MYO - Earnings call transcript Q2 2024

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Operator

Good day, and welcome to Myomo's second quarter of 2024 earnings call. [Operator Instructions] Also, please be aware that today's call is being recorded. I would now like to turn the call over to Kim Golodetz with LHA. Please go ahead.

Kim Golodetz

Thank you, operator, and good afternoon, everyone. This is Kim Golodetz with LHA. second conference Myomo the to quarter call. XXXX Welcome a announcing X financial this ended afternoon, for release issued Myomo and Earlier results news the XX, XXXX. June months X

like Officer; call announcements, please With with Executive on company's Gudonis, would Dave If call to myomo.com website Carolyn from me register Chief Financial Paul be XXX-XXXX LHA Chief to future list Curran. at the the (XXX) you Myomo Henry, receive are e-mail to and at distribution today's or company's on added speak and Officer.

other revise to the during date caution go statements Myomo's forward-looking such turn The that statements. any no Paul Before to outcomes guarantees to or on uncertainties than XX-K the operating condition by conference Securities these update pleasure undertakes Myomo's forward-looking are subject I'd call. It this including Paul, of and statements target, filings are required estimate, and identify historical and as discussed the by similar CEO, performance like or we may uncertainties is guidance, with to circumstances and over and please may other what's events additional anticipate, Myomo results. These factors words after factors Exchange differ risks Commission, XX-Q. or other Myomo's obligation now begin, listeners and materially and may implied ahead. forward-looking expressions by are forward-looking law, to call and involve Gudonis. not to in that and and Actual These other from affect in management results Forms are intend, to expressed statements. reflect statements. statements my and Except made confidence, expect, this risks, future typically of facts financial believe, forward-looking are used business, outlook, call project certain

Paul Gudonis

Thank afternoon, good and everyone. us you joining Kim, for Thanks, today.

the first quarter the X. beginning fees Medicare April quarter arm delighted for was XXXX, financial since powered results effect the of report which excellent We into for MyoPro the to second are went braces

of Medicare of our a pipeline, and revenues, market, shipments. records to in and ability MyoPro number total patients the add to quarterly we B in patient by achieved standard As authorizations the target patients result additions orders our covered and to Part

As arms. resulted category by is in know, of you the reclassified for into for CMS devices brace MyoPro payments these sum XXXX, X, with the custom paralyzed which lump patients benefit January as

patients the the criteria During first for Medicare for claims paid agreed-upon who met necessity. quarter, medical

proposed fees G to and the rate. contribute recognize function X, quarter, quarter over enables the patients for to to delivered of MyoPros addition XX However, $XX,XXX the model. the for note, represents of the to W it unit delivered Motion hand. We XX% over the the volume G, Motion April the because below our amount The MyoPros both arm at reimbursement Motion after just were allowable and approved was to to of were And the $XX,XXX international MyoPro of XX% the orthotics are who revenues prosthetics Advantage, Medicare B away. that Medicare to in to turn Part during Shipments these clinics of revenue XXXX. in shipments all previously had a product patients second and growth customers, the on to population VA, which we beneficiaries able second

patients and with a to direct by B directly the engage a a them. Part led This our quarter to pipeline. record overall physician additions referred or the in our contact X,XXX can billing provider patient us pipeline of XXX number team in Medicare Now or patients therapist,

the a -- the are reimbursement As the the patients pipeline begun reminder, in in those who are have process.

ago. we're this candidate that than per able more lower was now is pipeline at spend efficient year marketing XX% cost far as a a expand to Our

guidance. We've orders and received Part B system the to is trend coming than Dave $XX,XXX Medicare upward of we co-pays QX, the secondary allowable VA documents which ASP led our payments of our at which by up plus with XX% higher will direct claims out-of-pocket as had seen from B more medical or faster evidence We and average revenues approvals, Medicare at second paid selling payments under also year-over-year. During XXX received clinics, much insurance which the by with price our explain, patients. O&P in we billing Part payments typically insurance anticipated, than are or than the these amount operation, quarter to any XX%

