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BURLINGTON, Mass. - Myomo, Inc. (NYSE American: MYO), a leader in wearable medical robotics with impressive revenue growth of 69% over the last twelve months, announced today the launch of the MyoPro 2x, an advancement in its MyoPro product line aimed at improving arm and hand function for individuals with upper-limb paralysis and neuromuscular conditions. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt on its balance sheet.
The MyoPro 2x is designed to provide users with a more intuitive and efficient way to don their device independently, promising better fit and function which may lead to improved clinical outcomes. The development of the new product incorporated feedback from over 3000 MyoPro users and clinicians, as well as performance data from Myomo’s existing products. The company’s market capitalization stands at approximately $159 million, with the stock showing strong momentum, having gained over 26% in the past six months.
New features of the MyoPro 2x include a streamlined donning process for a consistent fit, integration of common customizations into the standard design to reduce fitting time for clinicians, and updated training materials for practitioners and users. The company has also initiated a certification process for Orthotic & Prosthetic providers to become MyoPro Centers of Excellence, concentrating on the MyoPro 2x. This certification allows practices to create patient pipelines and dispense the MyoPro 2x independently upon completion.
Paul R. Gudonis, Chairman and CEO of Myomo, emphasized the importance of the launch, stating that it is not just about innovation but also about restoring independence to users. The MyoPro 2x represents Myomo’s commitment to listening to the needs of clinicians and users and delivering enhancements that significantly impact daily life.
Myomo, based in Burlington, Massachusetts, is the only commercial provider in the U.S. of advanced myoelectric orthoses like MyoPro, which enable individuals to perform daily activities by sensing the patient’s electromyography (EMG) signals through non-invasive sensors.
The company cautions that this press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those anticipated. With a current ratio of 3.22, Myomo maintains strong liquidity to meet its short-term obligations, though InvestingPro data indicates the company is currently trading above its Fair Value. Investors seeking deeper insights can access comprehensive analysis and additional ProTips through the Pro Research Report, available exclusively to InvestingPro subscribers. These statements are based on expectations as of today and Myomo does not undertake any obligation to update information provided in this press release.
This news article is based on a press release statement from Myomo, Inc.
In other recent news, Myomo Inc. announced a significant increase in its fourth-quarter 2024 financial results, reporting a record revenue of $12.1 million, a 154% rise from the previous year. The company also reported a net loss of $0.01 per share, which was better than the anticipated $0.02 per share loss. This performance led H.C. Wainwright to raise its price target for Myomo to $9.50, maintaining a Buy rating on the stock. The company achieved its first positive Adjusted EBITDA of $200,000, reflecting improved operational efficiency. Myomo ended the quarter with $25 million in cash and cash equivalents, providing a solid financial foundation for future operations. Additionally, Myomo’s board of directors will see changes in 2025, with Amy Knapp and Yitzchak Jacobovitz not standing for re-election. Both directors will continue in advisory roles, with Knapp focusing on reimbursement and Jacobovitz as a non-voting observer. The company plans to appoint new directors to enhance its governance and strategic oversight.
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