Myomo Reports Progress with China Joint Venture, Receives Partial Payment of Technology License Fee

Myomo, Inc., 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. Read more >>