Myomo, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMyomo, Inc. is a wearable medical robotics company selling myoelectric upper-limb orthoses (MyoPro) to patients with neuromuscular disorders, primarily through direct billing and a growing referral network.
What they do
Myomo develops and markets the MyoPro, a custom-fabricated, myoelectric-controlled upper-limb brace for people with brachial plexus injury, stroke, traumatic brain injury, spinal cord injury, and other neurological disorders. The company sells directly to patients (direct billing) and through O&P providers, hospitals, and the VA system, with sales in the U.S., Europe, and Australia. Its product line includes the base MyoPro, MyoPro Motion W (non-powered wrist), and MyoPro Motion G (powered grasp).
Revenue drivers
- Direct billing (U.S. patients) — The largest revenue source: Myomo evaluates patients, obtains insurance pre-authorization, fabricates the device, and bills commercial insurers, Medicare Advantage, and Medicare Part B directly.
- U.S. O&P and international sales channels — Hospitals and O&P practices purchase or distribute MyoPro devices; in Q2 2026, U.S. O&P revenue grew 130% and international grew 32% year-over-year.
- MyoConnect referral program and VA — Referrals from therapists, physicians, and O&P partners accounted for 53% of Q2 2026 revenue (up from 26% a year ago); over 130 VA facilities have ordered devices.
Recent performance
For Q2 2026 (three months ended June 30, 2026), revenue was $11.7 million, up 21% from $9.7 million in Q2 2025. Gross margin expanded to 72.1% from 62.7%, and operating expenses grew less than 1%. Adjusted EBITDA improved 79% year-over-year. Six-month revenue was $21.8 million, up 12% from the prior year. The company ended Q2 2026 with $11.2 million in cash and equivalents.
Strategy
Management emphasizes four 'success pillars': shifting to recurring patient sources (referrals, O&P partners, VA), expanding payer contracts to improve market access, driving operating leverage (revenue growth with flat expenses), and investing in product development and clinical research. It is enrolling a randomized controlled trial at the University of Utah (25 of 50 subjects) and developing MyoPro3, including a hand-only prototype for the German market. The company is also increasing its in-network access with payers, including a multi-state arrangement with Elevance's Anthem Blue Cross Blue Shield Network.
Risks
- Dependence on insurance reimbursement — Most revenue comes from commercial and Medicare billing; delays or denials in pre-authorization or payment could hurt cash flow and revenue.
- Recurring losses and negative cash flow — The company had a net loss of $15.6 million in 2025 and negative operating cash flow of $14.5 million; cash balance is $11.2 million as of June 30, 2026.
- Limited equity cushion — Stockholders' equity was only $5.8 million on June 30, 2026, against $29.5 million in total liabilities, increasing financial vulnerability.
- Concentration in key executives and product line — The business relies heavily on the MyoPro product line and the leadership of CEO Paul Gudonis; any disruption in product supply or key personnel could materially impact operations.
Outlook
Management raised full-year 2026 revenue guidance to $45-47 million, implying roughly 10-15% growth over 2025's $40.9 million. They expect continued progress in expanding the referral network and payer coverage, leading to higher order volumes and improved operating leverage. Q2 2026 saw a record 255 orders (up 23% year-over-year), and average selling price was approximately $55,500.