Myomo (MYO) Jumps On Payer Network Agreement

(RTTNews) - Myomo Inc. (MYO), a wearable medical robotics company, has signed a nationwide payer agreement with HOMELINK, an expert in orthotic and prosthetic reimbursement.

The agreement will enable Myomo to process out-of-network claims for its MyoPro powered orthosis with the 1,200 payers in HOMELINK's network.

The Company's MyoPro product line offers expanded mobility for those suffering from neurological disorders and upper limb paralysis.

Earlier in the month, the Statutory Health Insurance in Germany approved MyoPro for patients on a case by case basis.

Myomo expects revenue for the fourth quarter of 2019 to be in a range of $1.4 million to $1.5 million compared to $607,000 in the prior quarter and $890,000 in the fourth quarter of 2018.

For the full year 2019, revenue is expected to be in the range of $3.7 million to $3.8 million compared to $2.4 million in 2018.

Myomo is scheduled to report its financial results for the fourth quarter and year ended December 31, 2019, in the first week of next month.

The Company, which ended December 31, 2019, with cash of approximately $4.5 million, priced an underwritten public offering on February 11, 2020. The total gross proceeds from the offering are expected to be about $15.0 million.

The Company implemented a one-for-thirty reverse split of its common stock on January 31, 2020. As of this writing, the stock is up 42.31% at $7.77.