Exhibit 99.1
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Myomo Resumes Fitting MyoPro Patients and Deliveries as States Begin toRe-Open afterCOVID-19 Shutdowns
Q2 Revenue Expected to be in the range of $0.6 million to $0.7 million
CAMBRIDGE, Mass. (June 22, 2020) – Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced it has resumedin-person patient visits for casting, fitting and delivering its MyoPro® powered braces in states that are now allowing such interactions. As a result, Myomo expects revenue for the second quarter of 2020 to be in the range of $0.6 million to $0.7 million.
“Insurance companies continued to authorize MyoPro devices while states were largely closed during theCOVID-19 pandemic. However, we were not able to measure and cast patients, or deliver their custom-fabricated MyoPro® devices, as those steps requireface-to-face interaction,” said Paul R. Gudonis, chief executive officer of Myomo. “During this downtime, our field clinicians grew thefront-end of our candidate pipeline using remote telehealth technologies for initial screening, and our patient advocacy team supported the insurance approval process. As a result, we built a significant backlog of more than 100 devices authorized by insurance. With patients once again welcoming us into their homes, the bottleneck is opening up and some deliveries were completed during the past few weeks. We are taking all precautions as advised by the CDC and state health departments including providing masks, gloves, face shields and sanitizer to our clinicians and patients.”
Mr. Gudonis continued, “The majority of our backlog is from patients in our direct billing channel. We are working as quickly as possible to complete deliveries on our growing backlog, in order to be in position to grow revenues and improve cash flow in the second half of 2020 as insurance payments are received. Most importantly, we once again are able to help people with mobility limitations perform the activities of daily living.”
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 patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG