$MYO
MYOMO, INC.

2022 Q1 Form 10-Q Financial Statement

#000156459022019527 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $3.868M $2.336M
YoY Change 65.54% 131.76%
Cost Of Revenue $1.290M $623.2K
YoY Change 106.99% 95.56%
Gross Profit $2.578M $1.713M
YoY Change 50.47% 148.49%
Gross Profit Margin 66.65% 73.33%
Selling, General & Admin $4.656M $4.120M
YoY Change 13.03% 14.28%
% of Gross Profit 180.62% 240.45%
Research & Development $659.5K $526.0K
YoY Change 25.39% 3.75%
% of Gross Profit 25.58% 30.7%
Depreciation & Amortization $45.63K $23.31K
YoY Change 95.73% -11.65%
% of Gross Profit 1.77% 1.36%
Operating Expenses $5.316M $4.120M
YoY Change 29.03% 0.19%
Operating Profit -$2.738M -$2.406M
YoY Change 13.77% -29.69%
Interest Expense -$790.00 -$120.00
YoY Change 558.33% -100.09%
% of Operating Profit
Other Income/Expense, Net -$790.00 -$119.00
YoY Change 563.87% -99.97%
Pretax Income -$2.739M -$2.933M
YoY Change -6.61% -22.86%
Income Tax $76.26K $28.24K
% Of Pretax Income
Net Earnings -$2.815M -$2.961M
YoY Change -4.93% -22.13%
Net Earnings / Revenue -72.78% -126.72%
Basic Earnings Per Share -$0.41
Diluted Earnings Per Share -$408.8K -$570.3K
COMMON SHARES
Basic Shares Outstanding 6.886M
Diluted Shares Outstanding 6.886M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.94M $17.37M
YoY Change -25.49% 26.55%
Cash & Equivalents $12.94M $17.37M
Short-Term Investments
Other Short-Term Assets $940.9K $998.8K
YoY Change -5.79% 6.57%
Inventory $1.029M $793.8K
Prepaid Expenses
Receivables $1.693M $765.2K
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.60M $19.93M
YoY Change -16.68% 28.03%
LONG-TERM ASSETS
Property, Plant & Equipment $279.5K $994.1K
YoY Change -71.88% 614.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $199.0K
YoY Change
Other Assets $111.4K
YoY Change
Total Long-Term Assets $1.372M $994.1K
YoY Change 38.0% 187.17%
TOTAL ASSETS
Total Short-Term Assets $16.60M $19.93M
Total Long-Term Assets $1.372M $994.1K
Total Assets $17.98M $20.92M
YoY Change -14.08% 31.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.014M $714.0K
YoY Change 42.06% -30.26%
Accrued Expenses $3.636M $3.383M
YoY Change 7.49% 110.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.653M $4.097M
YoY Change 13.56% -0.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $454.3K $759.0K
YoY Change -40.14% 50502.0%
Total Long-Term Liabilities $454.3K $759.0K
YoY Change -40.14% 50502.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.653M $4.097M
Total Long-Term Liabilities $454.3K $759.0K
Total Liabilities $5.107M $4.856M
YoY Change 5.17% 17.6%
SHAREHOLDERS EQUITY
Retained Earnings -$80.90M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.87M $16.07M
YoY Change
Total Liabilities & Shareholders Equity $17.98M $20.92M
YoY Change -14.08% 31.49%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.815M -$2.961M
YoY Change -4.93% -22.13%
Depreciation, Depletion And Amortization $45.63K $23.31K
YoY Change 95.73% -11.65%
Cash From Operating Activities -$2.300M -$2.100M
YoY Change 9.52% -14.11%
INVESTING ACTIVITIES
Capital Expenditures $49.88K $44.49K
YoY Change 12.12% 464.72%
Acquisitions
YoY Change
Other Investing Activities -$199.0K
YoY Change
Cash From Investing Activities -$248.9K -$44.49K
YoY Change 459.42% 464.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 7.288M
YoY Change -100.0% -37.78%
NET CHANGE
Cash From Operating Activities -2.300M -2.100M
Cash From Investing Activities -248.9K -44.49K
Cash From Financing Activities 0.000 7.288M
Net Change In Cash -2.582M 5.130M
YoY Change -150.33% -44.61%
FREE CASH FLOW
Cash From Operating Activities -$2.300M -$2.100M
Capital Expenditures $49.88K $44.49K
Free Cash Flow -$2.350M -$2.144M
YoY Change 9.58% -12.57%

