Myomo, Inc. (NYSE MKT:MYO) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 04:30 pm ET


Myomo, Inc. (NYSE MKT:MYO) Q1 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Myomo Inc., First Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Kim Golodetz. Please go ahead.

Kim Golodetz

Thank you, operator, and good afternoon everyone. This is Kim Golodetz with LHA. Earlier today Myomo issued a new release announcing financial results for the first quarter of 2020. If you would like to be added to the Company's email distribution list to receive future announcements, please register on the Company's website at or call LHA in New York at 212-838-3777 and speak with Carolyn Curran.

With me on the call today for Myomo are Paul Gudonis, Chief Executive Officer; and Dave Henry, Chief Financial Officer.

Before we begin, I would like to caution listeners that statements made during this conference call by management other than historical facts are forward-looking statements. The words anticipate, belief, estimate, expect, intend, guidance, outlook, confidence, target, project and other similar expressions are typically used to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, and may involve and are subject to certain risks and uncertainties and other factors that may affect Myomo's business, financial condition and other operating results including the impact of the ongoing COVID-19 pandemic on Myomo's business operations.

These and additional risks and uncertainties and other factors are discussed in the risk factors and other qualifications contained in Myomo's filings with the Securities Exchange Commission including the Form 10-K for the quarter ended March 31, 2020, which is expected to be filed earlier this afternoon. Actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Except as required by law Myomo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

It is now my pleasure to turn the call over to Paul Gudonis, CEO. Paul, please go ahead.

Paul Gudonis

Thank you, Kim. Good afternoon everyone and thank you for joining us today. I hope that you your families and colleagues are all well during this pandemic caused by the coronavirus, and the effects that COVID-19 has had on our personal lives and the global economy. It's affected everyone and the full impact on our way of life is still unknown at this time.

As I'll described today, we've taken actions to address Myomo's operations to deal with this change environments, while continuing to address the large need for our powered arm brace for those with upper extremity paralysis. After I provide the business update, Dave will review our first quarter financial results and discuss their financial outlook. And following the financial update, I'll give some closing remarks and then we can take your questions.

Our revenues in first quarter of 2020 were $21 million up to 21% from the same quarter a