Myomo Inc (MYO)

[TheFinalCD]

Myomo Reports Preliminary Fourth Quarter and Full Year 2019 Results

CAMBRIDGE, MA., February 6, 2020 – Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper limb paralysis, today announced preliminary financial and operational results for the fourth quarter and fiscal year ended December 31, 2019.

Key Preliminary Results for Q4 and 2019



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Revenue for the fourth quarter is expected to be in a range of $1.4M-$1.5M, representing an increase of between 57% and 69% over the prior year fourth quarter revenue of approximately $890,000 and compared to third quarter revenue of approximately $607,000. For the full year, revenue is expected to be in the range of $3.7M-$3.8M, an increase of between 52% and 55% compared to the prior year’s revenue of approximately $2.4M.



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The Company’s reimbursement pipeline grew to 594 MyoPro units at December 31, 2019, including 193 new additions to the pipeline during the fourth quarter resulting from the Company’s digital marketing activity and larger distributor base in Europe. The number of MyoPro units in the reimbursement pipeline at the end of the third quarter 2019 was 528.



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As of December 31, 2019, we had 331 direct billing candidates, accounting for 56%, of the MyoPro pipeline, with 81% of the new candidates entering the pipeline in the fourth quarter to be billed directly to the payers by Myomo.



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As of December 31, 2019, the backlog of authorized MyoPro units in the process of being delivered and awaiting insurance payments stood at 53 units, reflecting a higher number of revenue units in the fourth quarter compared to each of the prior three quarters of 2019.



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Cash on hand as of December 31, 2019 was approximately $4.5M. Cash burn in the fourth quarter was approximately $2.7M. Cash burn in the fourth quarter was affected by advance payments made to a subcontracted manufacturing partner for subassemblies needed to fulfill expected orders in calendar year 2020.

This financial data as of and for the quarter and year ended December 31, 2019 is preliminary and may change, and is based on information available to management as of the date hereof and is subject to completion by management of our financial statements as of and for the quarter and year ended December 31, 2019. There can be no assurance that our final results of operations for these periods or cash position as of December 31, 2019 will not differ from these estimates, including as a result of review adjustments and any such changes could be material. Our

independent registered public accountants have not audited, reviewed or performed any procedures with respect to such preliminary financial data and accordingly do not express an opinion or any other form of assurance with respect thereto. These results could change as a result of further review. Complete quarterly results and annual results will be included in our Annual Report on Form 10-K for the year ended December 31, 2019.