Shares in Myomo fell today after the wearable medical robotics maker missed expectations on Wall Street with its second quarter results.
The Cambridge, Mass.-based company posted losses of $2.7 million, or 21¢ per share, on sales of $632,369 for the three months ended June 30, seeing losses grow 38.7% while sales grew 106.2% compared with the same period last year.
Losses per share were just behind the 19¢ consensus on The Street.
“We are pleased to report quarterly revenues growth of 106% year over year. We have opened new sales regions, added new O&P locations, and launched digital marketing campaigns to reach the many individuals in the US with upper limb paralysis. With growing interest from patients and O&P providers, we continue to expect increased revenue for the year,” chair & CEO Paul Gudonis said in a press release.
Shares in Myomo have fallen 4.1% so far today, at $2.09 as of 1:56 p.m. EDT.
In May, Myomo saw shares fall after the company missed expectations on Wall Street with its first quarter earnings.