Myomo, Inc (NYSE: MYO) shares rose 7.89% in the last session, finishing at $4.10. Myomo’s stock rose as a result of improved investor confidence following an update provided by the company last day.
Myomo (MYO) has released its first set of sales and operational data for the fourth quarter of 2023. Revenue in the fourth quarter of 2023 is predicted to increase by 14% to 19% over the same period the previous year, reaching $4.6 million to $4.8 million. As of December 31, 2023, the company has around $8.7 million in cash on hand.
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The MyoPro is officially classed by the Centers for Medicare and Medicaid Services (“CMS”) as a brace beginning of January 1, 2024, and is paid for in one lump payment. Myomo intensified its efforts in the fourth quarter to find and assess Medicare Part B patients who met the eligibility requirements.
As a result, as of December 31, 2023, there were over 230 patients in the backlog, including Medicare Part B participants. This signifies an increase of almost 40% from December 31, 2022. Medicare Part B patients are the patient group that MYO anticipates to be a major driver of revenue growth in 2024. The business has started to supply the MyoPro device to these beneficiaries.
With the significant addressable market growth that is predicted, MYO hopes to generate at least $100 million in yearly revenue in the next five years. In the near future, MyoPro will be delivered to Medicare Part B recipients under the individual consideration procedure, which entails reviewing each patient’s medical data to establish medical necessity before paying out.
It is anticipated that Medicare Part B beneficiaries’ near-term income would be recorded at the time of payment receipt. Furthermore, Myomo is in plans to release financial statements by March 15, 2024, covering the fourth quarter and annual results.
