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Myomo Inc. (MYO-4.69%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $32,551,199 for 2024, an increase from $19,241,158 in 2023. Product revenue accounted for all of the 2024 revenue, with no license revenue reported, compared to $1,764,920 in license revenue in 2023.
Cost of revenue increased to $9,365,856 in 2024 from $6,058,775 in 2023, resulting in a gross profit of $23,185,343 and a gross margin of 71.2%, up from 68.5% in the previous year.
Operating expenses rose to $29,392,041 in 2024 from $21,413,932 in 2023, driven by increases in research and development, selling, clinical, and marketing, and general and administrative expenses.
The company reported a net loss of $6,183,729 for 2024, compared to a net loss of $8,147,565 in 2023.
Myomo's cash, cash equivalents, and short-term investments totaled $24.9 million as of December 31, 2024, with a working capital of $22,618,158.
The company completed several equity offerings in 2024, including a public offering in December that generated net proceeds of approximately $15.8 million.
Myomo's strategy for 2025 includes increasing advertising spending and expanding clinical, reimbursement, and manufacturing capacity to support revenue growth in its direct billing channel.
The company is dependent on reimbursement from insurance companies and government healthcare plans, which could impact its ability to achieve cash flow breakeven.
Myomo's joint venture in China, established with Beijing Ryzur Medical Investment Co., Ltd., is expected to contribute to future revenue through the sale of MyoPro control units.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Myomo Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.