In mixed so As for his seen for Medicare to the has required Dave covers We payers results remarks. Advantage regulations. elaborate preauthorization these Medicare plans. percentage is plans, and which, these standard to as in MyoPro control the need utilization course, gone will obtain some costs Medicare they far. these contrary patients covered to plans we've post-COVID, approval by their cases, to of what from try a cover down for are further

it and in is and These decisions been news the quality these a these with the cases Officer in experimental to fulfillment hope our adding operations. revenue administrative [indiscernible], the but seen that necessary employees remit manufacturing rate, seen certain meet an ASP. To with More denials from a I device. and Medicare reimbursement precedent judges to field these market, clinicians Advantage coordinators to Our We've we've investigational, medically growing trend wins added the the that or patients added plans recently contributing we've payments capacity is not others. we've at the set Advantage for and is patients with start Medicare which some payers MyoPro these we've to We've Chief inquiries. higher expanded covering cycle. across since the addressable not works appeal that declaring answer positive are overturning Medical with staff the demand but is plans. And our intake at Medicare is by increased to us of Medicare licensed good

the a finalizing year the the and of larger later this also facility future. to expected shipments area Our in XXX year to production in Boston growth beginning about in staff the to currently. employees approximately XXX We're from this accommodate additional move has to increased at year plans

to primarily do Our of well, the operations, quarter. continue in in over $X revenue international million generating Germany,

expanded business in plan expected this We managers Medicare Part clinical also braces. reimbursement, We channel seen O&P growth a patient team and interest development candidates the a from future. they of in for they'll we've some is orders support and initial and an to serve market. And the training business placing and D MyoPro and on reimbursement keen support the this O&P After the recruited orthoses since excellence. We necessary we've of the experienced development evaluate the a already foot clarity with clinical clinics other certification this domestic population with for ankle medical MyoPro teams that be established of and to receiving O&P patient patients, center we later near expect to skilled started professionals become their year. they clinics trainers program their documentation these

the industry. Next the O&P American this participate premier already and audience Assembly to the Orthotics We've the planned larger on annual which a introduce for the to MyoPro month is National manufacture of Association, panel O&P research for conference clinicians. and Prosthetics to is workshop the will

to this add Our direct XXXX. in in the channel months distribution plan to over filling own build order our produced to operation by is the business coming

a overview, return business comments financials into to and I'll call with deeper our the dive the plans. on I'll our Henry, over Now that additional some for turn quarterly Dave to Dave? CFO,

David Henry

Thank Paul, good and you, afternoon, everyone.

certain which to up average quarter, which start units, were and was line by the number a Medicare partner in our Medicare higher second by as up -- year in Medicare and from driven in Let year's price quarter's as consists Advantage revenue a quarter came from quarter in revenue B results. the product XXXX. Revenue reimburse payment MyoPro the effective joint year-over-year with was for higher-than-expected a and published higher a of quarter XX% velocity prior entirely revenue selling XX% product revenue for revenue CMS up the initial revenue. Total second that was our higher over guidance review with of $X.X Product growth financial of included Part of This was due payments my April of and came second payers XX% XX% XX% the license China. hence, me remarks of a patients. of became fees Medicare Revenue our XXXX last revenue. venture by X, than second million. over

approximately revenue quarter revenue our markets, up year-over-year. quarter revenue, is in from and Medicare B revenue billing in from was $XX,XXX, from came channel, initiatives which patients are the resulted quarters. being Advantage management XX% Revenue Germany. from seen and of utilization plans approximately the quarter. Driven direct of XX% our X% the part in in for revenue at international ASP similar decrease proportion key XXX payers higher the primarily that underway by claims result, same Medicare are second of a received XX% a patients, appears XX% of from and environment. It Of year prior XX% in year-over-year. quarter prior down initial quarter. which This we'd units second to with to authorizations which denied As second a second Part represented the the Medicare orders came term revenue Advantage quarter, fill, came is than reimbursement challenging was converted from more

