Q2 2024 Myomo Inc Earnings Call Transcript
Key Points
- Myomo Inc (MYO) reported a 77% increase in product revenues over the second quarter of 2023, driven by higher unit sales and increased average selling prices.
- The company achieved a record number of 550 additions to its patient pipeline, with a total of 1,179 patients in the pipeline, marking a 22% year-over-year increase.
- Gross margin for the second quarter of 2024 was 70.8%, indicating strong profitability from product sales.
- Myomo Inc (MYO) successfully expanded its manufacturing capacity, producing 80 MyoPros in July, ahead of its target for the year.
- The company has secured a $4 million line of credit with Silicon Valley Bank, providing additional financial flexibility.
- Reimbursement from Medicare Advantage plans has been challenging, with a higher proportion of initial claims being denied compared to previous quarters.
- Operating expenses increased by 20% year-over-year, driven by higher headcount and increased investment in clinical and reimbursement capacity.
- Net loss for the second quarter of 2024 was $1.1 million, slightly higher than the $1 million loss in the same quarter of 2023.
- The company faces potential challenges in advertising due to increased competition from political and holiday advertising in the latter part of the year.
- Despite strong revenue growth, Myomo Inc (MYO) reported a negative adjusted EBITDA of $1.2 million for the second quarter of 2024.
Good day, and welcome to Myomo's second-quarter of 2024 earnings call. (Operator Instructions) Also, please be aware that today's call is being recorded.
I would now like to turn the call over to Kim Golodetz with LHA. Please go ahead.
Thank you, operator, and good afternoon, everyone. This is Kim Golodetz with LHA. Welcome to the Myomo second-quarter 2024 conference call.
Earlier this afternoon, Myomo issued a news release announcing financial results for the three and six months ended June 30, 2024. If you would like to be added to the company's e-mail distribution list to receive future announcements, please register on the company's website at myomo.com or call LHA at 212-838-3777 and speak with Carolyn Curran.
With me on today's call from Myomo are Paul Gudonis, Chief Executive Officer, and Dave Henry, Chief Financial Officer. Before we begin, I'd like to caution listeners that statements made during this conference call by management other than historical facts are
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