Q3 2024 Myomo Inc Earnings Call Transcript
Key Points
- Myomo Inc (MYO) achieved a record revenue of $9.2 million in Q3 2024, marking an 83% increase over the same period in 2023.
- The company successfully added 645 medically qualified candidates to its patient pipeline, a 69% increase from the previous year.
- Myomo Inc (MYO) has entered into its first two contracts with Blue Cross Blue Shield of Massachusetts and Paradigm, representing 3 million covered lives.
- The company has expanded its manufacturing capacity and plans to move to a larger facility to accommodate expected growth.
- International operations, particularly in Germany, continue to perform well with a record $1.1 million in revenue for the quarter.
- Myomo Inc (MYO) faces challenges with some Medicare Advantage plans, which are making it difficult for patients and providers to get necessary care, leading to more initial denials and appeals.
- Operating expenses increased by 43% compared to the third quarter of 2023, driven by higher headcount and advertising costs.
- The company reported a net loss of $1 million for Q3 2024, although this was an improvement from the previous year.
- There is a potential for gross margin compression as the O&P channel grows, due to lower ASPs in this channel.
- The process of establishing contracts with payers for in-network status is expected to be a multi-year endeavor, potentially delaying revenue growth from this initiative.
Good day and welcome to the Myomo third quarter, 2024 financial results 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 alliance advisors. Ir Welcome to the Myomo third quarter 2024 conference call.
Earlier this afternoon, Myomo issued a news release announcing financial results for the three and nine months ended. September 30th 2024. If you would like to be added to the company's email distribution list to receive future announcements, please register on the company's website at Myomo dotcom or call alliance advisors. Ir at 3,106,917,100 and speak with Danny Chertok with me on today's call from Myomo are Paul Gudonis, Chairman and 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
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