Shares of Myomo rallied 6.3% in Monday’s pre-market session after the wearable medical robotics firm introduced robust 4Q and full-year 2020 preliminary outcomes. Myomo is ready to report its 4Q ends in mid-March.
Myomo (MYO) stated that it expects to generate 4Q income within the vary of $3.2 million to $3.7 million, reflecting a rise of about 110% to 143% from the identical interval final yr. As for 2020, the corporate initiatives to gross sales of of between $7 million to $7.5 million, implying year-over-year development of 84% to 97%.
Myomo’s CFO David Henry commented, “The comparatively wide selection for fourth quarter 2020 income expectations is attributable to a change in income recognition from sure insurance coverage.” (See MYO stock analysis on TipRanks)
Moreover, the corporate expects its 4Q money utilization to be $1.1 million, which might be the bottom because it went public in June 2017.
On Nov. 11, Roth Capital analyst Scott Henry upgraded Myomo to Purchase from Maintain after the corporate reported a 218% surge in 3Q income year-over-year. In a observe to buyers, Henry stated that he believes that the 3Q momentum ought to proceed by means of the fourth quarter with sequential income positive factors.
The analyst estimates that the corporate has a money runway by means of 2021. He lifted the inventory’s price target to $7 (20.5% draw back potential) from $5. Shares have declined by about 14.9% during the last yr.
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