Myomo sees Q4 revenue $4.6M-$4.8M, consensus $4.86M

Myomo announced preliminary revenue and operating metrics for the fourth quarter of 2023. Revenue for the fourth quarter of 2023 is expected to be in the range of $4.6M to $4.8M, an increase of 14% to 19%, compared with the same period a year ago. The company’s cash balance was approximately $8.7M as of December 31, 2023. As of January 1, the Centers for Medicare and Medicaid Services, or CMS, has formally classified the MyoPro as a brace, which is reimbursed on a lump sum basis. During the fourth quarter, the company accelerated its efforts to identify and evaluate qualified Medicare Part B patients. As a result, backlog as of December 31, 2023, including Medicare Part B beneficiaries, was approximately 230 patients, an increase of approximately 40% compared with December 31, 2022.