The Cambridge, Mass.–based wearable medical robotics company posted losses of -$2.8 million, or -16¢ per share, on sales of $606,619 for the three months ended Sept. 30, for a 5.2% bottom-line slide on a sales decline of 0.4%.
Adjusted to exclude one-time items, earnings per share were also -16¢, equal with Wall Street’s projections, where analysts were looking for sales of $1.33 million, more than twice what Myomo produced.
“In the third quarter, Myomo’s growth metrics accelerated,” chairman & CEO Paul Gudonis said in prepared remarks. “The debt financing that we recently closed will support us as we work to reach the milestones that we project achieving over the next 3-6 months. We expect to end 2019 with a strong outlook for 2020 as we continue to expand market penetration, awareness, the size of our pipeline and the offerings of our life-changing wearable robotic products.”
Myomo did not disclose its expected EPS for the year or update its sales guidance but added that its third-quarter revenue was affected by the timing of insurance payments for its increasing mix of direct billing patients in backlog, which caused a short-term lag in revenue recognition.
MYO shares were down -21.4% at 54¢ per share in late-afternoon trading today.