Myomo, Inc., a wearable medical robotics company, designs, develops, and produces myoelectric orthotics for people with neuromuscular disorders in the United States. The company offers MyoPro, a myoelectric-controlled upper limb brace or orthosis product used for supporting a patient's weak or paralyzed arm to enable and improve functional activities of daily living. Its products are designed to help improve function in adults and adolescents with neuromuscular conditions due to brachial plexus injury, stroke, traumatic brain injury, spinal cord injury, and other neurological disorders. The company sells its products to orthotics and prosthetics providers, the Veterans Health Administration, and rehabilitation hospitals, as well as through distributors. Myomo, Inc. was incorporated in 2004 and is headquartered in Boston, Massachusetts.
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Here are 1-3 brief analogies to describe Myomo (MYO):
- **Össur or Ottobock for robotic arm assistance.** (Like leading bionic limb companies, but specializing in powered braces to help weakened or paralyzed arms.)
- **A Medtronic for robotic arm braces.** (Similar to a major medical device company, but focused specifically on high-tech robotic orthotics for upper limb function.)
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- MyoPro: A custom-fabricated, powered orthosis designed to help individuals with weakened or paralyzed arms and hands regain function and independence.
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Myomo (symbol: MYO) primarily sells its MyoPro orthosis directly to **individuals** (patients) who suffer from neurological impairments affecting their arm and hand function. While the company collaborates with healthcare providers, orthotics and prosthetics (O&P) clinics, and rehabilitation centers for patient assessment, fitting, and training, the ultimate "customer" whose insurance or payment covers the device is the individual patient.
Based on this business model, here are up to three categories of customers that Myomo serves:
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Stroke Survivors: Individuals who have experienced a stroke and are left with residual weakness or paralysis (hemiparesis) in their arm and hand are a primary target demographic. The MyoPro is designed to help restore function and independence in daily activities for this large patient population.
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Individuals with Brachial Plexus Injury, Spinal Cord Injury, or Other Neuromuscular Conditions: This category includes patients suffering from conditions such as brachial plexus injury, traumatic brain injury, cervical spinal cord injury, or certain neuromuscular diseases that result in paresis or paralysis of an arm and hand.
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Veterans with Neurological Impairments: Myomo has a dedicated focus on serving veterans, often through partnerships and approval processes with the U.S. Department of Veterans Affairs (VA). Veterans who have sustained neurological injuries or conditions resulting in arm weakness are a significant customer segment.
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- SMC, Ltd.
- Medical Instrument Manufacturing (MIM)
- Flex (FLEX)
- C&D Technologies, Inc.
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Paul R. Gudonis Chairman & Chief Executive Officer
Mr. Gudonis has served as CEO of Myomo since 2011 and has a 40-year career spanning biomedical devices, robotics, software, and telecommunications services. He pioneered new technologies and created new markets, including launching the first cellphone service in the U.S. at AT&T and building the first Internet backbone network at BBN (as CEO of Genuity) into a billion-dollar global services provider. He has grown venture-backed startup companies and led several publicly held corporations. Mr. Gudonis also served as President of FIRST Robotics from 2005 to 2010 and as CEO of Centra Software. He holds an MBA from Harvard University.
David Henry Chief Financial Officer
Mr. Henry has over thirty years of experience in high-technology manufacturing companies, with more than a dozen years as Chief Financial Officer of publicly-traded companies. Prior to joining Myomo, he served as Chief Financial Officer of Eos Energy Storage, a privately-held manufacturer, since August 2017. He previously served as Chief Financial Officer of American Superconductor Corporation (NASDAQ: AMSC) from July 2007 to June 2017 and as Chief Financial Officer of AMI Semiconductor (NASDAQ: AMIS) from April 2004 to July 2007. Mr. Henry also held various financial executive roles at Fairchild Semiconductor and National Semiconductor.
Micah Mitchell Chief Commercial Officer
As Chief Commercial Officer, Mr. Mitchell oversees commercial operations and focuses on expanding Myomo's sales, marketing, and distribution activities.
Dr. Harry Kovelman Chief Medical Officer
Dr. Kovelman serves as Myomo's Chief Medical Officer.
Malcolm Bock VP of Engineering and Product Strategy
Mr. Bock holds the position of VP of Engineering and Product Strategy at Myomo.
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Myomo's primary product, the MyoPro, addresses significant markets globally for individuals with upper extremity paralysis.
In the **United States**, the addressable market for products like the MyoPro, targeting individuals with upper extremity paralysis, is estimated at 3 million existing cases. Of this population, approximately 20% are considered medically qualified candidates for a MyoPro device with potential insurance reimbursement.
In **China**, Myomo expects to launch the MyoPro by the end of 2025, which is projected to open access to an estimated 14 million people suffering from upper limb paralysis.
The company's international business, significantly driven by **Germany**, represented 14% of its 2024 revenue. In Germany, 90% of the population is covered by Statutory Health Insurers, which facilitates market access for the MyoPro.
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Expected Drivers of Future Revenue Growth for Myomo (MYO)
Over the next 2-3 years, Myomo (MYO) anticipates several key drivers for future revenue growth:
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Expanded Medicare Coverage and Reimbursement: The reclassification of the MyoPro as a "brace" by the Centers for Medicare & Medicaid Services (CMS) in January 2024 has significantly broadened access for Medicare Part B beneficiaries and is expected to continue to fuel revenue growth. Myomo is also actively pursuing contracts with various payers for in-network status.
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Growth in Patient Pipeline and Conversion Rates: Myomo has reported a substantial increase in its patient pipeline and the number of authorizations and orders. The company is focused on improving the quality of leads and enhancing the conversion rates of these leads into recognized revenue units.
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Development of the Orthotics and Prosthetics (O&P) Channel: A strategic focus for Myomo is the expansion of its O&P channel. This involves recruiting and training O&P clinicians and establishing contracts with payers to enable in-network access, which is projected to be a significant contributor to future revenue.
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International Market Expansion: Myomo has observed growth in its international revenue, particularly from Germany, and this global expansion is expected to continue contributing to overall revenue growth.
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New Product Introductions and Enhancements: The launch of the MyoPro 2X in the U.S. in April 2025, along with ongoing plans for product enhancements and the introduction of new products, are anticipated to drive revenue growth.
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Share Issuance
- Myomo raised $15.8 million in net proceeds from an equity offering in December 2024.
- The company issued $17.5 million in common stock in 2024, $9.7 million in 2023, and $1.1 million in 2021.
- Shareholders experienced approximately 35% dilution from 27.54 million to 37.35 million shares outstanding through new share issuances up to Q3 2024.
Inbound Investments
- Myomo expanded its credit facility with Silicon Valley Bank for up to $7 million in capital in 2024.
Capital Expenditures
- Myomo's capital expenditures were approximately $1.2 million in 2024, $145.8K in 2023, $111.8K in 2022, and $326.5K in 2021.
- In the last 12 months, capital expenditures totaled approximately $3.11 million.
- A new headquarters and facility contributed to higher material and manufacturing overhead costs in Q2 2025, indicating a focus for recent capital expenditures.
