Myomo (MYO) Q4 2025 earnings summary

Executive summary

• Achieved 26% full-year revenue growth to $40.9 million, with Q4 revenue at $11.4 million, the highest quarter of the year.

• Record 241 MyoPro orders/authorizations in Q4, up 5% sequentially, and 208 revenue units delivered, up 12% sequentially but down 5% year-over-year; new patient pipeline candidates increased 3% over Q4 2024.

• Recurring patient sources contributed 42% of Q4 revenue, up from 26% a year ago, reflecting a strategic pivot toward sustainable revenue streams.

• Expanded payer contracts, including a multi-state agreement with Elevance Health, and launched MyoPro 2X and advanced MyoPro 3 development.

• Q4 gross margin was 68.6%, down from 71.4% a year ago, primarily due to lower ASP and higher warranty costs.

Financial highlights

• Q4 revenue: $11.4 million, up 13% sequentially but down 6% year-over-year due to lower units and ASP.

• Full-year revenue: $40.9 million, up 26% year-over-year; gross profit rose to $26.9 million.

• Q4 gross margin: 68.6%; full-year gross margin: 65.7%.

• Q4 operating loss: $2.8 million; net loss: $3.8 million ($0.09/share); adjusted EBITDA: -$1.9 million.

• Operating expenses for Q4: $10.6 million, up 19% year-over-year, mainly from higher sales, clinical, and marketing spend.

Outlook and guidance

• 2026 revenue expected between $43 million and $46 million, with Q1 revenue guidance of $9–$9.5 million.

• Gross margin expected to improve from higher volume, cost reductions, and a 2% Medicare price increase.

• Operating loss and cash burn projected to be about half of 2025 levels; negative free cash flow targeted to be cut by half.

• Focus on growing recurring revenue sources to approach 50% of total revenue by end of 2026 and reduce reliance on advertising.