both second new the pipeline product the of end patients B XXX reached in to recording increase pipeline the CMS as and Given filing effective and quarter records. second of the the were There for quarter, The second our whom quarter XX% and collected are CMS. In of XX% pipeline Medicare revenue. orders quarter, at Part was claims in pipeline an Part patients, and records we paid inclusion were was by qualified backlog July yet success second of quarter, in patients X,XXX the increase B And our an medical authorizations for the on pipeline claims of Medicare XXXX, XX% Part the XXXX, case the additions year-over-year. Medicare total received pipeline upon B patients. of those additions criteria. with being second to Medicare X, for revenue Part the end converted additions delivery not based of XXX Reported deemed we've but the in represents B at of insurance patients. Of year-over-year. the of delivery

backlog the qualified record revenue of at the orders, XX% from sales product backlog backlog to end a second backlog was XXXX. second been an a was increase been quarter XX% XXX Medicare either quarter for XX Contributing the XXX in that for up Part primarily of from second XX% XX.X% coming prior by Ending have margin our received. The by delivery but payment driven have MyoPro Medicare of year-over-year. of end or quarter record at has not Our decrease our impact entirely for Medicare earlier. have the backlog claims been B the the patients, mentioned XXX% sequentially. and year, filed, with XXXX record with second quarter includes license a of was offset documentation was the I received patients Gross portion appropriate authorizations XXXX quarter. The ASP compared XX.X% increased and of prior margin higher the of a year yet

quarter XXXX. which a the warrants million revenue share quarter in lower million $X and to second revenue, second Approximately clinical XXXX was XX.X% engineering $X.XX of XXXX, included for margin. the net the the the by stock $X.X and quarter. sustaining compared the of compared license quarter is or negative $X,XXX for $X.X in was XXXX. approximately common expenses capacity with of stock-based engineering second prefunded $X.X warrants a grow XX% of unchanged with from $XXX,XXX but per $X.X the at count second expense Excluding development, in the considered year-over-year, as was on outstanding of quarter year $X.XX XXX% ad compared XX% under second cost a are margin increase This and increase head of shares pipeline second count was which was were share. This to an during the to sales for are gross the of prior These loss was and the of unchanged from in higher by second equivalents warrants we outstanding. Adjusted $XXX,XXX XXXX XXXX GAAP of and was weighted in XXXX the compares and January new million loss product Net driven negative quarter Operating average million, XXXX. million of included XXXX for half our exercised of per loss of quarter were of quarter accelerate the license revenue added product down certain the our second $XXX,XXX order with and second year $X.X expense. Advertising prefunded EBITDA XXXX. Operating in still XXXX. offerings compensation million, prefunded or quarter reimbursement primarily higher projects for completion offset quarter head second the beyond second are per of quarter

for ago. Year-to-date Product ago licensing our in $XX.X revenue, XXXX, million, Looking ended gross the half XX, XX.X% the up was XX% same the at year-to-date financial compared a results. margin year XX% compared months with Revenue with revenue, XXXX. up X was the XX.X% period of year excludes over which was June period. first

for with $X operating or compared Excluding ago. a same with loss license for of the months of X a Adjusted compared were per revenue, first XX.X% loss an million X $X.X loss year margin negative period the increase net compared was was first Operating $X.X of first period. million of XXXX year for was negative same the expenses ago with year year a XXXX the on year the revenue or per share was $XX.X the months share half for same an period the gross period $X.X million $X million, period. a million a XXXX compared with $X.X ago. Net in for of of loss ago. $X.XX first a XXXX the XX% for half million for $X.XX the product of EBITDA Operating million ago

for June $X.X investments XXXX, $X.X second quarter XXXX. compared the used into cash with for Turning our now based million million. which July million XXXX operating agreement. of as a were Cash, defined credit line in with equivalents of of to a receivables Silicon quarter XX% as position. $X.X and receivable eligible in cash of short-term Valley XXXX, activities capacity of provides second XX, entered million Cash was of we XX, the accounts Bank, On borrowing $X on the

least our We our it months. and have XX XXXX, housekeeping operations of drawn registration believe on good our S-X line. In shelf May statement file. on have are a believe expired. statement today, the We on cash not cash, for we investments As valid the equivalents short-term credit a at fund corporate to sufficient registration shelf to next Form is

expected prior be filed new our statement resizing a shelf to registration So is shortly shelf. consistent with

