Myomo, Inc. (AMEX:MYO) Q1 2024 Earnings Call Transcript

Edward Woo: Great. So the population, almost of 20% of the U.S., do you think the market there can reach about 20% of the size that you expect in the U.S.?

Paul Gudonis: Yes. It could very much do so. In fact, it was 25% of our revenue in this first quarter, but now we’ll see accelerated U.S. revenue with the addition of the Part B patients.

Edward Woo: Great, well, thank you and good luck.

Paul Gudonis: Thanks. Thanks, Ed.

Operator: Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Paul Gudonis for any closing remarks.

Paul Gudonis: Well, thank you, operator. Well, as you all know, we’ve had a long journey to establish these reimbursement policies and pricing for the standard Medicare Part B patient population. It’s very gratifying to see these patients have the same equitable access as other patients with other health insurance plans. At a recent fitting of a MyoPro for a stroke survivor, her husband said, “Thank God for Medicare because a year ago, we just couldn’t get this device for her.” As we discussed today, we’re investing in the resources necessary to serve this larger pool of potential MyoPro candidates and we’re also increasing our R&D investments and build upon our market-leading position. So with growth in volume and revenues, we can achieve our target of cash flow breakeven on a quarterly basis by the end of the year, if we’re able to add the expanded delivery capacity as we planned, and Medicare reimbursement continues on a timely basis.

These actions will also position us well as we head toward a much larger profitable company addressing this large unmet medical need and improving the lives of many more patients in selected markets worldwide. So thank you for your participation today, and have a good evening, everyone.

Operator: Thank you. The conference has concluded. Thank you for attending today’s presentation.