Facts In Submission

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CY2022Q1 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 — 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. (“Myomo” or the Company”) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro ® myoelectric upper limb orthosis product is registered with the U.S. Food and Drug Administration as a Class II medical device. The Company sells its products directly to patients, to orthotics and prosthetics (O&amp;P) providers around the world, the Veterans Health Administration, and distributors in Europe and Australia.<span style="font-family:Calibri;"> </span>The Company was incorporated in the State of Delaware on September 1, 2004 and is headquartered in Boston, 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;">Liquidity<span style="font-style:normal;"> </span></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 $2.8 million and $3.0 million during the three months ended March 31, 2022 and 2021, respectively, and has an accumulated deficit of approximately $80.9 million and $78.1 million at March 31, 2022 and December 31, 2021, respectively. Cash used in operating activities was approximately $2.3 million and $2.1 million for the three months ended March 31, 2022 and 2021, respectively.  The Company has historically funded its operations through financing activities, including raising equity and debt capital. <span style="font-size:11pt;font-family:Calibri;"> </span> <span style="font-size:11pt;font-family:Calibri;"> </span> </p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <span style="font-size:10pt;">The Company’s operating plans are primarily focused on scaling up its operations, increasing the proportion of patients carrying commercial insurance with payers that have historically reimbursed for the Company’s products 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 payment of the remaining license fee associated with the Company’s entry into a joint venture and technology license agreement with Beijing Ryzur Medical Investment Co., Ltd, possible public or private equity offerings, including sales of common stock through its ATM, exercises of outstanding warrants, debt financings, or other means.  Debt financing may require the Company to pledge assets 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. </span></p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the Company’s cash balance of approximately $12.9 million as of March 31, 2022 and its expected cash flows, the Company believes that its available cash will fund its operations for at least the next 12 months from issuance date of these financial statements.</p>
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<p style="margin-bottom:0pt;margin-top: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<span style="font-size:9pt;"> amounts in prepaid expenses and other current assets have been reclassified to other assets to conform with the current year presentation.</span></p>
CY2022Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2021Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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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’s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances, valuation of stock-based compensation, warranty obligations and reserves for slow-moving inventory.</p>
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.53
CY2021Q1 myo Percentage Of Direct Billing Channel Revenue Insures Represent
PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.36
CY2022Q1 us-gaap Deferred Revenue
DeferredRevenue
3100
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
1500
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3867926
CY2022Q1 us-gaap Advertising Expense
AdvertisingExpense
953400
CY2021Q1 us-gaap Advertising Expense
AdvertisingExpense
842600
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1005871
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2007202
CY2022Q1 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
-640000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
429506
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
176082
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
20500
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
23161
CY2022Q1 myo Inventory Rental Units
InventoryRentalUnits
62531
CY2021Q4 myo Inventory Rental Units
InventoryRentalUnits
62531
CY2022Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
559921
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
584996
CY2022Q1 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
1072458
CY2021Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
846770
CY2022Q1 myo Inventory Reserve For Rental Units
InventoryReserveForRentalUnits
43691
CY2021Q4 myo Inventory Reserve For Rental Units
InventoryReserveForRentalUnits
38462
CY2022Q1 us-gaap Inventory Net
InventoryNet
1028767
CY2021Q4 us-gaap Inventory Net
InventoryNet
808308
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
11878886
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
14803456
CY2022Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
1014323
CY2021Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
723352
CY2022Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2180116
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2188869
CY2022Q1 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
64476
CY2021Q4 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
108417
CY2022Q1 myo Deferred Payroll Taxes Under Cares Act
DeferredPayrollTaxesUnderCARESAct
113423
CY2021Q4 myo Deferred Payroll Taxes Under Cares Act
DeferredPayrollTaxesUnderCARESAct
113423
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
190934
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
176281
CY2022Q1 myo Accrued Liabilities Customer Deposit
AccruedLiabilitiesCustomerDeposit
260169
CY2021Q4 myo Accrued Liabilities Customer Deposit
AccruedLiabilitiesCustomerDeposit
192501
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
416772
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
446941
CY2022Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
4240213
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
3949784
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2021Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1700
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1700
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.1718
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0168
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.92
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
266270
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
165971
CY2022Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
25900
CY2021Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
112900
CY2022Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company has a non-cancelable sublease agreement for its corporate headquarters in Boston, MA expiring in 2023, and it has a non-cancelable lease agreement for its manufacturing space in Boston and office space in Fort Worth, TX both expiring in 2025 with early termination available at the company’s discretion in 2023. Termination options were not included in the lease term for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term.
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
781917
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
413437
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
411142
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
159872
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
67981
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1052432
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
188862
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
863570
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
410497
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
453073
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
863570
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
116611
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
67509
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1950
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
23409
CY2022Q1 us-gaap Lease Cost
LeaseCost
118561
CY2021Q1 us-gaap Lease Cost
LeaseCost
90918
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.20

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