Good day and welcome to the iAccess Alpha Virtual Best Ideas Summer Investment Conference 2026. Our next presenting company is Myomo, Incorporated. If you would like to ask a question during the webcast, you may do so at any point during the presentation by clicking on the Ask Question button on the left side of your screen. Type your question into the box and click Send. I'd now like to turn the floor over to today's host, Mr. Paul Gudonis, who is the Chairman and Chief Executive Officer of Myomo, Incorporated. Sir, you may begin. Thank you, and good afternoon, everyone. It's a pleasure to introduce Myomo to you, and also for existing investors, provide an update on our business progress here. Let me start by first reviewing our safe harbor statement about any forward-looking statements over here. Then I'm going to cover the key investment highlights at this point in the company. At Myomo, we're a wearable medical robotics company. We've created a new product category for a large unmet need as you'll see. We have the first-mover advantage with a strong competitive position. We recently got Medicare reimbursements, and new payer contracts, which expands patient access to our life-changing technology. We've got growing revenues from recurring patient sources as we've adjusted our go-to-market model. We've got an attractive margin profile and opportunity for scale economics, as our Chief Financial Officer will review this afternoon. Let's start by the diagnoses that we're addressing. We address arm and hand paralysis of the upper extremity, mostly caused due to injuries from stroke, other nerve damage, diseases, and major diagnoses being stroke or cerebrovascular accidents, where you get a blood clot or a hemorrhage in the brain, which then damages the motor cortex, other parts of the brain, leaving the individual with half paralysis on one side of the body. Might be a traumatic brain injury suffered in an accident. We've helped veterans who've been injured due to an IED explosion, individuals with spinal cord injuries, brachial plexus, which is a shoulder nerve injury, and then a bunch of other lesser diagnoses that we could address as well. The typical patient journey after having suffered a stroke or one of these other neural injuries, is you start out on the onset. You look to get stabilized by going to an acute care facility to get, again, stabilized. Then you may go down to a sub-acute facility where you're trying to relearn maybe speech, how to use an arm and a leg again. Then you'll go to outpatient therapy for 6- 12 months, and here's where occupational therapists will work with your upper extremities, physical therapists with the legs to try to regain the motion that was impacted due to the stroke or other injury. It works for about half of the population that goes through this type of regimen. The other half are basically told after 6-12 months, "Get used to it, you'll never use your arm and hand again for the rest of your life." They become part of this large population of what we call chronic hemiparesis, half paralysis impacting one side of the body. In terms of the market opportunity and the size here, let me start with the prevalence population. This is just the U.S. market here. There's 3.8 million people who suffered a stroke and they're left with this upper extremity impairment, over 1% of the population. If we narrow the target addressable market up this pyramid here, you got to be living at home, not in assisted living. In order to have insurance pay for this, you have to meet our medical inclusion criteria, because some people may be so cognitively impaired, they're really not a good candidate for the device. You have to have insurance that will pay for this medical technology. The good news is with Medicare coverage that started two years ago, basically doubled the addressable market amongst seniors, which is the population that is most impacted by strokes. That leaves us at the top of the pyramid, 400,000-800,000 patients who may qualify for MyoPro. On the left-hand side, the annual incidence is 800,000 strokes a year. Again, using those same metrics about those that survive, go through occupational therapy, we're still left with 40,000-80,000 new patients every year that go into that prevalence population. It's a huge and growing population here. As you'll see, our Medicare reimbursable in the U.S. is $68,000. This is a multi-billion dollar market opportunity we are addressing. What our solution is the MyoPro arm brace. This is our proprietary technology. We've already delivered thousands of these devices to patients in the U.S. as well as Germany and a couple of other European markets. I'm going to play this video. It's also available on our website. This is one of our television commercials because in order to inform patients, caregivers, family members, healthcare professionals about our device, we're on Facebook, we're on Instagram, YouTube. This is one of our television commercials. Did you know millions lose arm movement every year from stroke or injury, making simple tasks nearly impossible? Until now. Introducing MyoPro, a breakthrough in modern medical robotics that uses your body's own natural electrical signals to help improve movement in weak or paralyzed arms, specifically in the elbow and hand, so it's easier to perform daily activities. There's no surgery, no implants, no stimulation, just User controlled. When you have a stroke, the message sensor is severely weakened. These sensors pick up that weakened signal, magnify it up to 100,000 times. They're able to move their elbow or grasp an object for the first time in years. It's very