Revenue Performance - Record revenue of $7.5 million for Q2 2024, up 26% year-over-year, with product revenue increasing 77%[1] - Year-to-date revenue for 2024 was $11.3 million, up 20% compared to the same period in 2023[3] - The company expects Q3 2024 revenue to be in the range of $8.0 million to $8.5 million, with a full-year revenue expectation of $28 million to $30 million[8] - Product revenue for the three months ended June 30, 2024, was $7,520,767, a 77% increase from $4,243,624 in the same period of 2023[15] Patient Pipeline and Authorizations - 213 MyoPro authorizations and orders received, representing a 70% increase compared to Q2 2023[1] - Patient pipeline reached 1,179 candidates, up 22% year-over-year, with 550 new candidates added in Q2 2024, a 35% increase[1] - Cost per pipeline add decreased to $1,545, down 26% compared to Q2 2023[5] Financial Metrics - Gross margin for Q2 2024 was 70.8%, down 100 basis points from 71.8% in Q2 2023, while gross margin on product revenues increased by 1,030 basis points[1][4] - Gross profit for the six months ended June 30, 2024, was $7,624,555, compared to $6,588,658 for the same period in 2023, reflecting a 15.8% increase[15] - Operating expenses for Q2 2024 were $6.4 million, a 20% increase compared to Q2 2023, driven by higher payroll expenses[5] - Operating expenses for the three months ended June 30, 2024, totaled $6,440,576, up from $5,384,063 in the same period of 2023, representing a 19.6% increase[15] Losses and Cash Flow - Year-to-date operating loss was $5.0 million, compared to a loss of $3.8 million for the same period in 2023[6] - Net loss for the six months ended June 30, 2024, was $4,957,239, compared to a net loss of $3,658,445 for the same period in 2023, indicating a 35.4% increase in losses[17] - Net cash used in operating activities for the six months ended June 30, 2024, was $5,161,488, compared to $2,102,213 for the same period in 2023, indicating a significant increase in cash outflow[17] - Adjusted EBITDA for the six months ended June 30, 2024, was $(4,709,773), compared to $(3,227,923) for the same period in 2023, showing a worsening of 46%[18] Cash Position and Assets - Cash position as of June 30, 2024, was $9.0 million, with cash used in operating activities of $1.9 million for Q2 2024[9] - Cash and cash equivalents at the end of June 30, 2024, were $5,846,100, down from $6,871,306 at the end of December 31, 2023[16] - Total assets increased to $16,190,381 as of June 30, 2024, compared to $14,581,568 as of December 31, 2023, marking an 11% growth[16] - Total stockholders' equity rose to $9,677,711 as of June 30, 2024, from $8,989,350 at the end of December 31, 2023, reflecting a 7.7% increase[16] Shareholder Information - The weighted average number of common shares outstanding increased to 37,368,488 for the three months ended June 30, 2024, from 27,992,928 in the same period of 2023[15]
Myomo(MYO) - 2024 Q2 - Quarterly Results