Myomo, Inc. reported its financial results for the second quarter of 2026, revealing a revenue increase of 21% to $11.7 million compared to $9.7 million in the same period last year. For the first half of 2026, revenue rose 12% to $21.8 million from $19.5 million in the prior year. The company attributed this growth to a higher number of revenue units sold and an increase in average sales prices. Gross profit for the quarter was $8.4 million, yielding a gross margin of 72.1%, up from 62.7% in the previous year, while the six-month gross profit reached $15.3 million, with a margin of 70.3%.
Despite the revenue growth, Myomo reported a net loss of $4.0 million for the second quarter, an improvement from a loss of $4.6 million in the same quarter of 2025. The loss for the first half of 2026 was $7.0 million, compared to $8.1 million in the prior year. The company’s operating expenses remained relatively stable, totaling $10.7 million for the quarter, with research and development costs decreasing by 14% year-over-year. The company’s accumulated deficit increased to approximately $125.7 million as of June 30, 2026.
In terms of operational developments, Myomo continues to focus on expanding its MyoConnect program, which aims to generate referrals from rehabilitation clinics and stroke centers. The company also reported that 83% of its revenue for the quarter came from the U.S., with the remaining 17% from Germany. Myomo's customer base includes the Veterans Health Administration, and the company has seen a steady increase in the adoption of its MyoPro product line, which is designed for individuals with neuromuscular disorders.
Myomo's liquidity position showed a decline, with cash and cash equivalents decreasing to $11.2 million from $14.1 million at the end of 2025. The company has been utilizing a term loan facility established in November 2025, which provides up to $17.5 million in funding. As of June 30, 2026, Myomo had approximately $13.5 million in cash, cash equivalents, and short-term investments, which the company believes will be sufficient to fund operations for at least the next twelve months.
Looking ahead, Myomo plans to pivot its revenue generation strategy by reducing reliance on direct-to-patient advertising and focusing on recurring revenue sources. The company aims to enhance its MyoConnect program and expand its operations in the orthotics and prosthetics channel, both domestically and internationally. Myomo's management remains optimistic about future growth, contingent on successful execution of its strategic initiatives and continued reimbursement from insurance providers.
About MYOMO, INC.
Myomo, Inc. develops wearable robotic devices, primarily the MyoPro upper limb orthosis, to assist individuals with neuromuscular disorders and paralysis. The company’s products leverage patented EMG control technology to enable users to regain arm and hand function. Serving healthcare providers, insurance payers, and international markets, Myomo focuses on innovative, custom-fabricated solutions that improve independence and quality of life for patients with neurological impairments.
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