Myomo (MYO) Q4 2024 earnings summary

Executive summary

• Achieved record financial and operating results in 2024, including Q4 revenue of $12.1 million, up 154% year-over-year, and first-ever positive quarterly cash flow from operations.

• Full-year 2024 revenue reached $32.6 million, up 69% from 2023, with product revenue up 86%.

• Revenue more than doubled in Q4 year-over-year, with significant growth in both direct provider and O&P channels.

• Recognized revenue on 220 MyoPro units in Q4, up 106% year-over-year; average selling price rose 23%.

• Expanded manufacturing capacity, relocated to a larger facility, and increased headcount to support growth.

Financial highlights

• Q4 2024 revenue reached $12.1 million, up 154% year-over-year; full-year revenue was $32.6 million, up 69%.

• Gross margin for Q4 was 71.4%, up from 65.3% in Q4 2023; full-year gross margin was 71.1%.

• Q4 operating loss narrowed to $200,000 from $2.4 million a year ago; net loss was $300,000 ($0.01/share).

• Achieved positive Adjusted EBITDA of $200,000 in Q4, a first in company history; full-year Adjusted EBITDA was $(5.1) million, improved from $(7.0) million.

• Cash, cash equivalents, and short-term investments at year-end were $24.9 million, including $15.8 million from a December equity offering.

Outlook and guidance

• Q1 2025 revenue expected between $9 million and $9.5 million, up 140%-153% year-over-year.

• Full-year 2025 revenue guidance set at $50 million-$53 million, representing 54%-66% growth.

• Revenue and orders expected to be weighted toward the second half of 2025 due to patient pipeline timing.

• Anticipates negative cash flow in the first three quarters of 2025, with a return to positive operating cash flow in Q4 if revenue targets are met.

• Advertising spend to nearly double to over $6 million in 2025; CapEx expected to be around $1 million.