$MYO
MYOMO, INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020052980 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $1.927M $606.6K $880.3K
YoY Change 217.61% -0.39% 39.21%
Cost Of Revenue $855.3K $194.4K $125.0K
YoY Change 340.05% 0.41% -37.64%
Gross Profit $1.071M $277.4K $755.3K
YoY Change 286.21% -33.22% 74.88%
Gross Profit Margin 55.61% 45.73% 85.8%
Selling, General & Admin $3.271M $2.669M $2.800M
YoY Change 22.53% -0.18% 6.59%
% of Gross Profit 305.3% 962.31% 370.71%
Research & Development $345.7K $433.1K $535.9K
YoY Change -20.18% -3.69% 10.05%
% of Gross Profit 32.27% 156.12% 70.95%
Depreciation & Amortization $26.71K $25.60K $23.45K
YoY Change 4.34% 35.95% 17.25%
% of Gross Profit 2.49% 9.23% 3.1%
Operating Expenses $3.616M $3.102M $3.336M
YoY Change 16.57% -0.68% 7.13%
Operating Profit -$2.545M -$2.825M -$2.581M
YoY Change -9.91% 4.31% -3.78%
Interest Expense -$41.17K -$22.39K $141.0K
YoY Change 83.84% -149.44% 182.93%
% of Operating Profit
Other Income/Expense, Net -$230.3K $36.93K
YoY Change -723.66% -36.99%
Pretax Income -$2.775M -$2.788M -$2.565M
YoY Change -0.46% 5.22% -2.46%
Income Tax $1.153K $0.00
% Of Pretax Income
Net Earnings -$2.777M -$2.788M -$2.565M
YoY Change -0.41% 5.22% -2.44%
Net Earnings / Revenue -144.11% -459.62% -291.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$704.7K -$4.875M -$4.500M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.32M $4.328M $6.669M
YoY Change 207.68% -52.4% -42.9%
Cash & Equivalents $13.39M $4.328M $6.669M
Short-Term Investments
Other Short-Term Assets $790.3K $786.7K $817.5K
YoY Change 0.45% 9.14% 77.71%
Inventory $759.8K $454.4K $349.2K
Prepaid Expenses
Receivables $308.5K $134.0K $331.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.18M $5.703M $8.167M
YoY Change 166.09% -45.37% -36.09%
LONG-TERM ASSETS
Property, Plant & Equipment $105.6K $170.3K $192.6K
YoY Change -38.01% -14.35% 17.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.00K $209.0K $183.4K
YoY Change -64.11% 8.69% 52.83%
Total Long-Term Assets $180.6K $379.3K $376.0K
YoY Change -52.39% -3.03% 30.6%
TOTAL ASSETS
Total Short-Term Assets $15.18M $5.703M $8.167M
Total Long-Term Assets $180.6K $379.3K $376.0K
Total Assets $15.36M $6.083M $8.543M
YoY Change 152.46% -43.84% -34.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $331.9K $346.5K $429.5K
YoY Change -4.22% -21.05% 26.31%
Accrued Expenses $1.790M $1.206M $947.4K
YoY Change 48.47% -3.66% -10.62%
Deferred Revenue $63.57K $40.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $78.05K
YoY Change
Total Short-Term Liabilities $2.207M $1.663M $1.436M
YoY Change 32.72% -11.64% -8.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $167.4K $1.500K $0.00
YoY Change 11058.67% 500.0% -100.0%
Total Long-Term Liabilities $167.4K $1.495K $0.00
YoY Change 11095.99% 498.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.207M $1.663M $1.436M
Total Long-Term Liabilities $167.4K $1.495K $0.00
Total Liabilities $2.374M $1.664M $1.436M
YoY Change 42.66% -11.57% -11.13%
SHAREHOLDERS EQUITY
Retained Earnings -$53.36M -$50.58M
YoY Change 25.28% 26.61%
Common Stock $57.79M $57.69M
YoY Change 12.1% 4648521.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K $6.464K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $12.98M $4.419M $7.061M
YoY Change
Total Liabilities & Shareholders Equity $15.36M $6.083M $8.543M
YoY Change 152.46% -43.84% -34.63%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.777M -$2.788M -$2.565M
YoY Change -0.41% 5.22% -2.44%
Depreciation, Depletion And Amortization $26.71K $25.60K $23.45K
YoY Change 4.34% 35.95% 17.25%
Cash From Operating Activities -$1.768M -$2.290M -$2.288M
YoY Change -22.8% -7.77% -2.24%
INVESTING ACTIVITIES
Capital Expenditures -$22.41K -$3.360K -$29.50K
YoY Change 566.96% -91.01% 47.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$22.41K -$3.360K -$29.50K
YoY Change 566.96% -91.01% 47.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.375M -46.88K -247.7K
YoY Change -9432.32% -35.15% 395.3%
NET CHANGE
Cash From Operating Activities -1.768M -2.290M -2.288M
Cash From Investing Activities -22.41K -3.360K -29.50K
Cash From Financing Activities 4.375M -46.88K -247.7K
Net Change In Cash 2.585M -2.341M -2.565M
YoY Change -210.43% -9.74% 6.42%
FREE CASH FLOW
Cash From Operating Activities -$1.768M -$2.290M -$2.288M
Capital Expenditures -$22.41K -$3.360K -$29.50K
Free Cash Flow -$1.746M -$2.287M -$2.258M
YoY Change -23.67% -6.5% -2.67%

Facts In Submission

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myo Inventory Capitalized As Sales Demo Equipment
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us-gaap Property Plant And Equipment Transfers And Changes
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us-gaap Stock Issued1
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us-gaap Nature Of Operations
