• Intuitive Surgical for Rehabilitation: Like Intuitive Surgical (the maker of the da Vinci surgical robot), but specializing in wearable robotic braces that help people regain arm function for daily living.
• Ossur for Robotic Arm Braces: Imagine a high-tech version of an advanced prosthetic and orthotic company like Ossur, but specifically developing myoelectric (robot-controlled) braces for weak or paralyzed arms.

• MyoPro: A myoelectric-controlled upper limb brace or orthosis product designed to support a patient's weak or paralyzed arm and enable or improve functional activities of daily living.

Myomo (MYO)

Major Customers

• Orthotics and prosthetics providers
• Veterans Health Administration
• Rehabilitation hospitals
• Distributors

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Paul R. Gudonis, Chairman & Chief Executive Officer

Paul R. Gudonis has served as CEO of Myomo since July 2011 and as Chairman since August 2016. He has a background in launching new technology-based products and services across software, telecommunications, Internet services, and robotics. Prior to Myomo, Mr. Gudonis was President of FIRST Robotics (a national STEM/robotics nonprofit), CEO of Centra Software, Inc., and CEO of Genuity, Inc., an internet services firm he grew from a $5 million regional backbone to a $1 billion internet service provider. Earlier in his career, at Ameritech, he was involved in launching the first cell phone network in the United States. He has grown venture-backed startup companies and led several publicly held corporations. Myomo itself received initial funding from grants, seed investments, and venture capital rounds before its IPO in 2017.

David Henry, Chief Financial Officer

David Henry has served as Myomo's Chief Financial Officer since February 2019. He has over thirty years of experience in high-technology manufacturing companies, including more than a dozen years as CFO of publicly traded companies. His previous roles include CFO positions at Eos Energy Storage (a privately held manufacturer of grid-scale energy storage systems), American Superconductor Corporation (NASDAQ: AMSC), and AMI Semiconductor (NASDAQ: AMIS). Mr. Henry also held various financial executive roles at Fairchild Semiconductor and National Semiconductor.

Harry Kovelman, Chief Medical Officer

Harry Kovelman serves as the Chief Medical Officer at Myomo.

Micah Mitchell, Chief Commercial Officer

Micah Mitchell holds the title of Chief Commercial Officer at Myomo.

The key risks to Myomo's business are primarily centered around its financial stability, dependence on healthcare reimbursement policies, and the competitive landscape of its niche market.

1. Financial Distress and Operating Losses: Myomo has a history of significant operating losses, negative margins, and a distressed Altman Z-Score, which indicates a potential risk of bankruptcy. The company faces ongoing cash burn due to investments in advertising, research and development, and manufacturing capacity, impacting its ability to achieve sustained cash flow breakeven. Myomo also carries significant debt obligations and relies on financing activities to fund its operations.
2. Reliance on Reimbursement and Regulatory Challenges: A substantial portion of Myomo's revenue is derived from reimbursement by third-party payers, particularly Medicare Part B and Medicare Advantage plans. Any unfavorable changes in these reimbursement policies could materially and adversely affect the company's business. The company also faces challenges in navigating regulatory approvals, such as those from the FDA, and ensuring that insurance companies will cover the high cost of its devices.
3. Competitive Landscape and Market Acceptance: Myomo operates in a highly competitive medical robotics industry that is subject to rapid technological advancements. The market for myoelectric braces is relatively new, and the rate of adoption and overall market acceptance remains uncertain. The expiration of key patents in 2023 could further intensify competition by lowering barriers to entry for new players. The company's business is also concentrated around a single product, the MyoPro, making it vulnerable to market shifts or competitive pressures in that specific niche.

The advancement and increasing viability of Brain-Computer Interface (BCI) technology, which aims to provide direct neural control over assistive devices or even directly stimulate paralyzed limbs, represents an emerging threat. As BCIs become more sophisticated, accessible, and integrated, they could offer an alternative, potentially more intuitive, and comprehensive solution for restoring functional activities in individuals with neuromuscular disorders, potentially displacing the need for external, muscle-signal-controlled orthotics like MyoPro.

