8-K
MYOMO, INC. (MYO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 4, 2022
Myomo, Inc.
(Exact Name of Company as Specified in Charter)
| Delaware | 001-38109 | 47-0944526 |
|---|---|---|
| (State or Other Jurisdiction<br> <br>of Incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
| 137 Portland St., 4^th^ Floor<br> <br>Boston, MA | 02114 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
Company’s telephone number, including area code: (617) 996-9058
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br> <br>Symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common Stock, $0.0001 par value per share | MYO | NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01. | Other Matters. |
|---|
On April 4, 2022, the Company announced a status update regarding payment of a technology license fee associated with its joint venture in China and associated impact on revenue during the three months ended March 31, 2022. The full text of the press release issued in connection with the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01. |
|---|
(d) Exhibits
| Exhibit<br>No. | Description |
|---|---|
| 99.1 | Press release issued by Myomo, Inc. on April 4, 2022. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 4, 2022 | MYOMO, INC. | |
|---|---|---|
| By: | /s/ David A. Henry | |
| Name: | David A. Henry | |
| Title: | Chief Financial Officer |
EX-99.1
Exhibit 99.1
Myomo Reports Progress with China Joint Venture, Receives Partial Payment of Technology License Fee
BOSTON (April 4, 2022) – 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, provides an update on the status of its joint venture (“JV”) in China and the associated impact on first quarter 2022 revenue. As of March 31, 2022, a portion of the technology license fee from the JV Company, Jiangxi Myomo Medical Assistive Appliance Co. Ltd., has been paid. The Company received $1.0 million of the total $2.7 million license fee during March, which will be accounted for as revenue during the three months ended March 31, 2022.
David Henry, Myomo’s chief financial officer, said, “This license revenue is additive to first quarter product revenue, which on March 9, 2022 we stated would be in the range of $2.6 million to $3.0 million. Our joint venture is making tangible progress toward beginning operations, and we expect the remainder of the license fee will be paid during the second quarter. At that point we will begin transfer of the technology and record the remaining $1.7 million as revenue. In anticipation of this final payment, plans are underway to assist joint venture staff in establishing operations for the production and sale of the MyoPro’s for individuals in China with upper-limb paralysis.”
About Myomo
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 certain 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 Boston, 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 expectations for revenues in the first quarter of 2022 and payment of the remainder of the technology license fee, 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:
| • | the direct and indirect impact of the novel coronavirus (COVID-19) on our<br>business and operations, including fabrication and delivery, sales, patient consultations, supply chain, manufacturing, insurance reimbursements and employees; |
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| • | our ability to continue normal operations and patient interactions in order to deliver and fit our<br>custom-fabricated device; |
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| • | our marketing and commercialization efforts; |
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| • | our ability to achieve reimbursement from third-party payers for our products; |
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| • | our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or<br>maintain cash flow breakeven; |
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| • | our ability to effectively execute our business plan and scale up our operations; |
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| • | our expectations as to our product development programs, and; |
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| • | general market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and<br>sale of our products to patients. |
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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.
CONTACTS:
Myomo:
ir@myomo.com
LHA Investor Relations:
Kim Sutton Golodetz
kgolodetz@lhai.com
212-838-3777
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