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<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 directly to patients, to orthotics and prosthetics (O&amp;P) providers, the Veterans Health Administration, rehabilitation hospitals, and through distributors.<font style="font-family:Calibri;"> </font>When we provide devices directly to patients and bill their insurance companies directly, we may evaluate, cast and fit the MyoPro devices using our own clinical staff or utilize the clinical consulting services of O&amp;P professionals 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> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Amended and Restated Certificate of Incorporation and Reverse Stock Split</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;">On January 30, 2020, the Company filed with the State of Delaware an amendment to its Eighth Amended and Restated Certificate of Incorporation for a one-for-thirty reverse stock split of the Company&#8217;s common stock.&nbsp;&nbsp;All share and per share information has been restated retroactively, giving effect to the reverse stock split for all periods presented.&nbsp;&nbsp;There was no change to reported net loss in any period presented.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Liquidity<font style="font-style:normal;"> </font>and Impact of COVID-19</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 Company incurred net losses of approximately $9.9 million&#160;and $8.0 million&#160;during the nine months ended September 30, 2020 and 2019, respectively, and has an accumulated deficit of approximately $66.0<font style="font-size:11pt;font-family:Calibri;">&#160;</font>million and $56.1 million&#160;at September 30, 2020 and December&#160;31, 2019, respectively. Cash used in operating activities was approximately $7.9 million&#160;and $7.7 million&#160;for the nine months ended September 30, 2020 and 2019, respectively.&nbsp;&nbsp;The Company has historically funded its operations through financing activities, including raising equity and debt capital.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The outbreak of the novel coronavirus,&#160;SARS-CoV-2,&#160;which causes coronavirus disease 2019&#160;(&#8220;COVID-19&#8221;),&#160;has evolved into a global pandemic. COVID-19 has spread to many regions of the world, including the United States and Europe.&nbsp;&nbsp;In response to the pandemic, the Company has implemented a work from home policy, with many employees continuing their work outside of the Company&#8217;s offices.&nbsp;&nbsp;While the Company was able to continue with certain parts of its business, such as lead generation and patient evaluations, public health and societal restrictions in place during the second quarter of 2020 adversely impacted other aspects of the Company&#8217;s business.&nbsp;&nbsp; For example, the Company provides a custom-fabricated device to each patient and in-person&#160;contact is required as part of the fabrication and delivery process.&nbsp;&nbsp;As a result of COVID-19-related&#160;public health restrictions on travel and personal interaction, fabrication and delivery processes were suspended during the majority of the second quarter of 2020.&nbsp;&nbsp;As a result of these restrictions, the Company&#8217;s ability to deliver its products to patients and to generate revenues was negatively affected.&nbsp;&nbsp;&nbsp;&nbsp;Similarly, the impairment in the ability for patient consultation and fittings is expected to delay the launch of MyoPal, its new product for pediatric patients, for an extended period of time. While the Company continued in-person interactions with, and deliveries to, patients during the third quarter of 2020, incidences of the virus are increasing in certain parts of the United States and the world.&nbsp;&nbsp;Public health restrictions may be reinstated in these and other areas in the future.&nbsp;&nbsp;While insurance reimbursement practices of government and third-party payers are so far largely unaffected by the pandemic, the Company can provide no assurance that will continue in the future.&nbsp;&nbsp;Similarly, it is unclear to what extent an extended period of significant unemployment will reduce the number of prospective candidates due to loss of health insurance.&nbsp;&nbsp;The Company has sufficient inventory of subassemblies available, and its contract manufacturing partners have either continued to operate or have resumed operations.&nbsp;&nbsp;While the Company has experienced some minor extensions of lead times in its supply chain, the Company believes it has sufficient inventories of all critical components.&nbsp;&nbsp;</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the second quarter of 2020, the Company eliminated certain positions, furloughed other employees and reduced certain expenses in response to the adverse impact of the pandemic on its business.&nbsp;&nbsp;Almost all furloughed employees returned to work during the third quarter of 2020.&nbsp;&nbsp;The Company has a growing backlog of patients authorized by insurance companies to receive a MyoPro.&nbsp;&nbsp;In addition, the Company utilized its At-Market Sales Facility (&#8220;ATM facility&#8221;) during the third quarter to raise additional capital (see Note 6).&nbsp;&nbsp;The remaining capacity under the Company&#8217;s shelf registration statement on Form S-3 totals approximately $9.8 million. However, due to the Company&#8217;s public float, the amount of securities the Company may sell from time to time under such registration statement is subject to the limitations imposed by General Instruction I.B.6 of Form S-3.<font style="color:#000000;">&#160;</font>As a result, the Company believes that its existing cash is sufficient to sustain its operations for a period of twelve months from the filing date of this Quarterly Report on Form 10-Q.&nbsp;&nbsp;&nbsp;&nbsp;However, if public health restrictions on travel and patient interaction are broadly reinstated, the Company may need to raise additional capital to sustain its operations during the second half of 2021.