The following is a summary of the Myomo, Inc. (MYO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Myomo reported a record Q3 2024 revenue of $9.2 million, which is an 83% increase from the previous year.

• The Average Selling Price (ASP) of MyoPro units increased to an adjusted $52,700, contributing significantly to revenue growth.

• Product revenue accounted for the total quarterly revenue, marking an 81% increase year over year.

Business Progress:

• Myomo has expanded its patient pipeline significantly by 69% year over year, adding 645 new medically qualified candidates.

• The company achieved a new record in the backlog with 316 units, representing over $16 million in potential revenue.

• Launch of Myomo Academy, an online learning platform for O&P professionals, to enhance training and recruitment of clinicians.

Opportunities:

• Myomo is capitalizing on Medicare Part B reclassification of MyoPro, improving market access for a wider patient base in the U.S.

• The company has started successfully engaging with orthotics and prosthetics (O&P) clinics to increase distribution channels.

• Myomo has entered strategic contracts with major payers like Blue Cross Blue Shield of Massachusetts and Paradigm, expanding coverage and market reach.

Risks:

• Delays and challenges with Medicare Advantage plans impacting patient access and care.

• Economic pressures and potential operational disruptions could pose risks to supply chain and production capacity.

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