Myomo, Inc.

First-quarter 2026 revenue was $10.1 million, up 3% year over year. Gross margin was 68.2%, compared with 67.2% in the prior-year quarter. Operating expenses were $10.1 million, down 1% year over year; operating loss was $3.2 million versus $3.5 million; adjusted EBITDA was negative $2.3 million versus negative $2.8 million; and net loss was $3.0 million, or $0.07 per share, versus $3.5 million, or $0.08 per share. Cash, cash equivalents and short-term investments were $15.7 million as of 03/31/2026, and cash use was $2.7 million in the quarter versus $3.2 million a year ago. For Q2, management guided revenue to $10.3 million to $10.8 million, implying 7% to 12% year-over-year growth and 2% to 7% sequential growth; gross margin is expected to be higher year over year but lower sequentially, and operating expenses are expected to increase slightly. Full-year revenue guidance was reiterated at $43 million to $46 million, with operating expense growth expected to be about one-half of revenue growth.

Paul Gudonis framed the quarter as evidence that Myomo’s strategy is working, emphasizing four pillars: recurring revenue, market access, operating leverage, and innovation. He said Medicare coverage, new payer contracts, and the MyoConnect referral model are opening access and lowering acquisition costs, while the company is seeing more recurring referrals from rehab facilities and O&P providers. His tone was upbeat and expansionary, especially around Germany and the broader opportunity to build a larger referral network.

David Henry focused on the financial improvement and the mix shift behind it. He cited ASP of $58,800, up 9% year over year, driven by CMS fee increases and mix, and said gross margin rose to 68.2% from 67.2% on higher ASP and material cost reductions, partially offset by labor and travel costs. He also pointed to lower OpEx, a narrower operating loss, a smaller cash burn of $2.7 million, and guidance for Q2 revenue of $10.3 million to $10.8 million and full-year revenue of $43 million to $46 million.

Analysts pressed on ASP sustainability, marketing spend, MyoConnect conversion, and the path to accelerating growth. Management said the Q1 ASP benefit was helped by annual fee updates and international mix, but that ASP should come down in Q2 and may normalize around $55,000 longer term. They also said MyoConnect is the biggest swing factor in guidance, with 11% of Q1 pipeline adds coming from the program, and that referral quality is improving because clinicians pre-qualify patients and send a higher share of Medicare cases. On denied claims, management said ALJ hearing success rates are steady, but payer contracts are reducing the need to rely on appeals.