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SeeThruEquity Issues Update on Myomo, Inc.

Thursday, 22 March 2018 09:15 AM

SeeThruEquity

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NEW YORK, NY / ACCESSWIRE / March 22, 2018 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on Myomo, Inc. (NYSE American: MYO).

The report is available here: MYO March 2018 Update Note.

Based in Cambridge, MA, Myomo (NYSE American: MYO, "Myomo" is a commercial stage medical device company specializing medical robotics. Myomo is focused on the development and commercialization of myoelectric braces (orthotics) designed to offer extended mobility for people with neurological disorders and upper limb paralysis. Myoelectric-controlled orthotics are externally powered braces, which can be controlled via electrical signals generated naturally by the patient's own muscles. Myomo's lead product, MyoPro®, is developed from technology licensed from MIT and is registered with the FDA as a low-risk Class II Device, exempt from clinical trials the only commercially available medical device for upper limb paralysis in the United States, which it believes represents a $10Bn opportunity in the US alone.

Highlights from the report include:

On March 7, 2018, Myomo reported 4Q17 and full year 2017 results, reflecting growth in revenues and distribution locations for the company's MyoPro powered orthosis, with highlights as follows:

  • Revenues rise 41% in 2017: Myomo 41% annual growth in revenues in 2017, with its top line reaching $1.56mn in FY2017.
  • 4Q17 revenues grew by 22% YoY to reach $0.55mn versus $0.45mn in 4Q16.
  • Net Loss in 2017 was a loss of ($12.1mn), or ($2.93) per share, with adjusted EBITDA coming in at a loss of ($6.3mn)
  • Medical Device License received in Canada: Myomo received a medical device license in Canada, which now allows the company to sell its MyoPro® myoelectric arm orthosis in the US, Europe and Canada
  • Increased Presence: On March 12, 2018, Myomo announced that it had significantly expanded the number of locations for its MyoPro® Centers of Excellence in the US. The company now has 46 US locations, 36 locations at the end of 4Q17 and 31 locations at the time of our last update in August 2017.
  • Capital raising activities lay a foundation for growth. Myomo raised $10.4mn in net proceeds in a follow-on offering completed during 4Q17 and had $12.9mn of cash on hand as of December 31, 2017.

Price target unchanged for Myomo at this time

We are leaving our price target unchanged at this time for Myomo at $9.35 following 4Q17 results. The company represents an intriguing approach to becoming the standard of care for upper limb paralysis, with its MyoPro® offering a cost-effective approach supported by a growing body of clinical evidence. Myomo has several key events on the horizon as it begins commercial activities in Europe and Canada, and deploys growth capital to expand its presence in the US. In our view, the key swing factor for Myomo over the next year will be how effectively the company is able to expand its presence and execute on converting increased sales and marketing spending into revenue growth.

Please review important disclosures at www.seethruequity.com.

About Myomo, Inc.

Myomo, Inc. is a commercial stage medical robotics Company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Based on patented technology developed at MIT and the Company, Myomo develops and markets the MyoPro® product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals that have suffered a stroke, spinal cord or nerve injury such as brachial plexus injury, or other neuromuscular disability such as amyotrophic lateral sclerosis (ALS) or multiple sclerosis (MS). It is provided through clinical relationships with VA medical centers, leading rehabilitation hospitals, and Orthotics and Prosthetics ("O&P") practices. Several hundred have been successfully used by patients. It is the only device that, sensing a patient's own neurological signals through non-invasive sensors on the arm, can restore their ability to use their arms and hands so that they can return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. www.Myomo.com.

About SeeThruEquity

Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.

SeeThruEquity is approved to contribute its research reports and estimates to Thomson One Analytics (First Call), the leading estimates platform on Wall Street, as well as Capital IQ and FactSet. SeeThruEquity maintains one of the industry’s most extensive databases of opt-in institutional and high net worth investors. The firm is headquartered in Midtown Manhattan in New York City.

For more information visit www.seethruequity.com.

Contact:

Ajay Tandon
SeeThruEquity
[email protected]

SOURCE: SeeThruEquity

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