The wearable medical robotics company Myomo Inc. (NYSE: MYO) is soaring on the charts today, up 17.35%% to $0.61 at last check in early trades after its product was included in insurance coverage.
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Which MYO product is endorsed?
The National Disability Insurance Scheme (NDIS) in Australia has for the first time authorized a MyoPro for a patient with a paralyzed arm, according to a statement from Myomo (MYO). Over 500,000 Australians with disabilities are helped by the NDIS by receiving compensation for required services and assistance.
Natalee W. is the first MyoPro user to get payment from the NDIS. Natalee had a brain aneurysm and stroke when she was 16 years old, leaving her with left-side hemiparesis. Natalee was given the opportunity to try out a specially made MyoPro for two months thanks to funding from the NDIS. Natalee suffered from doing functional activities of daily living before utilizing the MyoPro, but she is now able to do so after using it regularly.
The MyoPro offers a sophisticated orthotic solution for patients like Natalee who have been undergoing long-term therapy with no change in the use of their arm and hand. This allows the user to conduct ADLs on their own. In cooperation with scientists from the Massachusetts Institute of Technology and Harvard Medical School, Myomo created the patented MyoPro technology.
With the MyoPro, Natalee has been able to accomplish more than she could have ever dreamed of after working so hard to restore as much function in her arm and hand. Her use of MyoPro will help her become more independent so that she may rely less on her family. The MyoPro may have more market access for those with similar impairments and aspirations for independent living as a result of the insurance clearance in Australia.
MYO is reducing the workforce?
Recently, Myomo (MYO) announced a reduction in force in order to increase operational effectiveness in its direct billing channel and decrease cash burn. About 12% of its employees were eliminated as a result of the action, which had an impact on the contact center and administrative staff. As it pursues coverage and payment for the MyoPro for Medicare Part B patients, MYO made the choice to increase operational leverage and lengthen its financial runway. Myomo expects to save more than $2 million annually as a result of this move and other cost-cutting measures.