BOSTON - Myomo (NYSE:MYO), Inc. (NYSE American: MYO), a company specializing in wearable medical robotics, has announced the appointment of Heather Getz as a Class II director and chair of its audit committee. The appointment took effect on Sunday, with Ms. Getz set to serve until the company's 2025 annual meeting of stockholders.
Ms. Getz brings a wealth of experience to the Myomo board, having over 25 years in various corporate roles. Her background includes significant expertise in finance, reimbursement, investor relations, compliance, mergers and acquisitions (M&A), and strategic planning.
Myomo's chairman and CEO, Paul R. Gudonis, expressed that Ms. Getz's experience in scaling medical device and technology companies will be an asset as Myomo seeks to accelerate its growth.
Currently, Ms. Getz is the executive vice president and chief financial and operations officer of Butterfly Network Inc. (NYSE: BFLY), a company known for its innovative handheld ultrasound technology.
Her previous roles include serving as the chief financial and administrative officer of BioTelemetry (NASDAQ:BEAT_old), where she was responsible for finance, investor relations, human relations, legal, and compliance functions, as well as strategic planning. She has also held leadership positions at VIASYS Healthcare, Alita Pharmaceuticals, and Healthy.io.
Ms. Getz expressed her enthusiasm for joining Myomo's board during a crucial phase in the company's development, citing the company's technology and its impact on individuals with arm and hand paralysis. Her educational credentials include an MBA and a Bachelor's degree in accountancy from Villanova University. She is also a certified public accountant and a member of various professional organizations, including the AICPA and NACD.
Myomo is known for its MyoPro product line, a powered upper-limb orthosis that helps restore function to the weakened or paralyzed arms of patients suffering from neurological disorders and upper-limb paralysis. It is the only marketed device in the U.S. that can sense a patient's own EMG signals to facilitate arm and hand movement, allowing individuals to perform daily activities and potentially return to work.
This strategic addition to Myomo's board is based on a press release statement from the company.
InvestingPro Insights
As Myomo, Inc. (NYSE American: MYO) welcomes Heather Getz to its board, the company's financial health and market performance remain a key interest for investors. According to InvestingPro data, Myomo currently holds a market capitalization of 93.15 million USD.
Despite a challenging market, the company has demonstrated a significant revenue growth of 23.7% over the last twelve months as of Q4 2023. This growth is reflected in its quarterly revenue increase of 17.69% for Q4 2023.
InvestingPro Tips highlight that Myomo has more cash than debt on its balance sheet and that its liquid assets exceed short-term obligations, indicating a strong liquidity position. These factors are particularly relevant as the company aims to accelerate growth with the experience Ms. Getz brings to the table.
Still, it is worth noting that analysts have revised their earnings downwards for the upcoming period and do not expect the company to be profitable this year. The stock's volatility and high Price / Book multiple of 10.36 also suggest a higher risk profile that investors should consider.
For those interested in a deeper dive into Myomo's financials and market performance, InvestingPro offers additional insights, including a total of 11 InvestingPro Tips for MYO. These can provide valuable context for understanding the company's strategic direction and potential. Moreover, users can take advantage of an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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