$MYO
MYOMO, INC.

2018 Q4 Form 10-Q Financial Statement

#000156459018027998 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $889.6K $609.0K $550.0K
YoY Change 61.74% 24.65% 22.22%
Cost Of Revenue $226.2K $193.6K $200.0K
YoY Change 13.09% 55.99% 100.0%
Gross Profit $663.4K $415.4K $340.0K
YoY Change 95.12% 13.98% -2.86%
Gross Profit Margin 74.57% 68.21% 61.82%
Selling, General & Admin $2.869M $2.674M $1.800M
YoY Change 59.38% 81.91% 73.08%
% of Gross Profit 432.44% 643.75% 529.41%
Research & Development $529.6K $449.7K $360.0K
YoY Change 47.12% 36.26% -12.2%
% of Gross Profit 79.83% 108.25% 105.88%
Depreciation & Amortization $20.85K $18.83K $0.00
YoY Change 88.3%
% of Gross Profit 3.14% 4.53% 0.0%
Operating Expenses $3.398M $3.124M $2.160M
YoY Change 57.33% 73.6% 48.97%
Operating Profit -$2.735M -$2.708M -$1.820M
YoY Change 50.28% 88.74% 65.45%
Interest Expense $43.07K $45.30K $50.00K
YoY Change -13.86% -204.49% -145.45%
% of Operating Profit
Other Income/Expense, Net $58.61K
YoY Change -66.71%
Pretax Income -$2.692M -$2.650M -$1.900M
YoY Change 41.68% 110.3% 57.02%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.692M -$2.650M -$1.900M
YoY Change 41.68% 110.48% 57.02%
Net Earnings / Revenue -302.61% -435.12% -345.45%
Basic Earnings Per Share
Diluted Earnings Per Share -$6.494M -$6.403M -$246.8K
COMMON SHARES
Basic Shares Outstanding 12.44M 12.41M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.541M $9.093M $12.96M
YoY Change -49.53% 83.33%
Cash & Equivalents $6.541M $9.093M $12.96M
Short-Term Investments
Other Short-Term Assets $695.3K $720.9K $390.0K
YoY Change 78.28% 53.38%
Inventory $256.1K $272.7K $201.2K
Prepaid Expenses
Receivables $382.3K $352.8K $297.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.874M $10.44M $13.85M
YoY Change -43.13% 80.93% 1107.71%
LONG-TERM ASSETS
Property, Plant & Equipment $187.5K $198.9K $77.15K
YoY Change 143.05% 894.33% 257.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $219.6K $192.3K $50.00K
YoY Change 339.16% 20.17%
Total Long-Term Assets $407.1K $391.1K $129.2K
YoY Change 215.21% 105.86% -74.77%
TOTAL ASSETS
Total Short-Term Assets $7.874M $10.44M $13.85M
Total Long-Term Assets $407.1K $391.1K $129.2K
Total Assets $8.282M $10.83M $13.97M
YoY Change -40.74% 81.73% 742.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $426.7K $438.9K $1.280M
YoY Change -66.66% -61.16%
Accrued Expenses $1.317M $1.252M $0.00
YoY Change -100.0%
Deferred Revenue $106.6K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $1.856M $1.882M $1.485M
YoY Change 24.95% -0.44% -50.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $250.00 $40.00K
YoY Change -100.0% -99.87%
Total Long-Term Liabilities $0.00 $250.00 $40.00K
YoY Change -100.0% -99.98% -98.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.856M $1.882M $1.485M
Total Long-Term Liabilities $0.00 $250.00 $40.00K
Total Liabilities $1.856M $1.882M $1.529M
YoY Change 21.35% -44.32% -76.53%
SHAREHOLDERS EQUITY
Retained Earnings -$45.29M -$42.60M -$34.97M
YoY Change 29.5% 52.88%
Common Stock $51.72M $51.55M $47.43M
YoY Change 9.06% 42343675.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K $6.464K
YoY Change 0.0% 0.0%
Treasury Stock Shares $808.00 $808.00
Shareholders Equity $6.426M $8.949M $12.45M
YoY Change
Total Liabilities & Shareholders Equity $8.282M $10.83M $13.97M
YoY Change -40.74% 81.73% 742.75%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income -$2.692M -$2.650M -$1.900M
YoY Change 41.68% 110.48% 57.02%
Depreciation, Depletion And Amortization $20.85K $18.83K $0.00
YoY Change 88.3%
Cash From Operating Activities -$2.513M -$2.483M -$1.430M
YoY Change 75.73% 26.06% 58.89%
INVESTING ACTIVITIES
Capital Expenditures -$9.500K -$37.37K -$60.00K
YoY Change -84.17% 273.7%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.500K -$37.37K -$60.00K
YoY Change -84.17% 273.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.11K -72.29K 9.490M
YoY Change -100.32% -59.84% 684.3%
NET CHANGE
Cash From Operating Activities -2.513M -2.483M -1.430M
Cash From Investing Activities -9.500K -37.37K -60.00K
Cash From Financing Activities -30.11K -72.29K 9.490M
Net Change In Cash -2.553M -2.593M 8.000M
YoY Change -131.91% 20.04% 2480.65%
FREE CASH FLOW
Cash From Operating Activities -$2.513M -$2.483M -$1.430M
Capital Expenditures -$9.500K -$37.37K -$60.00K
Free Cash Flow -$2.504M -$2.446M -$1.370M
YoY Change 82.74% 24.79% 52.22%

