Myomo Inc, a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, announces preliminary second quarter revenue and provides an update on its pipeline entering the third quarter.
Revenue for the second quarter of 2022 is expected to be $3.4 million to $3.6 million, an increase of 10% to 16% compared with the second quarter of 2021. All revenue in the second quarter of 2022 was product revenue, as the Company did not receive payment of the remaining license fee from its joint venture partner in China. Also, Myomo expects to report more than 400 additions to its pipeline of prospective MyoPro patients, a quarterly record, which reflects continued success with its new marketing and advertising strategies.
“We are pleased with the results to date from changes we have been implementing to our marketing and advertising since the beginning of the year, which helped us generate a record number of additions to our pipeline in the second quarter. We are seeing strong interest from patients and clinicians for our MyoPro product line, and we expect to report a continued decrease in our cost per pipeline add in the second quarter,” said Paul R. Gudonis, chairman and chief executive officer.
“With respect to receipt of the second and final JV license payment, we have been told by our partner that there is a backlog of transactions awaiting banking and government approvals in China as a result of the recent outbreak of COVID-19. At this time, it is unclear when we will receive the remainder of the license fee,” added Gudonis.
During the quarter, the Company also participated in the Centers for Medicare and Medicaid Services (CMS) public hearing to request a Benefit Category Determination change so that the MyoPro is properly classified as a custom-fabricated brace.
[Source(s): Myomo Inc, Business Wire]