$MYO
MYOMO, INC.

2019 Q4 Form 10-Q Financial Statement

#000156459019042928 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q1
Revenue $1.521M $606.6K $830.1K
YoY Change 70.95% -0.39% 165.05%
Cost Of Revenue $424.7K $194.4K $176.2K
YoY Change 87.75% 0.41% 63.02%
Gross Profit $1.096M $277.4K $653.9K
YoY Change 65.22% -33.22% 218.81%
Gross Profit Margin 72.08% 45.73% 78.77%
Selling, General & Admin $3.234M $2.669M $2.801M
YoY Change 12.74% -0.18% 25.31%
% of Gross Profit 295.09% 962.31% 428.43%
Research & Development $442.5K $433.1K $535.3K
YoY Change -16.45% -3.69% 43.75%
% of Gross Profit 40.37% 156.12% 81.86%
Depreciation & Amortization $24.44K $25.60K $21.63K
YoY Change 17.22% 35.95% 48.14%
% of Gross Profit 2.23% 9.23% 3.31%
Operating Expenses $3.677M $3.102M $3.337M
YoY Change 8.19% -0.68% 27.94%
Operating Profit -$2.581M -$2.825M -$2.683M
YoY Change -5.64% 4.31% 11.65%
Interest Expense -$180.7K -$22.39K $42.77K
YoY Change -519.53% -149.44% 1.37%
% of Operating Profit
Other Income/Expense, Net $36.93K $84.74K
YoY Change -36.99% 47.38%
Pretax Income -$2.762M -$2.788M -$2.598M
YoY Change 2.58% 5.22% 10.56%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.762M -$2.788M -$2.598M
YoY Change 2.58% 5.22% 10.77%
Net Earnings / Revenue -181.59% -459.62% -312.99%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.812M -$4.875M -$5.216M
COMMON SHARES
Basic Shares Outstanding 17.20M 17.08M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.465M $4.328M $9.234M
YoY Change -31.73% -52.4% -34.61%
Cash & Equivalents $4.465M $4.328M $9.309M
Short-Term Investments
Other Short-Term Assets $820.2K $786.7K $784.7K
YoY Change 17.97% 9.14% 112.09%
Inventory $439.5K $454.4K $171.5K
Prepaid Expenses
Receivables $424.3K $134.0K $399.9K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.149M $5.703M $10.72M
YoY Change -21.91% -45.37% -27.96%
LONG-TERM ASSETS
Property, Plant & Equipment $155.0K $170.3K $173.1K
YoY Change -17.35% -14.35% 11.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $294.2K $209.0K $207.0K
YoY Change 34.0% 8.69% 313.96%
Total Long-Term Assets $449.2K $379.3K $380.1K
YoY Change 10.35% -3.03% 83.32%
TOTAL ASSETS
Total Short-Term Assets $6.149M $5.703M $10.72M
Total Long-Term Assets $449.2K $379.3K $380.1K
Total Assets $6.599M $6.083M $11.10M
YoY Change -20.32% -43.84% -26.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $450.1K $346.5K $525.6K
YoY Change 5.48% -21.05% 119.01%
Accrued Expenses $1.288M $1.206M $784.8K
YoY Change -2.15% -3.66% 10.54%
Deferred Revenue $40.00 $63.57K $84.12K
YoY Change -99.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.764M
YoY Change
Total Short-Term Liabilities $3.884M $1.663M $1.578M
YoY Change 109.28% -11.64% 41.35%
LONG-TERM LIABILITIES
Long-Term Debt $889.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.500K $1.500K $0.00
YoY Change 500.0% -100.0%
Total Long-Term Liabilities $889.0K $1.495K $0.00
YoY Change 498.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.884M $1.663M $1.578M
Total Long-Term Liabilities $889.0K $1.495K $0.00
Total Liabilities $4.774M $1.664M $1.578M
YoY Change 157.26% -11.57% 35.82%
SHAREHOLDERS EQUITY
Retained Earnings -$56.13M -$53.36M -$45.41M
YoY Change 23.93% 25.28% 21.69%
Common Stock $57.96M $57.79M $57.54M
YoY Change 12.06% 12.1% 4639978.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K $6.464K $6.464K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $6.426M $4.419M $9.436M
YoY Change
Total Liabilities & Shareholders Equity $6.599M $6.083M $11.10M
YoY Change -20.32% -43.84% -26.43%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q1
OPERATING ACTIVITIES
Net Income -$2.762M -$2.788M -$2.598M
YoY Change 2.58% 5.22% 10.77%
Depreciation, Depletion And Amortization $24.44K $25.60K $21.63K
YoY Change 17.22% 35.95% 48.14%
Cash From Operating Activities -$2.644M -$2.290M -$3.120M
YoY Change 5.22% -7.77% 37.72%
INVESTING ACTIVITIES
Capital Expenditures -$13.73K -$3.360K $5.404K
YoY Change 44.53% -91.01% -91.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$13.73K -$3.360K -$5.404K
YoY Change 44.53% -91.01% -91.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.600M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.795M -46.88K 5.818M
YoY Change -9382.46% -35.15% 66.83%
NET CHANGE
Cash From Operating Activities -2.644M -2.290M -3.120M
Cash From Investing Activities -13.73K -3.360K -5.404K
Cash From Financing Activities 2.795M -46.88K 5.818M
Net Change In Cash 137.1K -2.341M 2.693M
YoY Change -105.37% -9.74% 132.73%
FREE CASH FLOW
Cash From Operating Activities -$2.644M -$2.290M -$3.120M
Capital Expenditures -$13.73K -$3.360K $5.404K
Free Cash Flow -$2.630M -$2.287M -$3.125M
YoY Change 5.07% -6.5% 34.12%

