Myomo Inc . (NYSE:MYO) shares soared to a 52-week high of $6.88, reflecting a significant uptick in investor confidence bolstered by the company's strong performance over the past year. According to InvestingPro data, the stock has demonstrated remarkable momentum with a 130% surge over the past six months. The medical robotics innovator has seen its stock price surge by an impressive 39.03% year-over-year, supported by strong fundamentals including 36% revenue growth and a robust 70% gross profit margin. This milestone underscores the company's successful strategies and the increasing demand for its innovative solutions in the healthcare sector. Investors are closely monitoring Myomo's progress as it continues to reach new heights in a competitive industry. For deeper insights into MYO's valuation and 10+ additional ProTips, visit InvestingPro.
In other recent news, Myomo, a wearable medical robotics company, has announced record-breaking Q3 revenue of $9.2 million, marking an 83% increase from the previous year. This growth is largely due to the delivery of 161 MyoPro units and a higher average selling price. The company's patient pipeline and backlog have also reached new levels, suggesting strong future revenue potential. Despite a rise in operating expenses, Myomo is hopeful about achieving operating cash flow break-even in the fourth quarter and has increased its full-year revenue guidance.
Myomo's Q3 revenue was driven by the delivery of 161 MyoPro units and a higher average selling price. The patient pipeline expanded to 1,263 candidates, with 645 new medically qualified candidates added in Q3. Furthermore, Myomo's backlog reached a record 316 units, representing over $16 million in potential revenue. Management expects Q4 revenue to range from $9.5 million to $10.5 million, with full-year guidance raised to $30 million to $31 million.
The company is preparing for market entry in China, with revenue generation expected to begin in 2025. Myomo aims to double its production capacity within six months as it transitions to a new facility in Burlington (NYSE:BURL). However, operating expenses rose to $7.9 million, a 43% increase year-over-year. Despite these challenges, Myomo has entered contracts with Blue Cross Blue Shield of Massachusetts and Paradigm, expanding network coverage.
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