
- Given that the R&D enhancements to the MyoPro 2+ have been delayed to include additional features, which pushes the release to Q1 2025, how might this delay affect your competitive positioning and ability to meet patient needs in the interim?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
CMS (Centers for Medicare & Medicaid Services) | Primary public healthcare payer | All | 49% of 2024 product revenues (~$15.55M) ; 36% of 2024 A/R (~$1.38M) |
U.S. commercial insurer and affiliates | Key commercial insurance payer | All | 18% of 2024 product revenues (~$5.86M) ; 19% of 2024 A/R (~$0.73M) ; 38% of 2023 product revenues ; 71% of 2023 A/R |
Recent press releases and 8-K filings for MYO.
- Aims to achieve $100 million in annual revenue by 2028 with a diversified mix—including 20% U.S. O&P (targeting $20 million), 15% international ($15 million), and direct billing—and robust margins (70–72% gross, 15–20% EBITDA). [1,5]
- Manufacturing expansion underway with new facility space coming online in July, targeting 250 units/month MyoPro production by 2028. [2,5]
- Cost-of-goods reduction projects are expected to deliver approximately 200 basis points of quarterly gross margin improvement by Q4 2026. [2,5]
- Strong Q1 financial position with $21.5 million in cash, a $2.7 million burn, an undrawn $4 million line of credit (with $1.9 million available), and a $3 million term loan; breakeven achieved at $17–18 million quarterly revenue. [4,5]
- U.S. O&P channel strategy aims to certify ~200 clinicians, each averaging 4 units annually, driving targeted revenue growth. [3,5]
- Management reported Q1 2025 lead generation recovery, noting that roughly half of new pipeline additions come from leads over one year old.
- Over 27 million lives are covered by private payer contracts, with ongoing efforts to enhance Medicare Advantage reimbursement.
- Revenue reached $9.8 million, up 162% YoY, driven by strong unit sales (182 MyoPro units) and a 31% increase in ASP to ~$54K; Medicare Part B patients contributed about 60% of revenue .
- Gross margin improved to 67.2%, resulting in an operating and net loss of $3.5 million with Adjusted EBITDA of $(2.8) million .
- The patient pipeline expanded to nearly 1,500 patients with a record 700 new candidates and 213 MyoPro orders, despite only an 18% rise in authorizations and a 9% decline in the backlog .
- New product launches, including the MyoPro 2x and MARK 2 clinical unit, along with an expanded O&P channel (now with over 300 trained clinicians), are set to boost future growth .
- Guidance: Q2 revenue is expected to be in the $9.0–$9.5 million range with full-year 2025 revenue guidance of $50–$53 million .
- Record Q4 revenue of $12.1M was achieved, more than doubling Q4 2023 figures, driven by greater Medicare Part B coverage and a record 220 revenue units delivered, with a significant increase in patient pipeline additions.
- Operating efficiency improved sharply as the operating loss narrowed to $200K (down from $2.4M in Q4 2023) and the company reached positive adjusted EBITDA of $200K, marking a key milestone in cash flow break-even.
- Capacity expansion and strategic investments were highlighted by a move to a new 35,000 sq ft facility in suburban Burlington, enhanced manufacturing capacity of 120 units/month, and the hiring of 100 new staff members, supporting scalability for future growth.
- Growth outlook for 2025 is positive, with revenue guidance between $50M and $53M, underpinned by expected momentum from both the direct provider channel and the growing O&P channel, along with an anticipated uplift in average selling prices (ASP).
- The company achieved $12.1 million in record revenue for Q4 2024, representing a 154% increase year-over-year.
- It reported its first-ever positive quarterly cash flow from operations at $3.4 million.
- The period also saw a record 233 MyoPro unit authorizations/orders and 657 new additions to the pipeline.
- Looking ahead, Myomo provided a revenue guidance of $50–$53 million for 2025.