Turning guidance. financial to our

delivery, Part believe Given our grow to the basis patients sequential revenue third backlog quarter -- able in $X.X upon velocity and B we able in were of are a on and of for we revenue to higher revenue being to million. expected expect record product the the Medicare to we range positioned million modestly $X.X

see XX% we increase as company While to between we incremental half increased some volume XXXX, higher the our half a the for the the second of aimed volume and that a quarter this patient may funnel. modest spend educate intend more advertising process quarter continued well. to these third efforts increase, generate patient may year-over-year of top fourth spending in XX% at but in patients of positioning first believe from the sequential and advertising the have growth. We capacity of leads our the generate. This more and additional at We growth represents is to the year in revenue

believe year place. to revenue expectation is is $XX the clinical continue reimbursement $XX full of and as million We to in million manufacturing required achievable now capacity our

full quarter quarter revenue million. fourth third guidance Our imply revenue $XX approaching year and expectation

the in fourth flow to achievable quarter. believe operating is continue that cash We

the However, to spending this higher may the that our overview, advertising ability achieving objective. With back half to call I'll in Paul. year second compensate of the for turn financial impact

Paul Gudonis

end to units month to of the and during XXX MyoPros beginning to patients expanded capacity. XX Well, would manufacturing said a the the year. I'm we Dave. per by looking team to to clinical XX patients to we MyoPros our larger ahead, July. serve XX our year, per have produced you at XX the month of output of And prepared we with from up O&P pleased tell month double we of number the that customers to Thanks, are and ship

first-mover ahead So to plan continue also this innovate this our in market We're in investment advantage expect later announcements increasing fall. R&D in of we upon this and meeting product to our making and we objective. several are product be build as development in we to

of plans that your now rest questions. So update our the with ready for and XXXX, take overview Operator? of to we're

Operator

Instructions] [Operator

Paul Gudonis

turn in XX in X questions, Investment September New XX City conferences August to participating Conference investor H.C. The XXth we XX; Conference September City. Global on on several virtually. in Wainwright Diagnostics to that mention in York we and through & Best New Lake Annual your Before Virtual next the want be And held I Street Monday, months. York the X Ideas Annual Ninth conference will the Needham MedTech one-on-one being

for investor available Wainwright Conference contact Eastern presentation X on a contact demand in-person a.m. meeting, H.C. available a virtual We're or and Investor Relations all for the conferences, at and a prerecorded to of can you conference schedule will at who the assist alternatively also September meetings these X:XX Our meeting. LHA be to organizer Time. beginning so arrange

first Okay, for we operator, are question. ready the

Operator

will question Capital Craig-Hallum first Knickerbocker Chase Our Group. with come from

Chase Knickerbocker

Just your benchmark first that in next need increase footprint Is need and QX? just the around it that on us would July. of first, expect there increase to Maybe you growth XX the internal would kind on half to then of manufacturing hear Is increasing kind of to expectations? that good you there year? MyoPros to capacity of footprint? when from to support when Paul, to kind speak confidence Just

Paul Gudonis

question, the Chase. Thanks Sure. for

suburbs. people. a can the our We been footprint. area, to in hire the facility monthly Boston move finalizing That us more will larger here of I process in rapidly as we're manufacturing plans able broader mentioned, a to expand we've the in to give So And capacity.

