Shares in Myomo fell slightly today after the medical device maker posted Q3 earnings that narrowly missed Wall Street expectations, and announced reimbursement wins with the Centers for Medicare & Medicaid Services.
The Cambridge, Mass.-based company posted losses of $7.6 million, or 21¢ per share, on sales of $610,000 for the three months ended September 30, seeing losses shrink 25.2% while sales grew 24.5% compared with the same period during the previous year.
Losses-per-share were just behind the 19¢ consensus on Wall Street, where analysts expected to see sales of approximately $767,000, which the company missed.
“Our expanded sales team and marketing efforts have resulted in a significant increase in the MyoPro units being processed for insurance reimbursement. This growing pipeline is a leading indicator of revenue growth as we continue to penetrate the large, untapped market for upper limb paralysis,” chair & CEO Paul Gudonis said in a press release.
Myomo also announced that CMS published two new codes in response to a 2017 application for Healthcare Common Procedure Coding System codes.
The first code is for “powered upper extremity range of motion assist device, elbow, wrist, hand with single or double upright(s), includes microprocessor, sensors, all components and accessories, custom fabricated,” Myomo said. The second code is for the same product, with the addition of devices to assist with motion of the finger.
The codes will cover the company’s MyoPro Motion E and W elbow and wrist devices and the MyoPro Motion G for grasping.
“We are very grateful to CMS and the whole HCPCS Workgroup for their decision to assign L codes for our MyoPro line of powered orthoses. The MyoPro has already helped so many patients with neurological/neuromuscular injury and illness by supporting their weakened arms, restoring control over their range of motion, reducing their healthcare costs, and giving them back their independence. It is important for clinically qualified Medicare and Medicaid beneficiaries to have access to this technology too,” chief medical officer Dr. Brandon Green said in a prepared statement.
Shares in Myomo have dropped approximately 8.7% at $1.89 as of 3:24 p.m. EST.
In August, Myomo saw shares fall after the wearable medical robotics maker missed expectations on Wall Street with its second quarter results.