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5603829
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5523524
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3367708
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2212439
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3842961
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6615794
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13011373
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4403355
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9168412
myo Inventory Capitalized As Sales Demo Equipment
InventoryCapitalizedAsSalesDemoEquipment
17715
myo Inventory Capitalized As Sales Demo Equipment
InventoryCapitalizedAsSalesDemoEquipment
53178
myo Issuance Of Warrants Recorded As Derivative Liability
IssuanceOfWarrantsRecordedAsDerivativeLiability
196236
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top:12pt;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 U.S. 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, rehabilitation hospitals, and through distributors. Recently, the Company has begun providing devices directly to patients and billing their insurance companies directly, often utilizing the clinical 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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-top:8pt;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 year amounts have been reclassified to conform with the current year presentation. </p>
us-gaap Use Of Estimates
UseOfEstimates
<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 inventory.</p>
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5600000
CY2019Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
346493
CY2018Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
426727
CY2019Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
813655
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1027757
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
23750
CY2019Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
65230
CY2018Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
92000
CY2019Q3 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
102233
CY2018Q4 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
44660
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
200946
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
152283
CY2019Q1 us-gaap Inventory Net
InventoryNet
171514
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
656464
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-45412973
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6499675
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5790964
CY2019Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
35165
CY2018Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
46261
CY2018Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
135635
CY2019Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
419214
CY2018Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
149253
CY2019Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
454379
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
3828167
CY2018Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
331149
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
24000
CY2018Q4 myo Inventory Reserves Under Consignment
InventoryReservesUnderConsignment
51000
CY2018Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
3661
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
196236
us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
-155955
CY2019Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
43942
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
9928
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
181000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
278000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.6345
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.6256
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0190
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0216
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y5M15D
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.46
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.02
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
146951
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
150881
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
740304
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
642961
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
26000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
336700
CY2019Q3 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
0
CY2018Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
0
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
338200
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
397300
CY2019Q3 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
49200
CY2018Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
54000

Files In Submission

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0001564590-19-042928-index-headers.html Edgar Link pending
0001564590-19-042928-index.html Edgar Link pending
0001564590-19-042928.txt Edgar Link pending
0001564590-19-042928-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
myo-10q_20190930.htm Edgar Link pending
myo-20190930.xml Edgar Link completed
myo-20190930.xsd Edgar Link pending
myo-20190930_cal.xml Edgar Link unprocessable
myo-20190930_def.xml Edgar Link unprocessable
myo-20190930_lab.xml Edgar Link unprocessable
myo-20190930_pre.xml Edgar Link unprocessable
myo-ex311_9.htm Edgar Link pending
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