The following is a summary of the Myomo, Inc. (MYO) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Myomo achieved a successful growth in product revenues by 20% year-over-year, with a reduction in advertising expenses by almost $1 million.

• A total revenue of $19 million was reported in 2023, marking an 11-year streak in revenue growth for the company.

• Cash use in operations was significantly cut by nearly 40% to $6.2 million for 2023, down from over $10 million the previous year.

• For Q4, Myomo registered revenue of $4.8 million, an 18% growth from the prior year due to a 6% increase in revenue units and a higher ASP.

• Q4 gross margin stood at 65.3%, a marginal increase from the previous year attributed majorly to higher ASP.

Business Progress:

• Myomo's MyoPro product line has secured updated pricing from CMS, effective from April 2024, which will expand business prospects under Medicare Part B health insurance.

• There is a strong pipeline with over 1,000 patients and a backlog of 230 units, which represents a 40% growth compared to 2022.

• Myomo is planning to increase its emphasis on O&P channel in 2024 and aims to augment facilities to accommodate demand.

• The company sees an opportunity for business expansion in Germany and possibly China due to favourable market conditions.

• Myomo intends to achieve operating cash flow breakeven on a quarterly basis by Q4 2024.

More details: Myomo IR

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