Myomo
(NYSE:MYO) posted second-quarter results this week that beat the overall consensus on Wall Street.
The Boston-based medical robotics company — maker of MyoPro powered arm braces — reported losses of -$2.6 million, or -46¢ per share, on sales of $3.1 million for the three months ended June 30, for a sales growth of 261.56% compared with Q2 2020.
Earnings per share were -46¢, 14¢ ahead of The Street, where analysts were looking for sales of $2.1 million.
“We are pleased to be reporting sustained momentum with our efforts to expand the number of individuals who receive a MyoPro through our direct-to-consumer marketing and our own clinical services channel,” CEO Paul Gudonis said in a news release. “A growing number of physicians are prescribing the MyoPro for their patients, and we obtained a record number of insurance authorizations and orders during the second quarter. We are also experiencing an acceleration of the revenue cycle as a growing number of units are regularly reimbursed by certain insurance plans.”
“We expect to deliver another solid quarter of year-over-year revenue growth in the third quarter. Our plan is to build upon the successful strategies we implemented during the first half of the year, in particular increased direct-to-patient marketing. In addition, we will continue to focus on the direct billing channel as we look forward to a strong finish to 2021,” Gudonis said.
Shares in MYO were up more than 25% to $9.84 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.
