Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today reported the success of its initiative to conduct safe patient screenings remotely using telehealth technologies.
Micah Mitchell, Chief Commercial Officer of Myomo, stated, “When a candidate expresses interest in MyoPro® through our network of physicians, therapists, and O&P providers, or by finding us directly on the web, we need to screen them to determine if MyoPro would be right for them. To keep patients and staff safe in this COVID-19 environment, and to control costs, we tested an online approach using secure telehealth technology to perform these screenings remotely. This has proven very successful, and we have fully implemented remote screenings across the country. In addition to safety and lowering costs per screening, we are able to conduct these screenings in a more timely manner while eliminating the reluctance of some patients to see a clinician during the COVID-19 Pandemic.”
Myomo’s field clinicians are now doing nearly 100 remote screenings per month. In May, 92% of the candidates evaluated via this process were medically qualified for a MyoPro, and these patients then move into our reimbursement pipeline for an insurance authorization. Over 500 such candidates have entered the insurance process since the beginning of the year.
Mr. Mitchell continued, “After we receive the insurance authorization, expert clinicians evaluate the patient in-person to do a thorough hands-on evaluation and take a cast and measurements of the patient’s arm for custom fabrication. The MyoPro is then delivered in-person to the new user, where the software settings are adjusted, and a referral is made to a trained therapist in their area for follow-on support.”
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S and representatives internationally. For more information, please visit www.myomo.com.
Forward Looking Statements
This press release contains forward-looking statements regarding the Company’s future business expectations, including the expectations of cost efficiencies by using remote evaluations and improved casting and measuring, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors.
These factors include, among other things:
- our sales and commercialization efforts;
- our ability to achieve reimbursement from third-party payers for our products;
- our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;
- our ability to effectively execute our business plan and scale up our operations;
- our expectations as to our development programs; and
- general market, economic, environmental and social factors, including the ongoing COVID-19 pandemic, that may affect the evaluation, fitting, delivery and sale of our products to patients.
More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material and adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.