Myomo shares down on Q2 miss

Shares in Myomo fell today after the wearable medical robotics maker missed expectations on Wall Street with its second quarter results.

The Cambridge, Mass.-based company posted losses of $2.7 million, or 21¢ per share, on sales of $632,369 for the three months ended June 30, seeing losses grow 38.7% while sales grew 106.2% compared with the same period last year.

Losses per share were just behind the 19¢ consensus on The Street.

“We are pleased to report quarterly revenues growth of 106% year over year. We have opened new sales regions, added new O&P locations, and launched digital marketing campaigns to reach the many individuals in the US with upper limb paralysis. With growing interest from patients and O&P providers, we continue to expect increased revenue for the year,” chair & CEO Paul Gudonis said in a press release.

Shares in Myomo have fallen 4.1% so far today, at $2.09 as of 1:56 p.m. EDT.

In May, Myomo saw shares fall after the company missed expectations on Wall Street with its first quarter earnings.

The post Myomo shares down on Q2 miss appeared first on MassDevice.

from MassDevice https://ift.tt/2vtIx9P