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us-gaap Nature Of Operations
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1 &#8212; Description of Business</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Myomo Inc. (&#8220;Myomo&#8221; or the Company&#8221;) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro &#174; myoelectric upper limb orthosis product is registered with the Food and Drug Administration as a Class&#160;II medical device. The Company sells its products to orthotics and prosthetics (O&amp;P) providers, the Veterans Health Administration (VA), rehabilitation hospitals, and through distributors. Recently, the Company has begun selling directly to patients, utilizing the services of O&amp;P providers for which they are paid a fee. The Company was incorporated in the State of Delaware on September&#160;1, 2004 and is headquartered in Cambridge, Massachusetts.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior period amounts included in the statement of cash flows for the nine months ending September 30, 2017 have been reclassified to conform to the current year&#8217;s presentation in accordance with ASU 2016-18. See &#8220; <font style="font-style:italic;">Recent Accounting Pronouncements&#8221;.</font></p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from those estimates. The Company&#8217;s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances, warranty obligations and reserves for slow-moving and consigned inventory.</p></div>
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9168412
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13011373
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2018Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
438887
CY2017Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
264890
CY2018Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
916766
CY2017Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
642425
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
23750
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
100000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
311150
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
269921
myo Cost Of Reimbursable Expenses
CostOfReimbursableExpenses
11000
myo Cost Of Reimbursable Expenses
CostOfReimbursableExpenses
11600
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
642961
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
238222
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5790964
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1722153
CY2018Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
198036
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
122000
CY2018Q3 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
122205
CY2017Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
97980
CY2018Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
21423
CY2017Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
23530
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
341664
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
243510
CY2018Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
24000
CY2017Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
23739
CY2018Q3 myo Inventory Reserves Under Consignment
InventoryReservesUnderConsignment
45000
CY2017Q4 myo Inventory Reserves Under Consignment
InventoryReservesUnderConsignment
18616
CY2018Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
8602345
us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
-31278
CY2018Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
808
CY2017Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
808
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
41000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
22000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
278000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
91600
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6392
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0192
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.43
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.42
CY2017Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
12900
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
336700
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
102000
CY2018Q3 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
51800
CY2017Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
77600
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
397300
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
214000
CY2018Q3 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
79900
CY2017Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
65800
CY2018Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
18900
us-gaap Product Warranty Expense
ProductWarrantyExpense
56900
us-gaap Product Warranty Expense
ProductWarrantyExpense
28000

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