Myomo (NYSE:MYO) shares ticked up this morning on fourth-quarter results that topped the consensus forecast.
The Boston-based wearable medical robotics company posted losses of -$1.7 million, or -37¢ per share, on sales of $3.8 million for the three months ended Dec. 31, 2020, for a 38.5% bottom-line gain on revenues that were more than doubled year-over-year.
Adjusted to exclude one-time items, losses per share were also -37¢, 10¢ ahead of Wall Street, where Myomo’s revenues beat projections by 14.5%.
“Fourth-quarter revenue was not only a record, it also was equivalent to our full-year 2019 revenue. This is a testament to the adaptability and execution of our team in light of the challenges presented by the COVID-19 pandemic,” Myomo chairman & CEO Paul R. Gudonis said in a news release. “The strategic shift to direct billing implemented in late 2019 is supporting both revenue growth and margin improvement.”
Myomo did not offer specific guidance but did advise that it expects revenues next quarter to represent growth year-over-year, but a decline sequentially after this record-setting quarter.
MYO shares were up 6.3% at $13.70 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.7%.