Q1 2024 Myomo Inc Earnings Call Transcript
Key Points
- Myomo Inc (MYO) reported a 9% increase in revenue over Q1 2023, reaching $3.8 million.
- The company has a record backlog of 275 units, up 56% year-over-year, indicating strong future revenue potential.
- Myomo Inc (MYO) added a record 493 patients to the pipeline in Q1, showing a 30% increase from the previous year.
- The reclassification of MyoPro into the brace category by CMS has significantly expanded market access, allowing the company to serve Medicare Part B patients.
- Myomo Inc (MYO) is expanding its workforce to increase clinical reimbursement and manufacturing capacity, aiming to double MyoPro output in the second half of the year.
- The company experienced lower than expected revenue due to delayed payments and lower payments from CMS on pre-April claims.
- Gross margin decreased to 61.2% from 67% in the previous year, driven by lower ASP and increased costs.
- Operating expenses increased by 24% due to higher headcount and other costs, contributing to a larger operating loss of $3.9 million compared to $2.7 million in Q1 2023.
- Net loss widened to $3.8 million in Q1 2024 from $2.6 million in Q1 2023, reflecting increased expenses ahead of expected revenue growth.
- There is uncertainty regarding the timely collection of payments from Medicare, which could affect financial performance in upcoming quarters.
Good day, and welcome to the Myomo first-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Kim Golodetz. Please go ahead.
Thank you, operator, and good afternoon, everyone. This is Kim Golodetz with LHA. Welcome to the Myomo first quarter 2024 conference call.
Earlier this afternoon, Myomo issued a news release announcing financial results for the three months ended March 31, 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 forward-looking statements. The
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