month then by have shift. that beyond even runway quarter. per we'll that a XX to we've second got expand now fourth year, footprint, expect the capacity And that next I the units more possibly expanded So

pipeline we in. the keep will grows come the orders as So expanding and capacity

Chase Knickerbocker

just to a And that to be medium-term? orders back Is do to you have team starting hiring then gears short- kind of they it revenue as would the 'XX, there in the opportunity. have of U.S. when more or you're the material to Is this material channel, in clinics opportunity? year? And be Is of yet that when maybe source it. that here just shifting kind standpoint would of for from it at channel What it expect which number least trained? O&P of goals on of guys? then half Got be maybe you year a for the O&P of O&P in over the you that the

Paul Gudonis

building really Yes. all channel the They done. commitment getting This CPO in to I to of clinic for This become these major year, the the for O&P clinics. out deeply relationships, have order is a experts X the one the a take us see infrastructure, training is working MyoPro. of days on

So And of orders paid then build sure expected. And call and in first will run to reimbursement, get month to conference patients we the make for as that started patient, We'll place then evaluate start and clinicians. XXXX. their in September. the in some how see to fall. conference should their they those the that trained these classes getting flow sign then They O&P to train are after order be typically, up wait what do next organizing COE, at clinics we of classes. We O&P we at other said Excellence major Center

XX the in now material but the I lot love orders I'd this of of year, O&P goal, to these XXX And a next clinicians to increase we're year. year. set So for a building trained mean we of it see end we've really by don't see

Chase Knickerbocker

clinic look any to for way expectations, do as from kind channel how business hop kind the during to that then about year, year? your units in as as a next back then of And I'll contribution your have goal professionals through train? of as you might with And year far think next far that XXX us kind O&P of queue. maybe Any

Paul Gudonis

see looking be patients. at to pace to MyoPro their we'll what want the really to bring they Well,

new O&P we've seen with products industry. this other the typically, in So

patient, another then increase order. place volume start And that follow will they'll an they'll place and fit So patient initial the over time. order, the to

But growth, what it more than we the a to of time, some see ought step this sales take call and nature same-store because more, profession. a clinical but that I So growth kind see I'll of rather time function. will over of more just linear

Operator

will with question Scott next Henry our from AGP. And come

Scott Henry

trends congratulations, in And tough and numbers really environment. a strong

So congratulations for that.

Just of questions. a couple

strong, the be First, about on base typical back gross think the that that margin? XX% increasing? a is from XX% a really margins is start should here Will at volumes we with level, of to sort which

David Henry

it's I think think there's I a good -- for baseline us.

some I there's think opportunities. gross expansion margin

more, Advantage at has starting so. We it allowable plans. and some bit the see which absorbed, a that think opportunity will do an call we the it there's our model in that grow -- help terms Medicare fortunate costs ASP fixed really more will of them that little more we're are have Medicare think really help I it's the to We We're gross not more manufacturing. and mentioned to well. don't margin. a And of in increase a as asset-light we're more of as lot reimbursements lot -- -- there's the so to certainly, more volume of

adding people. capacity, So it's and just it's space

that's to there's required of CapEx And a do that. not lot so

forward gross going So either. margins burn that shouldn't

I good think So XX% is place. a

margins talked getting We we're bit gross there maybe a range into and early. XX% about getting just a quarter little have the

Scott Henry

of pipeline you the then drops. is at things And gave on a quarter-to-quarter lot us I Great. one backlog. from of and And the look metrics backlog

more way from or sometimes the XQ backlog. in it it in of like calculated from number typical another. And drops looked one noise But or the came thing it's than there's prior changes in

Anything right parts And moving do Or as that to there? Now is now. noise? statement with a agree there's you that see of lot well?

David Henry

at backlog do And rate. around to within Well, been think sort operating XX. That's we've we've recently. if you of where XX% drop XX% came math, drops in I the been the

of of been at that is we've the that seeing. the kind So us I would which in XX%-ish, beginning backlog, guess, range maybe put

Scott Henry

there. but go perhaps there's had Apple just [ I'll offline. a Okay. in some ] that higher start through number, I

David Henry

Yes.

revenue authorizations and and XX XXX the with So XXX XXX what out. orders math XXX falls is ending is backlog, backlog, think beginning units, I

think -- top my is if my off I of math right I if the head.

