Shares of Myomo Inc (NYSEAMERICAN:MYO) soared in Friday's pre-market session after the medical robotics company zipped past the Street’s fourth-quarter revenue and profit estimates thanks to sales of its MyoPro orthopedic devices.
In its latest quarter, the Cambridge, Massachusetts-based company posted a loss of $2.69 million, or $0.22 per share, coming in ahead of the consensus calling for a loss of $0.23.
Its revenue, meanwhile, came in at $889,575, up from $547,412 in the year-ago quarter and beating Wall Street’s estimate of $700,000. Last year, sales jumped 57% from 2017 to $2.44 million.
Investors applauded the results, sending Myomo shares up 21.6% to $1.46 before the opening bell Friday.
Myomo’s speciality is its MyoPro device, a powered upper limb orthopedic instrument that restores function to the weakened or paralyzed arms of patients suffering from ailments such as strokes, traumatic brain and spinal cord injuries and other neuromuscular diseases.
The company’s reimbursement pipeline for MyoPro is improving, with 306 MyoPro devices in the reimbursement process as of the close of December 2018, after adding 139 units in the quarter. Last year, Myomo sold 92 MyoPro devices.
“Our reimbursement pipeline continues to grow, which is expected to result in significant revenue growth in 2019,” said Paul Gudonis, CEO of Myomo in a statement. “The record revenues for the quarter and the year are the result of our increased investment in sales and marketing during 2018.”
Myomo is a wearable medical robotics company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis.
Contact Ellen Kelleher at [email protected]
-- updated with Friday's share price movement --