Myomo Inc. reported its financial results for the second quarter and six months ending June 30.
The company announced in a press release that it completed an initial public offering under SEC Regulation A+ on June 9, with total gross proceeds of about $8 million. The second quarter and year-to-date 2017 results reflected business operations under a controlled product launch due to the growth capital raised, according to Myomo.
Total revenue for the second quarter was $307,000, a 21% growth compared with $254,000 for the second quarter of 2016. A $64,000 grant for new product development recognized during the quarter and partially offset by a $12,000 decrease in product revenue was primarily responsible for the increase, per the release.
The company also reported a net loss for the quarter ending June 30, of $7,382,000, compared with a net loss of $760,000 for the same period in 2016. “The increase was primarily due to the non-recurring non-cash write-off of $5,172,000 of amortized debt discount associated with the conversion of the 2015 and 2016 convertible promissory notes in common stock and warrants,” the company reported.
Myomo also reported on commercial activities during the period, including obtaining CE Mark approval for the commercial sale of the next-generation MyoPro myoelectic arm orthosis for the European Economic Area. Myomo has partnered with Ottobock to begin the launch in Germany, according to the release.
MyoPro 2, the next generation myoelectric arm orthosis, has been launched with enhancements including interchangeable, extended-life rechargeable batteries, upgraded user interface, improved sensors and enhanced harness and finger-grip orthosis, Myomo reported.