emotional. It's very empowering, too. MyoPro has given me freedom and makes me more useful to my family, to my wife. Before, I couldn't even take out the garbage. I can do little things like that now that I could never imagine doing before. I hope someday to be able to pick up my grandkids. With the MyoPro, I'm able to open and close my fingers. That is something I could not do before. Thank you, thank you to MyoPro. It's made all the difference in my life. MyoPro has already helped thousands of people. It may be covered by Medicare Advantage, or many commercial insurance plans. The evaluation is free, and most users pay little or nothing out of pocket. Thanks to MyoPro, I'm able to do things that I was never able to do before. It's proven to me that you can recover, continue to recover, long after your stroke has happened. Don't wait. If you or someone you love is living with weakness from stroke or injury, call now or visit myomo.com to see if you qualify. As you can see in that video, it's really changing people's lives in order to be able to conduct these functional activities of daily living in their home. Think about how frustrating it would be if the next day you could not use one side of your body, not one arm and hand, or for spinal cord patients, perhaps both arms. It's a very life-changing technology. Here's how it works. You saw a bit in the video. We have a proprietary brain-computer interface. This is non-invasive. Our sensors sit on the surface of the skin built into the brace. As you think about moving your arm and hand, for example, open a yogurt container, pick up a laundry basket, you're basically sending a signal into that muscle, the muscle emits a trace micro voltage on the surface of the skin, which is called the electromyogram or EMG signal. For individuals who've suffered a stroke or these other injuries, they typically have an attenuated signal, maybe less than 1% of what a healthy individual has, that's why they struggle. They can't move that arm. They can't open the hand. Our sensors pick up that intention to move, with the microprocessor and our software on board, we can amplify that weak signal and power the small motors that are on the device, enabling that type of functional movement. This technology's protected by 35 patents in the U.S. and international markets going all the way through 2042. We're based in the Boston area because the technology came out of MIT with staff from Harvard Medical School. Our go-to-market approach is via three distribution channels. We have our direct-to-patient advertising. This is primarily to that prevalence population because there's over three million people just in the U.S., again, who have been discharged from rehab therapy. They're basically told, "You can't use that arm and hand again anymore." They don't go to the doctors for this anymore. They're on social media. They're watching certain television stations based on their demographics. We get the word out to them that way. We have a call center down in Fort Worth, Texas, with 12 people that are taking those calls or through the website. We also introduced last year the MyoConnect program. These are referrals from rehab hospitals. We have over 150 rehab hospitals now in the country that are referring patients to us. What we like about that, these are recurring patient sources, because after referring that first patient, we see these facilities sending another patient to us and another patient because that's a great way to kind of create these same store sales growth. We also deliver our products through the orthotics and prosthetics clinics. There are 3,000 of these clinics across the country, from national providers like Hanger Clinic and Ottobock Care to smaller individual city operations. In terms of insurance reimbursement, this was a game changer for us because in April 2024, Medicare started covering this in the U.S. with an allowable of $68,800. We also get selected insurance companies. We've gotten paid by UnitedHealthcare, Aetna, Cigna, Blue Cross Blue Shield, who pay for this device over in Germany, which is our largest international market. We're getting good coverage from statutory health insurers, and the VA has also been covering this for their veterans in their care for the last 10 years. The reason we got this reimbursement is because of the research that's been published. We have a year-and-a-half-long patient registry that demonstrated the functional value of our device. A systematic review was published last year of multiple publications, and we currently have a new randomized controlled trial underway at the University of Utah to get further insurance reimbursement from these insurance plans. With that, I'll turn it over to our Chief Financial Officer, Dave Henry. Hi, good afternoon, everyone. We're operating under a set of four guiding principles for 2026 that we call our success pillars. First is a shift to recurring patient sources. Previously, we had relied a lot. Our revenue growth was driven by advertising and attaining leads through sources like Facebook or through television. In 2025, we found that Facebook had changed their algorithms on us and made it difficult to target patients. The cost per pipeline ad, the cost per lead was negatively impacted. Starting in July of last year, we made a shift towards implementing this program that Paul mentioned earlier called MyoConnect. To try to really lean into that incidence population that Paul described, those 40,000 - 80,000 people a year who suffer strokes and are left with some sort of upper extremity impairment. This is a good population for us to try to reach out to, and doing so