Financial Performance - Revenue for Q4 2024 was a record $12.1 million, up 154% compared to Q4 2023[4] - Full year revenue for 2024 was $32.6 million, representing a 69% increase compared to 2023[10] - The company expects 2025 revenue to be between $50 million and $53 million, an increase of 54% to 63% compared to 2024[13] - Product revenue for Q4 2024 reached $12,068,456, a significant increase of 153% compared to $4,756,383 in Q4 2023[24] Cash Flow and Profitability - The company generated its first-ever positive cash flow from operations of $3.4 million in Q4 2024[12] - Adjusted EBITDA for Q4 2024 was $0.2 million, marking the first positive Adjusted EBITDA in the company's history[9] - Net loss for the year ended December 31, 2024, was $6,183,729, an improvement from a net loss of $8,147,565 in 2023[28] - Adjusted EBITDA for the year ended December 31, 2024, was $(5,126,350), an improvement from $(6,952,426) in 2023[30] - The company reported a net cash used in operating activities of $(3,289,904) for the year ended December 31, 2024, compared to $(6,172,764) in 2023, indicating improved cash flow management[28] Operational Metrics - A record 233 MyoPro units were authorized and ordered in Q4 2024, an increase of 27% year-over-year[11] - The patient pipeline reached 1,389 candidates as of December 31, 2024, up 33% from the previous year[11] - The backlog of orders as of December 31, 2024, was 272 units, up 18% year-over-year[11] Cost and Expenses - Operating expenses for Q4 2024 were $8.9 million, a 60% increase compared to Q4 2023[7] - Operating expenses for the year increased to $29,392,041 in 2024, compared to $21,413,932 in 2023, reflecting a 37% increase[24] Profitability Metrics - Gross margin improved to 71.4% in Q4 2024, up from 65.3% in Q4 2023[6] - Gross profit for the year ended December 31, 2024, was $23,185,343, up from $13,182,383 in 2023, reflecting a 76% increase[24] Assets and Liabilities - Total current assets increased to $32,789,996 in 2024, compared to $13,650,983 in 2023, representing a growth of 140%[25] - Cash and cash equivalents rose to $24,372,373 in 2024, compared to $6,871,306 in 2023, marking a 254% increase[25] - Total liabilities increased to $17,530,022 in 2024, compared to $5,592,218 in 2023, representing a growth of 213%[25] Shareholder Information - The weighted average number of common shares outstanding increased to 37,758,837 in 2024 from 29,499,340 in 2023[24]
Myomo(MYO) - 2024 Q4 - Annual Results