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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 | Start Date |
|---|---|---|---|---|
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. | July 2012 (CEO), February 2017 (President) |
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. | February 2019 |
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. | November 2020 |
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. | July 2018 |
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. | July 2016 |
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. | March 2024 |
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. | June 2021 |
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. | September 2014 (Director), October 2016 (Lead Independent Director) |
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. | January 2023 |
- 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 ( |
U.S. commercial insurer and affiliates | Key commercial insurance payer | All | 18% of 2024 product revenues ( |
Recent developments and announcements about MYO.
Earnings
New Earnings (Q4 2024)
·16 hours agoView full earnings summary →Myomo guides 2025 revenue of $50–$53M (+54% to +66% YoY) with pipeline growth and O&P expansion fueling demand. Gross margins ~70%. Yet operating expenses could exceed $10M per quarter, raising profitability concerns. Denials remain a hurdle as appeals success dips.
8-K Filings
8-K Filing
·Feb 20, 2025, 11:16 AMFinancial ExhibitsFinancial Obligation TriggeredMaterial Definitive AgreementView full 8-K filing →Myomo amended its loan agreement with Silicon Valley Bank, adding a term loan facility up to $3,000,000. The Term Loan Advances will be repaid in 36 monthly installments starting March 2026, with interest at the greater of 5% or prime minus 1%.