Short answer
MYOMO, INC. (MYO) filed its fiscal 2025 10-K annual report with the SEC on Mar 9, 2026. It reported revenue of $41M (+25.7% year over year) and net income of −$16M.
- Top risk flagged: CMS reclassification of MyoPro to brace benefit category effective January 1, 2024 enabling lump sum reimbursement around $34,970 to $68,800 per device
FY2025 key financial metrics · XBRL
- Revenue
- $41M
- +25.7% YoY
- Net income
- −$16M
- −151.9% YoY
- Operating margin
- -35.2%
- −16.1 pp YoY
- Gross margin
- 65.7%
- −5.5 pp YoY
- EPS (diluted)
- −$0.37
- −131.3% YoY
- ROE
- -136.6%
- −111.6 pp YoY
- Operating cash flow
- −$15M
- −341.1% YoY
Source: XBRL data from the MYOMO, INC. (MYO) FY2025 10-K on SEC EDGAR. USD.
MYOMO, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Wearable myoelectric-controlled upper limb orthoses for neuromuscular disorders and paralysis
- New emphasis on upcoming MyoPro3 and MyoPal pediatric device to expand product lineup
- Strategic shift toward broader direct billing and increased sales through O&P providers and international markets, including EU and Canada
- Patient pipeline grows 10% to 1,528, backlog down 27% to 199 units, revenue up 26% in 2025 despite lower backlog
- CMS reimbursement updated Jan 1, 2026 at approx. $68,800 for powered grasp (L8702 code), providing clearer payer framework
Management Discussion & Analysis
- Revenue $40.9M in 2025, up 26% YoY from $32.6M driven by higher volume and ASP; direct billing $30.4M (74% of total, +20%), International $6.8M (+48%), U.S. O&P $2.9M (doubled), VA $0.8M (-31%)
- Gross margin declined to 65.7% in 2025 from 71.2% in 2024, due to higher overhead capitalization changes and warranty expenses
- Best performing segment: International with 48% growth to $6.8M; worst performing segment: VA with 31% decline to $0.8M
- Cash used in operations $14.5M in 2025; capital expenditures approx. $3.3M including furniture, fixtures, and software; net proceeds $15.8M from Dec 2024 equity offering and $17.5M term loan facility raised in Nov 2025
- 2026 outlook: focus on recurring revenues from MyoConnect referrals and O&P providers, reducing direct advertising costs, managing fixed expenses and improving gross margin through volume and cost reductions; risk from dependence on insurance reimbursement
Risk Factors
- CMS reclassification of MyoPro to brace benefit category effective January 1, 2024 enabling lump sum reimbursement around $34,970 to $68,800 per device
- Medicare Advantage plans reduced MyoPro authorizations causing 2% revenue decline in 2025; 20% of product revenues from these plans in 2025
- Reliance on Cogmedix as sole contract manufacturer for key subassemblies risks supply delays, regulatory compliance issues, and costly transfer of production
- Social media algorithm changes in Q1 2025 impaired lead generation, increasing advertising cost per addition to patient pipeline
- Loan and Security Agreement with Avenue in Nov 2025 secures $17.5 million funding with covenants requiring $2.5 million minimum cash and 75% of projected revenue
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