Myomo, Inc. (MYO) develops and produces MyoPro, a myoelectric-controlled upper limb brace (orthosis) for individuals with neuromuscular disorders such as stroke, brachial plexus injury, and traumatic brain injury, to improve functional activities of daily living.

Addressable Markets for MyoPro:

• United States: Myomo estimates that the addressable market for products like MyoPro, targeting individuals with upper extremity paralysis, encompasses approximately 3 million existing cases in the U.S.. The company further estimates that up to 20% of these individuals, or approximately 600,000, may be medically qualified candidates for a MyoPro whose insurance may provide reimbursement.
• Global Myoelectric Prosthetics Market (as a proxy for advanced upper limb devices): The global myoelectric prosthetics market, which includes both upper and lower limb solutions and is technologically similar to Myomo's orthotic devices, is estimated to be valued at US$ 462.5 million in 2026 and is projected to reach US$ 681.7 million by 2033, growing at a compound annual growth rate (CAGR) of 5.7%.
• Global Upper Limb Prosthetics Market (broader market including myoelectric): The global upper limb prosthetics market, which includes myoelectric and other types of prosthetic devices, was valued at USD 848.8 million in 2023 and is expected to grow to USD 1.3 billion by 2032, with a CAGR of 5% from 2024 to 2032. Within this broader market, myoelectric prosthetics are expected to hold the largest share. In 2023, more than 650,000 people globally were using myoelectric prosthetic devices, with 45% of these being upper limb prosthetics.

Myomo, Inc. (MYO) anticipates several key drivers for its revenue growth over the next two to three years:

1. Expansion in the Orthotics and Prosthetics (O&P) Channel and Clinical Referrals: Myomo is strategically shifting its focus towards increasing revenue generated through O&P clinics and rehabilitation hospital referrals. This initiative aims to establish more durable and cost-efficient growth by building recurring patient sources, reducing reliance on direct-to-consumer advertising. The U.S. O&P channel demonstrated significant growth, with revenue exceeding $1 million for the first time in Q4 2025, an 81% increase year-over-year. Furthermore, the MyoConnect clinical referral program has shown early success in contributing to recurring revenue streams.
2. International Market Growth, Particularly in Germany: International operations are a substantial and growing contributor to Myomo's revenue. In Q4 2025, international revenue reached a record $2.2 million, marking a 46% year-over-year increase, with Germany being a primary driver of this growth. The company plans to amplify revenues through the German O&P channels in the coming years.
3. Increased Penetration of the Medicare Market and Improved Reimbursement: The reclassification of MyoPro as a brace by the Centers for Medicare & Medicaid Services (CMS) in January 2024 is expected to enhance Medicare reimbursement prospects, thereby expanding access to the Medicare-aged population. Myomo is actively increasing advertising spending and expanding its clinical, reimbursement, and manufacturing capacity to support revenue growth in its direct billing channel, particularly for Medicare Part B patients.
4. Product Innovation: Myomo continues to invest in its product pipeline, with plans for the upcoming rollout of the Myomo mobile app and the development of the next-generation MyoPro 3. Additionally, in 2025, the company introduced product upgrades such as the Mark II clinical unit and the MyoPro 2X, indicating an ongoing commitment to enhancing its offerings.

Share Issuance

• Myomo raised $15.8 million in net proceeds from an equity offering in December 2024.
• The number of outstanding shares increased to 38,511,715 as of March 2, 2026, reflecting an increase of 10.85% in one year.
• As of March 1, 2025, there were 34,381,125 shares of common stock outstanding.

Inbound Investments

• Horton Capital affiliates acquired 1,960,212 common shares, representing approximately 5.1% of Myomo's outstanding stock, for about $3,311,165 as of November 3, 2025.
• Myomo expanded its credit facility with Silicon Valley Bank for up to $7 million in capital during 2024.

Outbound Investments

• Myomo established a joint venture in China with Beijing Ryzur Medical Device Co. (Jiangxi Myomo) for the anticipated launch of the MyoPro in China by the end of 2025.

Capital Expenditures

• Capital expenditures were approximately $1.74 million in the last 12 months as of March 2026.
• For 2024, capital expenditures were $1.4 million.