Myomo reports record brace sales as gross margin rises to 71.3%

Myomo reported record third-quarter revenue of $12.3 million, up 22% year over year, as sales of its powered arm braces increased, Yahoo Finance reported. The company recognized revenue on 222 MyoPro units, up 19%, and recorded 258 orders, up 13%. Gross margin rose to 71.3% from 63.8%, primarily reflecting higher selling prices, lower material costs and fixed costs spread across more units. Adjusted EBITDA reached approximately break-even, but some improvement reflected employee incentive payments made in stock to conserve cash. Net loss widened to $4.2 million from $3.7 million.