Shares in Myomo fell yesterday after the wearable medical robotics company missed expectations on Wall Street with its first quarter earnings.
The Cambridge, Mass.-based company posted losses of $2.3 million, or 20¢ per share, on sales of $313,179 for the three months ended March 31, seeing losses grow 50.7% while sales grew 44.8% compared with the same period during the previous year.
Losses per share were just behind the 20¢ consensus on Wall Street, where analysts expected to see sales of $570,000, which the company also missed.
“Early in the year, with the growth capital raised in December 2017, we added resources to scale up operations, including new hires, establishing additional O&P partnerships and launching new marketing campaigns. With a growing number of patients and O&P providers interested in the product, we project to deliver MyoPro to an increasing number of users and continue to expect 2018 revenue growth to exceed reported year ago levels,” chair & CEO Paul Gudonis said in a prepared statement.
Myomo shares dropped 14% yesterday, closing at $3.07.
In January, Myomo said it repaid a $750,000 accelerator loan from the Massachusetts Life Sciences Center it received in 2011.