Scott Henry

feedback. for finally, thank I've and multiple years. you enough, for think then Fair And following company that been the I now

a went political couple through of cycles. I So

election I pricing election if regards there's in recall sometimes, elections terms think noise Do of prior of cycles, QX gets the something won't availability. we that factor? terms so pipeline now during to about both kind advertising And tricky because should think QX, competition, -- are and into in of big are in in to with adds lack we much you that due that? Or and might you of there some be enough see maybe

Paul Gudonis

Scott, political perceptive kick you've fourth and and to starts in an the Medicare year, we're in now would see going all third it's with with advertising We quarters, a advertising -- then year, all in. election the a to got that advertising especially I in very be competing the say time observation. plan the holiday because Advantage later

year. we've increased physicians of availability prices the can gets on. on it we up, scale the [indiscernible] then somewhat go So front of so reduced now our more their turn in And just then get and family it first and members, we so because we the people, the typically after advertising back spend

they but up we people but a not are intake are people interested We've number of following large in and that with. our in got pipeline -- coordinators pipeline. yet, that So have the are

on seasonal that typically but basis. that we going, see keep a we'll flow So

Scott Henry

Okay.

-- So record it perhaps you you a -- and off new sounds be you? XXX of QX this was to like even it's strong not had build adds should for in pipeline stabilized, able which

Paul Gudonis

see to like yes. We'd that,

Operator

Maxim will Group. question Vendetti next come our from with And Anthony

Anthony Vendetti

Yes.

you the the pipeline, whether a outreach Maybe to bit specifically at the it, that's more that marketing about about bottom So without as the there how plan to just the remainder puts of talk at doing or company? do then you're anything and is And thinking as your that it, I just balance that negatively was you secondly, little line? the year. you're as directly you the just increase do takes look conversion rate that looking impacting from wondering, can you side balance that of you for increase

Paul Gudonis

ahead, Go Dave. [Indiscernible].

David Henry

-- just I say I authorization Yes, -- some rate. we're the was improvement think to we're that, in starting I'll seeing that the call, going what

and beginning at I the the think the we you you had and pipeline if divide than authorizations just -- quarter, higher but been pipeline as we're I conversions not have exercise the go in to orders about they're through terms Medicare patients the long having Advantage in just entering were of patients. into backlog. And go think Medicare conversion, think that's that I the by we not by XX% where called the a because is lingering it take and driven we to pipeline through conversion rate, reimbursement which with

as the part future, think they pipeline I that's more and prominent of time. to more become in that's then over that hopefully patients rate Medicare then a helping And more up continue trickle as that. what's So possible could our

Anthony Vendetti

in you're we the look increase How looking then at that? end And year as Great. are should balancing in how marketing, terms Okay. just of the that? your you at of

David Henry

to that that keep to mean, usually want we impact. balancing flow soft investments to an impacts. in It's Well, mean, and we XXXX that now fourth in momentum starts potential as more patients that to us top minimize seasonal well. We should -- any funnel. -- we first want a it's in sure be try something quarter, to quarter of things, can there the any is be quarter getting into want could of a manage operating going for we as to revenues be terms we I -- we get best potentially and cash seasonally position we're want I with make the realize to but breakeven it in don't we and if making the growing and we the -- have to we want

Operator

[Operator Instructions] come Woo Ascendiant will from Our with question Capital. next Edward

Edward Woo

in on there business solid. historically What XXXX? should back in seasonality pretty your seasonality half, it's expect any Congratulations for that guidance the Myomo? Is the for Yes. the was we

David Henry

it's of beginning Generally, just patients exactly the the sure at the a by most stuff of than I finger I out-of-pocket expenses. the half get in reset second -- the don't and population, second the think why. our is, guess all stronger ever to generally year, more the you deductibles people patient put the revenues half. we've on that year. And are first year in I'm not And of the -- my have time any guess is they half the of for it's

makes a that MyoPro bit easier. like little decisions the so And

as the quarter. And as advertising the election. fourth of of quarter of you a generally that, versus seeing Presidential you the the a the year's with rest bit growth historically growth So up time, year we're have things years third that because of through -- we fourth -- in we of then particularly is because like think little -- maybe we good when in in result in flattening have where with out just the this year's this the quarter fact challenges some the back quarter -- -- expecting the first I softest the look have end revenues

