Myomo, Inc. (AMEX:MYO) Q3 2023 Earnings Call Transcript

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Ben Haynor: Okay. Got it. And do you think you go and expand the team given these updates, the benefit category change the promos fee schedule it seems like there’s a lot of opportunity for you to go after if this falls into place like it looks like it’s going to. Any thoughts on that front?

Paul Gudonis: Well, we’ve already been working on how do we scale up the business cost effectively we’ve got some core infrastructure with about 110 people now inside the company. But certainly, to gear up for the additional volume, we’re going to need additional manufacturing staff, maybe a second shift in our current facility — less the order additional inventory for the builds. We’ll have to add additional clinical staff in the field, whether it’s the CPOs that do the evaluations and fittings, the mild care coaches that follow up. So yes, we’ve been working on a plan, but we should get operating leverage because we’ve already invested in the core infrastructure of the team.

Ben Haynor: Okay. Got it. That’s it for me, gentlemen. Hello start to November?

Paul Gudonis: Thanks, Ben.

Ben Haynor: Thank you.

Operator: [Operator Instructions] Since there are no further questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Paul Gudonis for any closing remarks.

Paul Gudonis: Thanks, operator. I want to thank the new investors that participate in our capital raises this year. We’ve been able to attract well-regarded fundamental health care investors, who see the long-term potential of this business where we’ve had a number of executives and Board members also increased their stock holdings as well. And while forecasting quarterly revenues is always a challenge due to the factors I mentioned earlier, such as the number and the timing of insurance authorizations and the payer mix. We are poised for our 11th consecutive year of revenue growth. We continue to add roughly 400 new candidates into our patient pipeline each quarter, and we entered Q4 with a record number of patients in the pipeline, and we’ll be including Part B beneficiaries as we go forward.

So we’re looking forward to the finalization of the CMS fee schedule and MyoPro in the brace category with an anticipated effective date the ability to expand our addressable market to include almost 50% of seniors in the US with the standard Medicare Part B coverage, a growing international business, especially in Germany and China, and scaling the business with operational efficiencies so that we can achieve cash flow breakeven at higher volumes in the future. Well, thanks for your continued interest in Myomo, and have a good day, everyone.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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