Myomo, Inc.
Climate Impact & Sustainability Data (2019)
Reporting Period: 2019
Environmental Metrics
Social Achievements
- Launched a Department of Patient Advocacy to assist patients and O&P Centers of Excellence in obtaining insurance coverage for MyoPro orthosis.
Climate Goals & Targets
Short-term Goals:
- Reach cash-flow breakeven on a quarterly basis by the fourth quarter of 2021 (subject to COVID-19 impact).
Environmental Challenges
- Direct Billing revenue cycle times are longer (90-180 days), impacting revenue recognition.
- Uncertainty regarding CMS coverage policy and reimbursement amounts for MyoPro products.
- Dependence on a single third-party manufacturer (Cogmedix) and limited suppliers for components.
- Dependence on a related third-party (GRE) for custom fabrication of MyoPro.
- Limited operating history makes it difficult to evaluate future business prospects.
- History of operating losses and negative cash flows.
- Potential for significant fluctuations in quarterly and annual results.
- Uncertainty in obtaining third-party payer reimbursement for products.
- Intense competition in the medical robotics industry.
- Risks associated with international expansion.
- Dependence on key personnel.
- Risks related to acquisitions (if pursued).
- Extensive governmental regulations.
- Potential for cyber-attacks or security breaches.
- Risks related to the Affordable Care Act (ACA) or its replacement.
- Dependence on licensed patents.
- Risks related to intellectual property protection.
- Potential for significant dilution upon issuance of common stock.
- Potential delisting from NYSE American.
- Stock price volatility.
- Increased costs as a public company.
Mitigation Strategies
- Established a Customer Experience team to speed up the patient inquiry to device delivery and payment process.
- Working with CMS on reimbursement guidelines.
- Seeking additional sources for manufacturing and custom fabrication.
- Seeking other fabrication partners for MyoPro.
- Completed a public equity offering to secure funding.
- Implementing cost reduction measures.
- Expanding sales and marketing efforts.
- Developing new products (pediatric MyoPro).
- Conducting clinical research studies.
- Implementing security measures to mitigate cyber-attacks.
- Monitoring industry trends relative to the ACA.
- Protecting intellectual property through patents and trademarks.
- Maintaining compliance with governmental regulations.