Myomo Reports Third Quarter 2023 Financial Results Featuring Record Product Revenue and Authorizations
Retrieved on:
Tuesday, November 7, 2023
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Excluding guaranteed minimum payment revenue from the China JV company, product revenue was $5.0 million, up 27% compared with the third quarter of 2022.
Key Points:
- Excluding guaranteed minimum payment revenue from the China JV company, product revenue was $5.0 million, up 27% compared with the third quarter of 2022.
- Myomo recognized revenue on 119 MyoPro units in the third quarter of 2023, up 37% over the same quarter a year ago.
- Gross margin for the third quarter of 2023 was 68.7%, compared with 66.5% for the third quarter of 2022.
- Operating expenses for the third quarter of 2023 were $5.5 million, an increase of 1% over the third quarter of 2022.