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myomo my own motion Myomo Reports First Quarter 2021 Financial Results Revenue of $ 2.3 million up 132 % over prior year Gross margin of 73 % up 500 basis points over prior year Q1 cash used in operations decreased 14 % to $ 2.1 million Conference call begins at 4:30 p.m. Eastern time today BOSTON , Mass . ( May 5 , 2021 ) - 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 , today announced financial results for the three months ended March 31 , 2021 . Financial and operational highlights for the first quarter of 2021 include the following ( all comparisons are with the first quarter of 2020 , unless otherwise noted ) : Revenue was $ 2.3 million , up 132 % Revenue units were 65 , up 117 % Gross margin was 73 % , up 500 basis points The reimbursement pipeline as of March 31 , 2021 consisted of 940 MyoPro units , an increase of 22 % with a record 386 candidates entering the pipeline during the quarter Revenue from the direct billing channel represented 73 % of total revenue , compared with 77 % of total revenue in the fourth quarter of 2020 Backlog , which represents insurance authorizations received but not yet converted to revenue , was 118 units as of March 31 , 2021 , a 48 % increase . The Company received insurance authorizations and orders for 66 patients to receive a MyoPro during the first quarter Continued progress in international markets , including additional Statutory Health Insurance payments in Germany and the agreement to form a Joint Venture to serve patients in China Management Commentary " We are pleased to deliver another quarter of solid revenue growth , " stated Paul R. Gudonis , Myomo's chairman and chief executive officer . " Our efforts to increase lead generation began to pay off as we generated a record number of additions to our reimbursement pipeline , following a return to a more normal marketing environment after the 2020 U.S. election cycle . In addition , although the year started off slowly , insurance authorizations have begun to pick up , with 35 authorizations received in April . " Financial Results Revenue Cost of revenue Gross profit Gross margin For the Three Months Ended March 31 , 2021 $ 2,336,489 623,152 $ 1,713,337 73 % 2020 $ 1,008,145 318,651 $ 689,494 68 % Period - to - Period Change $ $ 1,328,344 304,501 $ 1,023,843 % 132 % 96 % 148 % 5 %