Business
Myomo Reports Second Quarter 2026 Financial and Operating Results
Myomo Reports Second Quarter 2026 Financial and Operating
About this update from Myomo Inc.
Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics platform company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today reported financial results for the three and six months ended June 30, 2026. “I am pleased to report that the evolution of our go-to-market approach is driving positive results. Revenue of $11.7 million exceeded our expectations, with 53% of second quarter revenues generated from referral network sources through our MyoConnect program and other sales channels. In addition, we generated operating leverage as we grew revenue 21% while holding operating expenses roughly flat," said Paul R. Gudonis, Chairman and Chief Executive Officer of Myomo. “We believe our growing clinical referral network and the increased market awareness of our wearable robotics platform will lead to greater adoption by rehab clinicians and the hundreds of thousands of potential MyoPro candidates they treat. We anticipate continued progress on these initiatives and as a result are raising the revenue guidance to approximately 10-15% growth over the prior year.” Success Pillar Accomplishments: Shift to Recurring Patient Sources: 53% of second quarter revenue was derived from recurring patient sources, such as provider referrals, orthotic and prosthetic (O&P) partners and the Department of Veteran’s Affairs (VA), up from 26% in the second quarter of 2025. Revenue from the U.S. O&P and International sales channels increased by 130% and 32%, respectively, year-over-year. Increase Market Access with Additional Payer Contracts: Additional state contracts were completed in the second quarter under our multi-state arrangement with Elevance's Anthem Blue Cross Blue Shield Network, with contracts in process with other payers. Including Medicare and VA patients, we have in-network access to more than 100 million covered lives. Demonstrate Operating Leverage: Revenues increased 21% year-over-year, while operating expenses increased less than 1%. In addition, gross margin expanded by 940 basis points year-over year, contributing to a 79% year-over-year improvement in Adjusted EBITDA. Invest in Product Development and Clinical Research: The randomized controlled trial underway at the University of Utah has enrolled 25 of a planned 50 subjects. In addition, MypPro3 development continues to make progress, and we introduced a prototype of a hand-only version for the German market at OT World in May as the next product built upon our mobility robotics platform. Results of Key Operating Metrics: Added 739 patients to the pipeline in the second quarter, including a 40% sequential increase in pipeline additions from the MyoConnect program. Expanded in-network access and higher quality patient referrals improved order rates, resulting in a record 255 orders in the second quarter, an increase of 23% year over year. Average selling price (“ASP”) was approximately $55,500, up 2% vs. the prior year. Financial Results For the Three Months Ended June 30, Period- to-Period Change For the Six Months Ended June 30, Period- to-Period Change 2026 2025 $ % 2026 2025 $ % Revenue $ 11,704,565 $ 9,652,234 $ 2,052,331 21 % $ 21,817,853 $ 19,484,048 2,333,805 12 % Cost of revenue 3,262,017 3,600,061 (338,044 ) (9 )% 6,473,698 6,822,246 (348,548 ) (5 )% Gross profit $ 8,442,548 $ 6,052,173 $ 2,390,375 39 % $ 15,344,155 $ 12,661,802 $ 2,682,353 21 % Gross margin % 72.1 % 62.7 % 9.4 % 70.3 % 65.0 % 5.3 % Revenue: Revenue for the second quarter of 2026 was $11.7 million, up 21% compared with the second quarter of 2025, reflecting a higher ASP, and an increase in the number of revenue units. Myomo recognized revenue on 211 MyoPro units in the quarter, up 19% over the same period a year ago and driven by higher volume in our Direct Billing and O&P sales channels. Gross Margin: Gross margin for the second quarter of 2026 was 72.1%, compared with 62.7% for the second quarter of 2025. The increase was driven primarily by the higher ASP and the impact of cost reductions, such as the rollout of the Myomo Mobile App which reduces material costs, partially offset by higher clinical costs classified to cost of goods sold. Operating Expenses: Operating expenses for the second quarter of 2026 were $10.7 million, an increase of less than 1% compared with the second quarter of 2025. The increase was primarily due to higher general and administrative expenses, driven by seasonally higher legal expense, partially offset by lower research and development expenses and lower advertising expense. Operating and Net Loss: Operating loss for the second quarter of 2026 was $2.3 million, compared with an operating loss of $4.6 million for the second quarter of 2025. Net loss, including a non-cash charge of $1.2 million for the mark-to-market of our derivative liabilities, was $4.0 million, or $0.09 per share for the second