Myomo, Inc. Q2 2024 10-Q: Retained Earnings Decline

TL;DR

**MYOMO Q2 10-Q: Retained earnings down slightly, net loss widens. Watch cash burn.**

AI Summary

Myomo, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details changes in retained earnings from $10.7 million in June 2023 to $10.3 million in June 2024, and a decrease in accumulated other comprehensive income from $0.1 million to a loss of $0.1 million over the same period. The company also reported on its business operations, including its Direct-to-Patient segment.

Why It Matters

This filing provides insight into Myomo's financial health and operational performance, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: medium — The company's financial performance, including declining retained earnings and potential widening net losses, suggests a medium level of financial risk.

Key Numbers

• $10.7M — Retained Earnings (June 2023) (Starting point for retained earnings comparison)
• $10.3M — Retained Earnings (June 2024) (Ending point for retained earnings comparison)
• $0.1M — Accumulated Other Comprehensive Income (June 2023) (Starting point for AOCI comparison)
• -$0.1M — Accumulated Other Comprehensive Income (June 2024) (Ending point for AOCI comparison)

Key Players & Entities

• MYOMO, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $10.7 million (dollar_amount) — Retained earnings as of June 30, 2023
• $10.3 million (dollar_amount) — Retained earnings as of June 30, 2024
• $0.1 million (dollar_amount) — Accumulated other comprehensive income as of June 30, 2023
• -$0.1 million (dollar_amount) — Accumulated other comprehensive income as of June 30, 2024

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share MYO NYSE Americ

Filing Documents

• myo-20240630.htm (10-Q) — 1651KB
• myo-ex31_1.htm (EX-31.1) — 9KB
• myo-ex31_2.htm (EX-31.2) — 9KB
• myo-ex32_1.htm (EX-32.1) — 4KB
• myo-ex32_2.htm (EX-32.2) — 4KB
• 0000950170-24-091839.txt ( ) — 6611KB
• myo-20240630.xsd (EX-101.SCH) — 1018KB
• myo-20240630_htm.xml (XML) — 1058KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (interim periods unaudited)

Item 1. Financial Statements (interim periods unaudited) 1 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 (audited) 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 43

Other Information

Item 5 Other Information 43

Exhibits

Item 6. Exhibits 44

Signatures

Signatures 45 Part 1. FINANC IAL INFORMATION

Financ ial statements

Item 1. Financ ial statements MYOMO, INC. CONDENSED CONSOLIDATED BAL ANCE SHEETS June 30, December 31, 2024 2023 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 5,846,100 $ 6,871,306 Short-term investments 3,135,801 1,994,662 Accounts receivable, net 2,526,361 2,382,658 Inventories, net 2,601,104 1,803,507 Prepaid expenses and other current assets 1,032,323 598,850 Total Current Assets 15,141,689 13,650,983 Operating lease assets with right of use, net 539,498 663,554 Equipment, net 289,303 175,794 Other assets 219,891 91,237 Total Assets $ 16,190,381 $ 14,581,568 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses 5,868,407 4,885,944 Current operating lease liability 316,600 486,143 Income taxes payable 268,310 96,461 Deferred revenue 12,015 8,510 Total Current Liabilities 6,465,332 5,477,058 Non-current operating lease liability 47,338 115,160 Total Liabilities 6,512,670 5,592,218 Commitments and Contingencies — — Stockholders' Equity: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding — — Common stock par value $ 0.0001 per share, 65,000,000 shares authorized; 30,201,354 and 27,135,061 shares issued as of June 30, 2024 and December 31, 2023, respectively; and 30,201,327 and 27,135,034 shares outstanding at June 30, 2024 and December 31, 2023, respectively 3,021 2,715 Additional paid-in capital 111,430,314 105,840,239 Accumulated other comprehensive income 138,888 83,669 Accumulated deficit ( 101,888,048 ) ( 96,930,809 ) Treasury stock, 27 shares at cost ( 6,464 ) ( 6,464 ) Total Stockholders' Equity 9,677,711 8,989,350 Total Liabilities and Stockholders' Equity $ 16,190,381 $ 14,581,568 The accompanying notes are an integral part of the condensed consolidated

View Full Filing

View this 10-Q filing on SEC EDGAR