</p> <p style="margin-top:12pt;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 Company&#8217;s operating plans are primarily focused on growing the number of MyoPro units provided to patients, increasing the proportion of patients carrying commercial health insurance with payers that have historically reimbursed for the Company&#8217;s products, executing on its plans to complete development of its pediatric product when public health conditions allow and continued work with the Centers for Medicare and Medicaid Services, or CMS, and their administrative contractors regarding reimbursement of its products. In addition, the Company believes that it has access to capital resources through possible public or private equity offerings, including usage of its ATM facility, exercises of outstanding warrants, additional debt financings, or other means.&nbsp;&nbsp;Additional debt financing may require the Company to pledge other assets not currently pledged and enter into covenants that could restrict certain business activities or its ability to incur further indebtedness; and may contain other terms that are not favorable to the Company or its stockholders. </p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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 year amounts in research and development and sales and marketing expenses have been reclassified to cost of goods sold to conform with the current year presentation. Certain current liabilities have been reclassified as Accounts payable and accrued expenses to conform with the current year presentation.</p>
us-gaap Use Of Estimates
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<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 these estimates. The Company&#8217;s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances, warranty obligations and derivative liabilities.</p>
CY2020Q3 myo Remaining Capital Amount Under Shelf Registration
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CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2019 us-gaap Earnings Per Share Basic And Diluted
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CY2020Q3 us-gaap Accounts Payable Trade Current
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CY2019Q4 us-gaap Accounts Payable Trade Current
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154722
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CY2020Q3 us-gaap Other Accrued Liabilities Current
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CY2019Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2751562
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2020Q3 us-gaap Inventory Finished Goods
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CY2019Q4 us-gaap Inventory Finished Goods
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CY2019Q4 myo Inventory Rental Units
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CY2020Q3 us-gaap Inventory Work In Process And Raw Materials
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CY2019Q4 us-gaap Inventory Work In Process And Raw Materials
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CY2020Q3 myo Inventory Reserve For Rental Units
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CY2019Q4 myo Inventory Reserve For Rental Units
InventoryReserveForRentalUnits
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us-gaap Stock Issued During Period Shares New Issues
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CY2020Q3 us-gaap Sale Of Stock Price Per Share
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CY2020Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2019Q4 us-gaap Derivative Liabilities
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CY2020Q1 myo Payment Against Derivative Liability
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CY2020Q1 us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
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CY2020Q1 us-gaap Derivative Liabilities
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CY2020Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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0
CY2019Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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0
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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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
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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
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P6Y3M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Revenue From Related Parties
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us-gaap Revenue From Related Parties
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CY2020Q3 us-gaap Cost Of Goods And Services Sold
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us-gaap Cost Of Goods And Services Sold
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355200
CY2019Q3 us-gaap Cost Of Goods And Services Sold
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95000
us-gaap Cost Of Goods And Services Sold
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338200
CY2020Q3 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
38400
CY2019Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
47800

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