MYO shares were up 15.9% at $5.60 per share after hours.
The Cambridge, Mass.-based company posted losses of -$2.8 million, or -70¢ per share, on sales of $1.9 million for the three months ended Sept. 30, 2020, for a slight bottom-line gain on sales growth of nearly 218%.
Adjusted to exclude one-time items, earnings per share were also -70¢, 35¢ ahead of Wall Street, where analysts were looking for sales of $1.2 million.
According to a news release, Myomo’s sales hit such heights because of a higher average selling price and a higher number of revenue units sold.
“We achieved record revenue in the third quarter with deliveries of MyoPros authorized for insurance reimbursement at their highest level ever,” Myomo chairman & CEO Paul Gudonis said in the release. “As COVID-19 restrictions were lifted beginning mid-year, we were able to fit devices on patients while also securing a large number of new authorizations for patients in our pipeline.
“The shift to direct billing is supporting both revenue growth and margin improvement, while our ongoing digital transformation helped us grow our pipeline and backlog via telehealth and social media marketing. As a result, Myomo entered the fourth quarter with a record backlog of MyoPros to provide to patients and submit to insurers for payment.”
Myomo did not offer specific guidance, but Gudonis noted that the company’s nine-month revenue total is equal to its full-year total for 2019, so he expects further growth for 2020.