Myomo (MYO) Maxim Group’s 2024 Healthcare Virtual Summit summary

Company overview and product innovation

• Focuses on wearable medical robotics to address upper limb paralysis from stroke, spinal cord injury, or neurological disease.

• Commercial stage with thousands of devices shipped in the U.S. and select European markets.

• Myoelectric orthosis uses non-invasive sensors to amplify weak muscle signals, enabling daily activities.

• Device has improved quality of life for many, with several thousand units reimbursed by private payers and the VA.

• Achieved standard Medicare Part B coverage effective April 1, significantly expanding patient access.

Financial performance and reimbursement impact

• Average selling price (ASP) increased from $42,000 to $65,000 after Medicare published its fee schedule.

• Pipeline nearly doubled, with 1,200 patients at Q2 end and 550 added in Q2, both record numbers.

• Backlog reached a record 282 patients, with 213 new authorizations in Q2, up 70%.

• Q2 revenue hit a record $7.5 million; Q3 guidance is $8–8.5 million, targeting 60–70% product revenue growth for 2024.

• Operating cashflow breakeven expected at $10 million quarterly revenue.

Operational expansion and manufacturing

• Workforce grew from 100 to 170 in 2023, with ongoing hiring and manufacturing scale-up.

• New facility near Boston to open by year-end, increasing production capacity.

• Manufacturing combines contract assembly, 3D-printed custom shells, and in-house final assembly/testing.

• Custom devices typically ship within 2–3 weeks after patient measurement.