Undertakes a reduction in force to enhance efficiency in its direct billing channel
Myomo, Inc. (NYSE American: MYO)Â (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced a reduction in force for the purpose of improving operating efficiency in its direct billing channel and reduce its cash burn. The action today involved the elimination of approximately 12% of its workforce, impacting employees in its call center and administrative functions. This action and other cost reductions being undertaken by the Company are expected to save in excess of $2 million on an annual basis.
“While unfortunate, this action was necessary in improve operating leverage and extend our cash runway as we continue to work on obtaining coverage and reimbursement for the MyoPro for Medicare Part B patients,” said Paul Gudonis, Myomo’s Chairman and Chief Executive Officer.
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