MYOMO, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MYOMO, INC. has filed its 2023 10-K report detailing its financial and operational performance for the fiscal year ending December 31, 2023.</b>

AI Summary

MYOMO, INC. (MYO) filed a Annual Report (10-K) with the SEC on March 8, 2024. MYOMO, INC. filed its 2023 Form 10-K on March 8, 2024, reporting for the fiscal year ended December 31, 2023. The filing covers the company's financial performance and business operations. Key dates mentioned include March 7, 2024, as the date as of change for the filing. The company's principal business address is 137 Portland Street, 4th Floor, Boston, MA 02114. MYOMO, INC. is classified under SIC code 3842 for Orthopedic, Prosthetic & Surgical Appliances & Supplies.

Why It Matters

For investors and stakeholders tracking MYOMO, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of MYOMO, INC.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's revenue streams, expenses, assets, liabilities, and overall profitability, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — MYOMO, INC. shows moderate risk based on this filing. The company's 10-K filing indicates potential risks related to customer concentration and geographic concentration, as evidenced by mentions of specific payer types and international locations.

Analyst Insight

Investors should review the detailed risk factors section of the 10-K to understand potential challenges and MYOMO, INC.'s mitigation strategies.

Key Numbers

• 20231231 — Fiscal Year End (FISCAL YEAR END)
• 001-38109 — SEC File Number (SEC FILE NUMBER)
• 617-996-9058 — Business Phone (BUSINESS PHONE)
• 20240308 — Filing Date (FILED AS OF DATE)
• 20240307 — Date as of Change (DATE AS OF CHANGE)

Key Players & Entities

• MYOMO, INC. (company) — FILER
• MYOMO, INC. (company) — COMPANY CONFORMED NAME
• 0000950170-24-028326 (dollar_amount) — ACCESSION NUMBER
• 20231231 (dollar_amount) — CONFORMED PERIOD OF REPORT
• 20240308 (dollar_amount) — FILED AS OF DATE
• 0001369290 (company) — CENTRAL INDEX KEY
• 3842 (dollar_amount) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION

FAQ

Industry Context

MYOMO, INC. operates in the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry. The company focuses on developing and selling advanced robotic exoskeletons for rehabilitation and assistive use.

Regulatory Implications

The filing is a standard 10-K report required by the SEC for publicly traded companies, providing detailed financial and operational information.

What Investors Should Do

1. Review MYOMO, INC.'s detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and mitigation strategies.
3. Assess the company's operational highlights and business strategy as presented in the 10-K.

Key Dates

• 2024-03-08: 10-K Filing — Official filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share MYO NYSE Americ
• $33,500 — yoPro Motion W (L8701) of approximately $33,500 and for the MyoPro Motion G (L8702) of
• $65,900 — yoPro Motion G (L8702) of approximately $65,900, effective April 1, 2024. We hold 24

Filing Documents

• myo-20231231.htm (10-K) — 2206KB
• myo-ex10_8.htm (EX-10.8) — 136KB
• myo-ex10_10.htm (EX-10.10) — 18KB
• myo-ex21_1.htm (EX-21.1) — 9KB
• myo-ex23_1.htm (EX-23.1) — 5KB
• myo-ex31_1.htm (EX-31.1) — 9KB
• myo-ex31_2.htm (EX-31.2) — 9KB
• myo-ex32_1.htm (EX-32.1) — 5KB
• myo-ex32_2.htm (EX-32.2) — 5KB
• myo-ex97_1.htm (EX-97.1) — 40KB
• 0000950170-24-028326.txt (&nbsp;) — 9238KB
• myo-20231231.xsd (EX-101.SCH) — 1366KB
• myo-20231231_htm.xml (XML) — 1435KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 40 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 PART II 40 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. Reserved 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 54 Item 9A.

Controls and Procedures

Controls and Procedures 54 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdiction That Prevents Inspections 55 PART III Item 10. Directors, Executive Officers and Corporate Governance 56 Item 11.

Executive Compensation

Executive Compensation 56 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56 Item 13. Certain Relationships and Related Transactions, and Director Independence 56 Item 14. Principal Accounting Fees and Services 56 PART IV Item 15. Exhibits and Financial Statements Schedules 57 Item 16. Form 10-K Summary 60

SIGNATURES

SIGNATURES 61 Table of Contents PART I SUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS Our business involves significant risks, some of which are described below. The summary risk factors listed below should be read together with the text of the full risk factors that follow this summary. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes, "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as in other documents that we file with the SEC. The occurrence of any of the events or developments described in this report could have a material adverse effect on our business, financial condition, results of operations, growth prospects and stock price. In such an event, the market price of our common stock could decline, and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations and the market price of our common stock. We have a history of operating losses. Factors both within and outside of our control could result in a delay in our ability to achieve cash flow breakeven on a quarterly basis. Our strategy to maximize revenues by focusing our efforts on patients whose insurance has reimbursed for the MyoPro in the past has resulted in a concentration of revenues with patients covered by a particular insurer. Adverse changes in that insurer's reimbursement policy regarding the MyoPro could have an adverse effect on our business. We currently rely, and in the future will rely, on sales of our MyoPro products for our revenue, and we may not be able to achieve or maintain market acceptance. We may not be able to obtain adequate levels of third-party payer reimbursement, including reimbursement by Medicare, for our products. We depend on a single third-party to m

Business

Item 1. Business Overview We are a wearable medical robotics company that offers functional improvement for those with neuromuscular disorders and upper limb paralysis. We develop and market the MyoPro product line. A MyoPro is a myoelectric-controlled upper limb brace, or orthosis. The orthosis is a rigid brace used for the purpose of supporting a patient's weak or paralyzed arm to enable and help improve functional activities of daily living, or ADLs, in the home and community. It is custom-fabricated by trained professionals during a custom fabrication process for each individual user to meet their specific needs. Our products are designed to help improve function in adults and adolescents with neuromuscular conditions due to brachial plexus injury, stroke, traumatic brain injury, spinal cord injury and other neurological disorders. We primarily provide devices directly to patients and bill their insurance companies directly, a sales channel we refer to as direct billing. Under direct billing, we evaluate, measure and fit the MyoPro devices using our own clinical staff or as circumstances dictate, utilize the clinical consulting services of orthotics and prosthetics, or O&P, professionals, for which they are paid a fee. We also sell our products through various other sales channels, including through O&P providers, the Veterans Administration, or VA, and to our distributors in certain accounts and geographic markets outside the United States. We operate as one business segment. Our goal is to address the need to help regain function to individuals who have suffered partial paralysis and can no longer support or move their arm or hand despite the best efforts of surgeons and rehabilitation therapists. Our solution, the MyoPro custom fabricated limb orthosis, is for the upper limbs. The concept was originally pioneered in the 1960s, refined in the labs of the Massachusetts Institute of Technology, or MIT, and made commercially feasible through our efforts.

View Full Filing

View this 10-K filing on SEC EDGAR