Myomo (NYSE: MYO) reported Q4 EPS of ($0.22), $0.01 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $889.58 thousand versus the consensus estimate of $700 thousand.

• Revenues for the fourth quarter 2018 of $890,000 increased by 63% versus the comparable period of 2017. For the full year 2018, total revenue increased 57% to $2,444,000. Gross margins for the full year 2018 and 2017 were 70% and 68%, respectively.
• The Company’s reimbursement pipeline continued to grow, with 306 MyoPro units in the reimbursement process as of December 31, 2018, after adding 139 units in the fourth quarter. In 2018, the Company sold 92 units.
• The Company successfully completed a follow-on public offering of its common stock in February 2019, generating net proceeds of approximately $5,600,000.

“The record revenues for the quarter and the year are the result of our increased investment in sales and marketing during 2018”, said Paul R. Gudonis, Chairman and CEO of Myomo. “Our reimbursement pipeline continues to grow, which is expected to result in significant revenue growth in 2019.”

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