Myomo shares fall on Q1 miss

This article was originally published here

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.

The post Myomo shares fall on Q1 miss appeared first on MassDevice.

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