NYSE$MYO
Myomo Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Myomo's financial performance remained relatively stable with a slight revenue increase, while strategic adjustments led to significant pipeline growth and reduced patient acquisition costs.
Myomo reported fourth-quarter revenue of $4.0 million, consistent with the previous year. The company saw a 75% increase in new candidates added to the patient pipeline and a 45% reduction in the cost per new candidate. Gross margin was 65.0%, and the operating loss was $2.2 million. The company is focusing on payers with a history of reimbursement and expects first-quarter 2023 product revenue to increase between 15% and 20% compared to the first quarter of 2022.
- Revenue was $4.0 million, consistent with the prior year quarter and up 2% sequentially.
- Patient pipeline additions increased by 75% year-over-year.
- Cost per pipeline add decreased by 45% compared to the previous year.
- Gross margin decreased to 65.0% due to higher product costs.
Headline financials
Revenue & EPS history
Myomo · Revenue · Quarterly
$4.04M
Forward guidance
Myomo anticipates a 15-20% increase in product revenue for Q1 2023 compared to Q1 2022 and projects full-year product revenue growth of 20-30%.
Tailwinds
- Expected increase in first-quarter product revenue.
- Anticipated full-year product revenue growth of 20-30%.
- Focusing on working with payers that have reimbursed for MyoPro's in the past.
- Cost reduction actions are expected to save approximately $2.0 million in 2023.
- The Company expects these actions to have a minimal impact on 2023 revenues and to result in a higher authorization rate on a go-forward basis.
Headwinds
- Uncertainty regarding CMS's proposed rule and its impact on Medicare Part B payments.
- Silicon Valley Bank was placed under receivership with the Federal Deposit Insurance Corporation.
- The company has a history of operating losses and its financial statements for the period ended December 31, 2022 include disclosures regarding there being substantial doubt about our ability to continue as a going concern.
- Dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven.
- General market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our 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 Q4 2022
-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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