BURLINGTON, MA–Myomo Inc., a medical robotics company specializing in wearable devices for patients with neurological disorders and upper-limb paralysis, reported record third-quarter revenue of $12.3 million, an increase of 22% from the same period last year, driven by higher product sales and expanding patient referrals.
The Burlington company also narrowed its full-year 2026 revenue guidance to between $46 million and $47 million, representing the upper end of its previous forecast.
Revenue for the quarter ended September 30 increased from $10.1 million in the third quarter of 2025, reflecting a 19% increase in revenue-generating units and a 2% rise in average selling prices.
Myomo recognized revenue on 222 MyoPro devices during the quarter, while its average selling price increased to approximately $55,500.
Gross profit rose 36% to $8.8 million from $6.4 million a year earlier. Gross margin improved to 71.3%, compared with 63.8% in the prior-year period, reflecting lower material costs, higher selling prices and increased production volumes.
Operating expenses increased 6% to $10.5 million, primarily due to higher research and development spending associated with an ongoing clinical trial at the University of Utah, along with increased payroll and legal expenses.
The company reported an operating loss of $1.7 million, compared with $3.5 million in the third quarter of 2025.
However, its net loss widened to $4.2 million, or $0.10 per share, from $3.7 million, or $0.09 per share, a year earlier. The latest quarterly results included a $1.8 million noncash charge related to changes in the valuation of derivative liabilities.
Myomo achieved breakeven adjusted EBITDA during the quarter, compared with an adjusted EBITDA loss of $2.7 million in the same period last year.
“The focus on our four success pillars helped deliver record revenue and solid operating leverage in the quarter, resulting in breakeven Adjusted EBITDA and sequentially lower cash burn”, said Paul R. Gudonis, Chairman and Chief Executive Officer of Myomo. “Third quarter revenue places us on track to achieve the midpoint or better of our raised guidance from last quarter. In addition, I am pleased to report that our MyoConnect program now exceeds 500 referral locations in the U.S., helping to drive revenue from recurring sources.”
The company said 54% of third-quarter revenue came from recurring patient referral sources, including healthcare providers, orthotics and prosthetics partners, and the Department of Veterans Affairs. That compares with 33% during the third quarter of 2025.
Myomo’s MyoConnect referral program has received referrals from more than 500 rehabilitation facilities and therapy centers since its launch approximately one year ago.
The company also reported a record 258 orders during the quarter, an increase of 13% year over year, supported by expanded insurance coverage and improved patient referrals.
Myomo added 600 patients to its pipeline during the quarter, with 18% originating from MyoConnect direct billing referrals.
As part of its commercial expansion, the company appointed Mary-Katherine “Katie” McClure as Chief Commercial Officer in October.
McClure previously held a sales leadership position at Inspire Medical, where she helped expand sales in her territories from $2 million to $150 million during her tenure.
At Myomo, she will oversee the company’s commercial operations and efforts to expand recurring patient referrals.
The company is also pursuing additional insurance agreements that could provide access to approximately 35 million more covered individuals. It has completed Medicaid enrollments in seven states, with additional enrollments underway.
Myomo continued investing in clinical research and product development during the quarter.
A randomized controlled trial at the University of Utah has enrolled 35 of its planned 50 participants. The company also reported progress on its MyoPro3 device and a hand-only robotic product being developed for the German market.
Myomo’s flagship MyoPro product is a powered wearable orthotic device designed to help individuals with weakened or paralyzed arms regain movement and perform everyday activities.
The system uses noninvasive sensors to detect electrical signals generated by a patient’s muscles and translate those signals into assisted movement.
The technology is intended for individuals affected by conditions such as stroke, brachial plexus injuries, traumatic brain injuries, spinal cord injuries and other neuromuscular disorders.
For the first nine months of 2026, Myomo reported revenue of $34.1 million, an increase of 15% from $29.6 million during the comparable period in 2025.
Gross profit for the nine-month period increased 26% to $24.1 million, while gross margin improved to 70.7% from 64.6%.
As of September 30, the company held $11.9 million in cash, cash equivalents and short-term investments.
Cash used in operating activities declined to $1.3 million during the third quarter, compared with $1.8 million in the prior-year period.
Management reiterated its expectation that cash consumption during the second half of 2026 would remain below $2 million.
“We raised our full year revenue guidance last quarter, and today we are updating that revenue guidance to be in the upper half of that range,” said Gudonis.
The company said its improved financial performance reflects growing demand for wearable medical robotics, expanded reimbursement access and a greater proportion of sales generated through established healthcare referral channels.
