The Cambridge, Mass.–based company on Jan. 30 enacted a 1-for-30 reverse stock split, with stocks slumping for a few days before doubling in value on Tuesday and then doubling once again in value yesterday. MYO shares closed down more than –2% at $24 per share today, though they are now up more than 4% in after-hours trading after the company announced preliminary quarterly revenue numbers that beat Wall Street expectations.
On a daily basis, Myomo shares have mostly traded in the thousands or tens of thousands this year. But trading volume for Feb. 4, 5 and 6 was 4.46 million, 4.08 million and 1.73 million respectively.
Myomo said in a statement yesterday that the company’s management is “unaware of any developments concerning the business of the company that could account for the recent trading volatility of the company’s common stock.”
The company on Feb. 3 had some good news, reporting that the major German health insurer Barmer would cover the cost of the MyoPro upper limb orthosis through certified orthotics and prosthetics clinics in Germany.
Myomo said this evening that it expects fourth-quarter revenue in the $1.4–1.5 million range and full-year 2019 revenue in the $3.7–3.8 million range. Wall Street analysts on average have predicted $1.09 million in Q4 revenue and $3.41 million in full-year revenue.