Myomo, Inc. reported record revenue of $12.1 million for the fourth quarter of 2024, a 154% increase compared to the fourth quarter of 2023. The company recognized revenue on a record 220 MyoPro units, up 106% year-over-year, with an average selling price of approximately $54,900. Medicare Part B patients accounted for 57% of fourth-quarter revenue.
Gross margin for Q4 2024 improved to 71.4% from 65.3% in Q4 2023, driven by higher ASP and fixed cost absorption. Operating expenses increased by 60% to $8.9 million due to higher payroll, incentive compensation, and headcount for engineering, clinical, and reimbursement personnel. Advertising costs were $0.8 million, down 6%, with cost per pipeline add decreasing by 46% to $1,224.
The company achieved its first-ever positive quarterly cash flow from operations of $3.4 million in Q4 2024, compared to $2.4 million used in Q4 2023. Net loss narrowed to $0.3 million, or $0.01 per share, from $2.5 million, or $0.07 per share, in the prior year. Adjusted EBITDA was positive at $0.2 million, a significant improvement from $(2.1) million in Q4 2023.
For the full year 2024, total revenue was $32.6 million, up 69% from 2023, with product revenue increasing 86%. The MyoPro patient pipeline grew 33% to 1,389 patients, with a record 657 additions in Q4 2024. The company generated a record 233 authorizations and orders in the fourth quarter.
Myomo introduced full-year 2025 revenue guidance of $50 million to $53 million, representing a 54% to 63% increase over 2024. The company expects Q1 2025 revenue to be between $9.0 million and $9.5 million. Management anticipates a return to positive cash flow from operations on a quarterly basis by the fourth quarter of 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.