Myomo, Inc. 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 issued a letter to shareholders to give an update on first quarter 2018 and ongoing MyoPro® commercial activities.
An accompanying digital shareholder letter can be viewed: Shareholder Letter 1Q18
Dear Fellow Shareholders:
Welcome to the third edition of our Investor Relations digital shareholder letter as we continue to keep you informed about Myomo's progress.
We are deploying our growth capital into four initiatives for revenue growth: (1) increased sales and marketing; (2) new product development; (3) clinical studies and reimbursement support; and (4) international expansion.
At the end of the first quarter, we see a growing number of potential MyoPro users interested in obtaining a device and a larger number of clinicians who are referring patients to our O&P partners. Therefore, we reaffirm our expectations for 2018 revenue growth to exceed year ago reported levels.
And in recent months, we have hired additional field sales and clinical support staff, established additional MyoPro Centers of Excellence to expand the number of locations that distribute our products; and initiated an active program of new Marketing activities, such as free patient screening days in collaboration with our clinical partners to evaluate patients for the MyoPro.
We are on target with our initiatives to serve the large, unmet market need for upper limb paralysis. With MyoPro as the only commercially available orthotic device for the arm and hand, our objective is to become the standard of care to address this need.
Thank you for your investment in MYO shares. We appreciate your support as we grow the business and create shareholder value over time.
Sincerely;
Paul R. Gudonis
Chairman & Chief Executive Officer
About Myomo
Myomo, Inc. is a wearable medical robotics
company that offers expanded mobility for those suffering from
neurological disorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb orthosis
designed to support the arm and restore function to the weakened or
paralyzed arms of patients suffering from CVA stroke, brachial plexus
injury, traumatic brain or spinal cord injury, ALS or other
neuromuscular disease or injury. It is currently the only marketed
device that, sensing a patient's own EMG signals through non-invasive
sensors on the arm, can restore an individual's ability to perform
activities of daily living, including feeding themselves, carrying
objects and doing household tasks. Many are able to return to work, live
independently and reduce their cost of care. Myomo is headquartered in
Cambridge, Massachusetts, with sales and clinical professionals across
the U.S. For more information, please visit www.myomo.com.
Forward Looking Statements
This press release contains
forward-looking statements regarding the Company's future business
expectations, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are only predictions and may differ materially from actual
results due to a variety of factors. Our actual results could differ
materially from those anticipated in these forward looking statements
for many reasons, including, without limitation, risks related to
regulatory approval and market acceptance of our products, and the other
risk factors contained in our filings made with the Securities and
Exchange Commission. More information about factors that potentially
could affect Myomo's financial results is included in Myomo's filings
with the Securities and Exchange Commission. The Company cautions
readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. The Company disclaims
any obligation subsequently to revise any forward-looking statements to
reflect events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180510005252/en/
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