NYSE$MYO
Myomo Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Myomo's Q1 2023 financial results were released, showcasing a 20% year-over-year increase in product revenue and the successful implementation of virtual waiting room technology.
Myomo reported a decrease in total revenue by 11% due to a partial joint venture license fee payment a year ago, but product revenue increased 20% year-over-year. The company saw a record number of pipeline additions, driven by advertising efficiencies and the implementation of a virtual waiting room.
- Product revenue increased by 20% compared to the prior year quarter, reaching $3.4 million.
- A record 438 new candidates were added to the patient pipeline, up 54% compared to Q1 2022.
- Cost per pipeline add decreased to $1,579, down 53% compared to the prior year quarter.
- Gross margin was 67.0%, up 30 basis points compared with the prior-year quarter.
Headline financials
Revenue & EPS history
Myomo · Revenue · Quarterly
$3.45M
Forward guidance
Myomo expects record revenue in the second quarter of 2023 and reiterates its belief that product revenue growth of between 20% to 30% is attainable in 2023.
Tailwinds
- The company anticipates record revenue in the second quarter of 2023.
- Product revenue growth of between 20% to 30% is expected in 2023.
- The remaining initial technology license fee was received.
- Sequentially higher backlog is expected.
- The company is focusing on working with payers that have previously reimbursed for MyoPro's in the past
Headwinds
- The company has a history of operating losses and there are disclosures regarding there being substantial doubt about the company's ability to continue as a going concern.
- The company's ability to achieve reimbursement from third-party payers for its products, including CMS for Medicare Part B patients, is uncertain.
- The company's ability to continue to serve patients with Medicare Advantage insurance plans CMS does not cover the MyoPro is uncertain.
- The company faces dependence upon external sources for the financing of its operations, to the extent that it does not achieve or maintain cash flow breakeven.
- General market, economic, environmental and social factors may affect the evaluation, fitting, delivery and sale of the company's products to patients.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-5.0%
Avg return
Earnings day
-5.9%
Avg return
5 days after
-2.6%
Avg return
30 days after
23%
8 / 35 earnings
Positive
+40.8%
Q4 2024
Best reaction
-39.2%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.5% | -10.3% | +50.1% | |
| Q4 2025 | -17.6% | -14.1% | -13.7% | |
| Q3 2025 | -3.3% | -11.0% | +17.8% | |
| Q1 2025 | -30.8% | -34.1% | -38.4% | |
| Q4 2024 | +40.8% | +24.5% | +2.9% | |
| Q3 2024 | +26.8% | +23.7% | +52.0% | |
| Q2 2024 | -10.8% | -1.5% | -7.6% | |
| Q1 2024 | -1.7% | +0.6% | -6.4% | |
| Q4 2023 | -13.3% | +3.3% | -17.1% | |
| Q3 2023 | +13.9% | +28.3% | +158.4% | |
| Q2 2023 | -0.3% | +9.4% | +65.6% | |
| Q1 2023 | -5.6% | -7.5% | -13.0% | |
| Q4 2022 | -3.1% | -6.8% | +1.4% | |
| Q3 2022 | -31.6% | -28.6% | -59.9% | |
| Q2 2022 | -6.1% | -4.4% | -0.6% | |
| Q1 2022 | -6.4% | -6.1% | -20.9% | |
| Q4 2021 | -39.2% | -41.6% | -46.5% | |
| Q3 2021 | -7.6% | -6.9% | -25.3% | |
| Q2 2021 | +15.4% | +22.5% | +32.7% | |
| Q1 2021 | -3.5% | -12.5% | -0.7% | |
| Q4 2020 | +1.4% | +20.0% | -3.2% | |
| Q3 2020 | +20.7% | +11.8% | +39.2% | |
| Q2 2020 | -1.8% | +0.8% | -5.6% | |
| Q1 2020 | -14.6% | -11.0% | -18.1% | |
| Q4 2019 | -20.5% | -30.1% | -16.7% | |
| Q3 2019 | -21.0% | -25.1% | -32.4% | |
| Q2 2019 | -0.8% | -3.5% | -3.7% | |
| Q1 2019 | -8.3% | -23.1% | -37.2% | |
| Q4 2018 | +6.6% | +4.9% | -2.5% | |
| Q3 2018 | -4.2% | -3.7% | -18.1% | |
| Q2 2018 | -5.5% | -8.3% | -9.6% | |
| Q1 2018 | -12.0% | -2.2% | -10.9% | |
| Q4 2017 | -3.6% | -19.3% | -38.2% | |
| Q3 2017 | -24.9% | -28.9% | -64.3% | |
| Q2 2017 | -5.7% | -14.1% | -0.3% | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — |
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