Revenue Performance - Revenue for the third quarter of 2024 was $9.2 million, up 81% compared to the third quarter of 2023[2] - Product revenue increased 83% year-over-year, driven by a record 161 MyoPro units sold, up 35%[4] - Product revenue for the three months ended September 30, 2024, was $9,207,586, a 83.3% increase from $5,029,523 in the same period of 2023[19] - The company expects fourth quarter revenue to be in the range of $9.5 million to $10.5 million, raising full-year revenue guidance to $30 million to $31 million[11] Patient and Order Metrics - The patient pipeline reached 1,263 patients, an increase of 21% year-over-year, with 645 new candidates added in the third quarter, up 69%[9] - Backlog of orders and insurance authorizations was a record 316 units, up 71% compared to the same period last year[2] Financial Performance - Gross margin for the third quarter was 75.4%, an increase of 670 basis points from 68.7% in the same quarter of 2023[5] - Adjusted EBITDA for the third quarter was $(0.6) million, an improvement from $(1.7) million in the same quarter of 2023[8] - Net loss for the nine months ended September 30, 2024, was $5,923,648, compared to a net loss of $5,687,461 for the same period in 2023[22] - Adjusted EBITDA for the nine months ended September 30, 2024, was $(5,294,458), compared to $(4,886,541) for the same period in 2023[23] Operating Expenses - Operating expenses for the third quarter were $7.9 million, a 43% increase compared to the third quarter of 2023[6] - Operating expenses for the three months ended September 30, 2024, totaled $7,903,108, up from $5,513,217 in the same period of 2023, indicating a 43.4% increase[19] - Research and development expenses for the three months ended September 30, 2024, were $1,248,870, compared to $717,256 in the same period of 2023, reflecting a 74.1% increase[19] Cash and Assets - Cash, cash equivalents, and restricted cash as of September 30, 2024, were $7.0 million, with cash used in operating activities at $1.5 million for the third quarter[10] - Cash and cash equivalents at the end of the period were $6,997,675, slightly up from $6,911,747 at the end of the same period in 2023[22] - Total current assets increased to $14,704,144 as of September 30, 2024, from $13,650,983 at December 31, 2023, reflecting an 7.7% growth[21] - Total liabilities rose to $7,020,537 as of September 30, 2024, compared to $5,592,218 at December 31, 2023, marking a 25.5% increase[21] Shareholder Information - The company reported a weighted average number of common shares outstanding of 37,950,515 for the three months ended September 30, 2024, compared to 35,266,361 for the same period in 2023[19] Strategic Initiatives - The company launched its orthotics and prosthetics channel program in September 2024, aiming for growth in this area in 2025 and beyond[2]
Myomo(MYO) - 2024 Q3 - Quarterly Results