Operator

Capital will with one here. Markets. from come for more Haynor Ben time Lake have question that We Street And question

Benjamin Haynor

XXX the thus started channel. I the first year. share folks on can commentary training the of Just many O&P the off of appreciate to XX you how far? by chance getting there to me, trained have for Any end

Paul Gudonis

]. Hanger O&P several including that We've [ with just started the clinics, of

just Ben. disclosed and We in this development because, how the started team training many have. clinical just hired business we haven't quarter, we again, going second It's

trained So they're They're the getting themselves. training. starting

fittings. evaluation We of CPOs are the these along some to assist the work riding with and in

second this will year. the So half of it's number off that but to take smaller in a now, start

Benjamin Haynor

Okay. That's helpful.

So color you there your they former a more Is Hanger to Board. offer and recognizing interested regard -- executive have clearly, is any on Hanger can with specifically?

Paul Gudonis

than on people say, other will this, a to to made commitment their interest No, keen to there. I've a them. with assign device. up and leadership senior CEO met trained They They've the and it over to deploy have be get

this make both we to for other And now customer we good and to win-win-win course much for about patients, and one company than hope a so themselves say want of Myomo. particular relationship there I enjoy a really don't and as their a any flourish

Benjamin Haynor

there out how to congrats month? hire -- helpful. of you do? me, of to XX difficult going identified for, that for XXX, it's whatever to lastly July. be in you what the do then kind you XXX, Are key they XXX take to around, bottlenecks, on get you need Can there getting units to would share door And are color work Excellent. could a units you kind Any have

Paul Gudonis

the growth each doing making been of been these to team Well, looking we senior across cycle, what that we've our bottlenecks. in balance leadership has avoid functions revenue sure is

people patient reimbursement. We've leads, as more manufacturing, people increase inquiries, advertising, more of the in then intake So for side, the more we added department we've our in then efficacy we've added clinical more field in generate in our people more people coordinator added staff.

it's again, this bottlenecks people so all that having we functions either running So balancing without scale those or again, can idle.

went up over you can up expenses operating product As revenues see, XX%. while XX%, from went

a in it doing by leverage operating of type that smart way. getting we're So

Benjamin Haynor

sense. Makes

can the door. is of So the to you units things adjusted get where be you're right it the about There's to now, how way to holding kind of think out you back? nothing they need titrate kind

Paul Gudonis

in supply good right, the all sure order That's hiring we can them, than the making other chain. components people, training

is Some revenue of on to enough But growing. have got again, keep than to capacity every time longer sure others. we've at working our lead team cycle that stage make

Operator

session. And I'd our to turn this any will over remarks. the for conference conclude back question-and-answer to closing Paul like Gudonis

Paul Gudonis

the that MyoPro company. patients B brings that's for our and here. to by has is the the support motivator operator. Everyone life-changing device goal you, of a at for wonderful inflection point thank decision Myomo benefits real this to our a of keenly aware health around beneficiaries Well, Well, to equity cover led Part CMS its

we example, Medicare stroke As a just one a ago. beneficiary, provided recently some XX years MyoPro to suffered who

regain others as our forward more joining various keep the selected markets We with control at look our him to living and perform today over worldwide nice device he now whole patients to grateful independence his of was in It's again and to Our lives extremely a the that least neurological thank stroke for Well, newfound to accomplish part we the evening. operations. his this you of in survivors call world house scale new on for around have and improving injuries. these a own many this past. He's unable ability of the enabled life. daily activities for

Operator

attending concluded. presentation. The conference for has now Thank you today's

You may lines. now disconnect your

Myomo (MYO) 6 Aug 242024 Q2 Earnings call transcript