NYSE$MYO
Myomo Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported record revenue and MyoPro authorizations and orders.
Myomo reported a record revenue of $7.5 million for Q2 2024, up 26% compared to Q2 2023. The company also achieved record 213 MyoPro authorizations and orders, and added a record 550 patients to the pipeline, ending the quarter with 1,179 patients in the pipeline.
- Product revenue was $7.5 million, up 77%.
- Orders and insurance authorizations were received for 213 MyoPro units, up 70%.
- 550 new candidates were added to the patient pipeline, up 35%.
- Gross margin was 70.8%, down 100 basis points, with gross margin on product revenues up 1,030 basis points.
Headline financials
Revenue & EPS history
Myomo · Revenue · Quarterly
$7.52M
Forward guidance
Myomo expects third quarter revenue to be in the range of $8.0 million to $8.5 million. The company continues to believe its full year revenue expectation of $28 million to $30 million is achievable.
Tailwinds
- Backlog entering the third quarter is slightly higher than the backlog entering the second quarter.
- Velocity of revenue recognition is expected to be somewhat higher as the company is now recording revenue from Medicare Part B patients at the time of product delivery.
- Full year revenue expectation of $28 million to $30 million is achievable.
- Required clinical, reimbursement and manufacturing capacity is in place.
- Efforts to position the company to achieve revenue of $10 million in the fourth quarter and for continued growth in 2025.
Headwinds
- Increasing advertising spending to educate prospective patients in the second half of the year may impact achieving operating cash flow breakeven in the fourth quarter.
- Ability to obtain sufficient reimbursement from third-party payers for products.
- Ability to navigate factors both within and outside control to grow revenues sufficiently to achieve operating cash flow breakeven on a quarterly basis.
- Revenue concentration with Medicare and with a particular insurance payer.
- General market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of 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 Q2 2024
-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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