CAMBRIDGE, Mass.--(BUSINESS WIRE)--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 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.
Paul R. Gudonis
Chairman & Chief Executive Officer
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.