Myomo Reports Second Quarter 2017 Results

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a commercial stage medical robotics company, today reports its financial results for the three and six months ended June 30, 2017.

Highlights and Achievements in the Second Quarter 2017 and Year To-date:

The Company completed its initial public offering under SEC Regulation A+ on June 9, 2017 for total gross proceeds of approximately $8 million, including $5 million through the sale of shares and nearly $3 million in a concurrent private placement of units which include one share of common stock and one warrant. With growth capital raised during the quarter, 2Q and YTD 2017 results reflect business operations under a controlled product launch. Total revenue for the second quarter of 2017 grew 21% year over year to $307,000, compared to $254,000 for the second quarter of 2016. In addition to raising capital, Myomo accelerated its commercial activities:

  • Obtained CE Mark approval for commercial sale of next-generation MyoPro® myoelectric arm orthosis across the European Economic Area. European launch preparations are underway, beginning in Germany with partner, Ottobock, the global market leader in technical orthopedics and prosthetics (O&P).
  • Expanded sales and marketing team and increased marketing activity to expand MyoPro accessibility to more individuals in the U.S. and internationally.
  • Established MyoPro Centers of Excellence at seven O&P practice organizations to create a network of 31 U.S. locations offering the MyoPro line of powered orthosis.
  • Booked first set of orders under the distribution agreement with Ottobock for VA Medical Centers in the US;
  • Announced publication of peer-reviewed clinical research conducted by the Ohio State University School of Medicine. The study concluded that upper extremity impairment is significantly reduced with use of the MyoPro, and these results exceeded the clinically important difference threshold of standard impairment tests.
  • Launched next generation myoelectric arm orthosis, MyoPro 2 that extends the capabilities of the previous version with significant enhancements, including interchangeable, extended-life rechargeable batteries for continuous daily use; upgraded user interface; improved sensors; and enhanced harness and finger grasp orthosis for more reliable and comfortable long-term wear.

Paul R. Gudonis, Chairman & CEO of Myomo, commented: “We are very pleased to have successfully completed our IPO on June 9th, the first JOBS Act / Regulation A+ offering to trade on a national exchange, NYSE American, formerly NYSE MKT. With the IPO funding, we expanded our sales and marketing initiatives to bring our proprietary technology to a large, underserved market. MyoPro is the only commercially available upper limb product line to restore or to improve functionality for patients with stroke, brachial plexus injury, traumatic brain injury, spinal cord injury, MS, and ALS. In the U.S., MyoPro is currently available to veterans at Veterans Administration hospitals across the country and in over 30 O&P practice locations. After recently achieving the CE Mark, we now look forward to launching outside the U.S. The initial introduction of MyoPro is planned for Germany through our distributor partner, Ottobock, a well-established German-based technical O&P global leader.”

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