NYSE$MYO
Myomo Inc · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Myomo achieved record revenue driven by deliveries of MyoPros authorized for insurance reimbursement.
Myomo, Inc. reported a strong third quarter with record revenue of $1.9 million, up 218% year-over-year, driven by increased direct billing and higher average selling prices. The company also saw a rise in gross margin and backlog, with cash utilization at its lowest level since 2018. They believe they have sufficient cash to fund operations through the fourth quarter of 2021, which is their target to achieve cash flow breakeven on a quarterly basis.
- Revenue increased by 218% to a record $1.9 million, with revenue units up 123% to a record 51.
- Direct billing channel revenue increased more than six-fold, representing 68% of total revenue.
- Gross margin improved to 56% from 46% in the third quarter of 2019.
- Authorization backlog reached a record 162 units, a 35% increase compared to June 30, 2020.
Headline financials
Revenue & EPS history
Myomo · Revenue · Quarterly
$1.93M
Forward guidance
Myomo anticipates strong revenue growth for the year as they convert units in their growing backlog into revenue in the fourth quarter. They believe they have sufficient cash to fund operations through the fourth quarter of 2021, which is their target to achieve cash flow breakeven on a quarterly basis.
Tailwinds
- Expects strong revenue growth for the year as they convert units in their growing backlog into revenue in the fourth quarter.
- Dedicated staff has been provided with personal protective equipment (PPE) and training on proper and safe procedures, and PPE is also available for patients during the MyoPro fitting process.
- A new case study showed that despite long-standing traumatic brain injury, meaningful improvements in motor function were observed with MyoPro use.
- New patents were issued, bolstering their intellectual property portfolio and extending it to 2039.
- Believes they have sufficient cash to fund operations through the fourth quarter of 2021, which is their target to achieve cash flow breakeven on a quarterly basis.
Headwinds
- The direct and indirect impact of the novel coronavirus (COVID-19) on their business and operations, including fabrication and delivery, sales, patient consultations, supply chain, manufacturing, insurance reimbursements and employees.
- Ability to continue normal operations and patient interactions in order to cast, deliver and fit our custom-fabricated device.
- Sales and commercialization efforts.
- Ability to achieve reimbursement from third-party payers for our products.
- Dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven.
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 Q3 2020
-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 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro