Myomo (NYSE:MYO) shares got a big boost after hours today on third-quarter results that came in ahead of the consensus forecast. Myomo shares were up 10.9% at $11.52 per share after hours.
The Boston-based medical robotics company posted losses of $2.1 million, or 36¢ per share, on sales of $4.4 million for the three months ended Sept. 30, 2021. Myomo said this is a 128% increase year over year and is the highest quarterly revenue in the company’s history.
Myomo said 133 patients received orders and insurance authorizations for a MyoPro powered arm brace. It said that its backlog, which represents insurance authorizations and orders received but not yet converted to revenue, was a record 177 units as of September 30, 2021, up 11% from June 30, 2021. The reimbursement pipeline as of September 30, 2021 consisted of 920 MyoPro candidates.
Myomo’s losses per share of 36¢ came in 10¢ ahead of Wall Street, where analysts were looking for sales of $3.2 million.
“We are proud to be reporting both the highest quarterly revenue and the highest direct billing channel revenue in the Company’s history,” Myomo Chairman & CEO Paul R. Gudonis said in a news release. “These achievements demonstrate the continued success of our transition to being a direct provider of the MyoPro to our patients. Our focus is on growing the pipeline and backlog to position the company for a strong start to 2022, while remaining ever mindful of our mission to improve the lives of people with upper-limb paralysis.”
Myomo did not provide specific financial guidance for 2021, but Gudonis noted that the company expects to report strong year-over-year revenue growth, despite expected short-term challenges in the fourth quarter, including a temporary labor shortage at one of the company’s subcontractors.
The company has a record number of units in backlog and said it will be difficult to make up all the delayed shipments by year’s end, so those deliveries and associated revenue may be realized in early 2022.
Editor’s Note: This article was republished from sister publication MassDevice.