quarter of 2026, compared with $4.6 million, or $0.11 per share, for the second quarter of 2025. Adjusted EBITDA: Adjusted EBITDA loss for the second quarter of 2026 was $0.8 million, compared with $4.0 million for the second quarter of 2025, an improvement of approximately 79%. A reconciliation of GAAP net loss to this non-GAAP financial measure appears below. Cash, Cash Equivalents and Cash Flows: Cash, cash equivalents and short-term investments as of June 30, 2026, were $13.5 million. Cash used in operating activities was $1.9 million for the second quarter of 2026, compared with $8.9 million used in operating activities in the second quarter of 2025. Business Outlook "In the third quarter of 2026, we expect continued year-over-year revenue growth with modestly higher operating expenses on a sequential basis, as we expand our MyoConnect program. We expect third quarter 2026 revenue to be in the range of $11.5 million to $12.0 million, up 14% to 19% year-over-year. We are raising our full year revenue guidance to $45 million to $47 million. We reiterate our full year operating leverage expectation, and we expect cash burn to be less than $2 million during the second half of the year," added Mr. Gudonis. Conference Call and Webcast Myomo will hold a conference call today at 4:30 p.m. Eastern time to discuss these results and answer questions. Participants are encouraged to pre-register for the call at this link . Callers who pre-register will receive a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time up to and after the start of the call. Those unable to pre-register may participate by dialing 844-707-6932 (U.S.) or 412-317-9250 (International). A webcast of the call will also be available at Myomo’s Investor Relations page at http://ir.myomo.com/ . A replay of the webcast will be available beginning approximately one hour after the completion of the live conference call at http://ir.myomo.com/ . A dial-in replay of the call will be available until August 19, 2026 at 855-669-9658 (U.S./Canada toll-free) or 412-317-0088 (International), with passcode 1135727. Non-GAAP Financial Measures Myomo is providing financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. This information includes Adjusted EBITDA. This non-GAAP financial measure is not in accordance with, or an alternative for, GAAP and may be different from similar non-GAAP financial measures used by other companies. Myomo believes the use of this non-GAAP financial measure provides supplementary information for investors to use in evaluating operating performance and in comparing Myomo’s financial measures with other companies in its industry, many of which present similar non-GAAP financial measures. Adjusted EBITDA is EBITDA adjusted for stock-based compensation expense. This non-GAAP financial measure is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP, and should be viewed in conjunction with GAAP financial measures. Investors are encouraged to review the reconciliation of this non-GAAP measure to its most directly comparable GAAP financial measure. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release. About Myomo Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury or other neuromuscular disease or injury. It is currently the only marketed device in the U.S. that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Burlington, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com . Forward-Looking Statements This press release contains forward-looking statements regarding the Company’s future business expectations, including expectations for second quarter and full year 2026 revenue, and operating leverage expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. These factors include, among other things: our ability to obtain sufficient reimbursement from third-party payers for our products; our dependence on external sources for the financing of our operations; our ability to scale the business to achieve positive cash flow from operations; our revenue concentration with patients who carry Medicare Part B; our ability to continue normal operations and patient interactions without supply chain disruption in order to deliver and fit our custom-fabricated devices; our marketing and commercialization efforts; our ability to obtain and maintain our strategic collaborations and to realize the intended results of such collaborations; our expectations as to our product development programs, including improving our existing products and developing new products; our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our products; our expectations as to our clinical research program and clinical results; our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; our ability to gain and maintain regulatory approvals; our ability to compete and succeed in a highly competitive and evolving industry; and general market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our products to patients. More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material or adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. (Tables follow) MYOMO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue $ 11,704,565 $ 9,652,234 $ 21,817,853 $ 19,484,048 Cost of revenue 3,262,017 3,600,061 6,473,698 6,822,246 Gross profit 8,442,548 6,052,173 15,344,155 12,661,802 Operating expenses: Research and development 1,720,463 2,001,331 3,343,623 3,791,355 Selling, clinical and marketing 5,264,090 5,233,885 10,080,849 9,629,689 General and administrative 3,712,481 3,407,277 7,331,221 7,351,332 10,697,034 10,642,493 20,755,693 20,772,376 Loss from operations (2,254,486 ) (4,590,320 ) (5,411,538 ) (8,110,574 ) Other expense (income), net Interest expense (income), net 535,744 (106,549 ) 1,040,440 (298,540 ) Change in fair value of derivative liabilities 1,199,726 — 360,662 — 1,735,470 (106,549 ) 1,401,102 (298,540 ) Loss before income taxes (3,989,956 ) (4,483,771 ) (6,812,640 ) (7,812,034 ) Income tax expense 31,404 148,201 218,119 284,996 Net loss $ (4,021,360 ) $ (4,631,972 ) $ (7,030,759 ) $ (8,097,030 ) Weighted average number of common shares outstanding: Basic and diluted 42,697,319 41,582,737 42,484,409 41,518,959 Net loss per share attributable to common stockholders Basic and diluted $ (0.09 ) $ (0.11 ) $ (0.17 ) $ (0.20 ) MYOMO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2026 2025 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 11,219,217 $ 14,132,027 Short-term investments 2,233,141 4,261,782 Accounts receivable, net 4,945,509 4,096,327 Inventories 3,169,372 3,123,089 Prepaid expenses and other current assets 2,958,442 1,943,860 Total Current Assets 24,525,681 27,557,085 Restricted cash 575,000 575,000 Operating lease assets with right of use 6,514,020 6,679,349 Equipment, net 1,986,836 2,212,901 Software development costs, net 1,721,532 1,590,864 Other assets 19,185 21,374 Total Assets $ 35,342,254 $ 38,636,573 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable and accrued expenses 7,515,613 5,819,767 Current operating lease liability 730,824 494,662 Income taxes payable 586,644 813,260 Deferred revenue 202,580 218,222 Warrant derivative liability 1,127,498 999,418 Current portion long term debt, net of discount of $73,871 446,962 — Total Current Liabilities 10,610,121 8,345,329 Non-current operating and financing lease liability 7,370,509 7,665,622 Long-term debt, net of discount of $2,437,757 11,532,254 11,222,155 Total Liabilities 29,512,884 27,233,106 Commitments and Contingencies — — Stockholders’ Equity: Preferred stock — — Common stock 3,953 3,847 Additional paid-in capital 131,326,086 129,929,989 Accumulated other comprehensive income 224,976 164,517 Accumulated deficit (125,719,181 ) (118,688,422 ) Treasury stock, at cost (6,464 ) (6,464 ) Total Stockholders’ Equity 5,829,370 11,403,467 Total Liabilities and Stockholders’ Equity $ 35,342,254 $ 38,636,573 MYOMO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (7,030,759 ) $ (8,097,030 ) Adjustments to reconcile net loss to net cash used in operations: Depreciation and amortization 676,129 349,240 Stock-based compensation 1,639,913 935,093 Accretion of discount on short-term investments (73,484 ) (23,383 ) Bad debt expense — 51,643 Amortization of right-of-use assets 362,699 526,600 Amortization of deferred offering cost 524,479 60,045 Change in fair value of derivative liabilities 360,662 — Other non-cash charges 96,612 (91,984 ) Changes in operating assets and liabilities: Accounts receivable (1,065,154 ) (2,975,272 ) Inventories 174,977 (1,204,740 ) Prepaid expenses and other current assets (1,032,389 ) (615,940 ) Other assets — (130,801 ) Accounts payable and accrued expenses 1,703,910 (531,182 ) Operating lease liabilities (256,321 ) 140,536 Deferred revenue (15,642 ) 25,666 Income taxes payable (207,400 ) (144,392 ) Tenent improvement allowance — 183,726 Net cash used in operating activities (4,141,768 ) (11,542,175 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,528,080 (2,653,446 ) CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (243,709 ) 3,963,494 Effect of foreign exchange rate changes on cash (55,413 ) 100,186 Net change in cash, cash equivalents and restricted cash (2,912,810 ) (10,131,941 ) Cash, cash equivalents and restricted cash, beginning of period 14,707,027 24,747,373 Cash, cash equivalents and restricted cash, end of period $ 11,794,217 $ 14,615,432 MYOMO, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 GAAP net loss $ (4,021,360 ) $ (4,631,972 ) $ (7,030,759 ) $ (8,097,030 ) Adjustments to reconcile to Adjusted EBITDA: Interest expense (income), net 535,744 (106,549 ) 1,040,440 (298,540 ) Depreciation expense 384,539 190,798 676,129 349,240 Stock-based compensation 1,042,665 394,889 1,639,913 935,093 Change in fair value of derivative liabilities 1,199,726 — 360,662 — Income tax expense 31,404 148,201 218,119 284,996 Adjusted EBITDA $ (827,282 ) $ (4,004,633 ) $ (3,095,496 ) $ (6,826,241 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20260805360556/en/