through referrals and also reach out through the direct-to-patient advertising as well. The idea here is to grow revenues from these recurring patient sources and make it easier to scale. Because previously, we would spend money on advertising, and you'd have to wait six to nine months to see any revenue from that. We want to try to limit the growth in advertising spending here going forward and really focus on these recurring sources. In the first quarter, 49% of our revenues were from these recurring sources. These are referrals generated through our direct billing channel, also the O&P channels, both in the U.S. and Germany, and then a small slice from the VA. 49% of revenues in the first quarter. That compares to 25% same quarter a year ago. We entered the year with a goal of 50%, and right now we're on our way to exceeding that goal by the time we get to the end of the year. Secondly is to increase market access with additional payer contracts. Recently, we announced a contract with a multi-state arrangement with Elevance, that operates the Anthem Blue Cross Blue Shield plans across a number of states in the United States. They have about 45 million covered lives. You can see the growth in covered lives since 2020 when we started doing direct billing. We're up to now more than 100 million covered lives. About 32 million of those lives or so, somewhere in that ballpark, are either Medicare or Medicare Advantage, which is really our target population. Other patients in these other commercial payers, they will sometimes pay for the device as well. It's an important metric that shows that there's more acceptance among the payers for the device, also, we are finding with really a small sample size right now, but we're finding that as we target patients and we find patients that have these payers that we're under contract with, we're seeing better authorization rates than we do through advertising. The yield is better. The patient population is better because they are closer to their stroke and they have less contraindications. All those factors makes it easier to scale and allow us to demonstrate our third success pillar, operating leverage. Our goal, our plan for 2026 is to grow revenue at twice the rate of the growth of operating expenses or operating expenses at half the rate of growth of revenue. Through the first quarter, we're on track to doing that, and we expect to continue to be able to demonstrate that leverage as we move through 2026. Finally, investing in product development and research. We recently introduced the MyoPro Mobile App, which is now up on Google in the App Store. You can find that for yourselves. That has allowed us to stop providing a laptop with every device, saving about $500 per revenue unit that we have. It's good cost reduction activity. We're also, from an R&D standpoint, working on the next generation product, the MyoPro 3. That's probably late 2027, maybe 2028 introduction. Paul mentioned the randomized controlled trial with the University of Utah to really build up that evidence, that real-world evidence that the MyoPro is beneficial for patients as we continue to improve the reimbursement environment for the MyoPro. Looking at our revenues for the past, we've grown our revenues nicely over the past many years. We were $40.9 million of revenue in 2025. That was 25% growth. Our guidance for this year is for revenue growth of $43 million-$46 million. Looking at our financials, revenue in the first quarter was $10.1 million. Gross margin was 68.2%. The revenues were up about 3% year-over-year. The gross margin was up 100 basis points year-over-year due to some of those cost reduction efforts I mentioned earlier. Also, that higher ASP. As I mentioned, operating expenses, we are trying to limit the growth of operating expenses. Operating expenses were actually down 1% year-over-year to $10.1 million. All that resulted in an operating loss of $3.2 million in the first quarter, compared to $3.5 million a year ago. Net loss kind of follows the same rationale, $3 million net loss compared to $3.5 million in the first quarter a year ago. In terms of the balance sheet, our cash and investments were $15.7 million at the end of the first quarter. We have $12.5 million of debt with Avenue Capital that was entered into in November of 2025. The interest rate on that is 11.75%. We are interest-only with Avenue until May of 2027, when we begin making 24 equal principal payments. Finally, we have about 42.3 million fully diluted shares outstanding at the present time. Looking at our long-term vision, looking to where we're headed. We are, as I mentioned, revenues were $40.9 million in 2025. Our objective is to get to $100 million of annual revenue. With those revenues, we expect to be at 70% gross margin, positive EBITDA, and cash flow. The important factor here is getting to those things, and having a durable business with recurring patient sources being the majority of our revenues. Continuing to do things like the RCT to reduce the barriers to reimbursement and capitalize on the growth opportunities that we expect to be available, including new products, new indications, as well as new markets. Let me turn it back over to Paul to talk about the team and close. Thanks, Dave. As you can see, we're very excited about continuing to grow this business. We are the market leader. We've got that next milestone of $100 million of revenue in our sights here. We've got a management team that's worked together here to build this business, experienced executives from Dave being our CFO, Micah Mitchell, our Chief Commercial Officer, Dr. Harry Kovelman, 25 years as a Chief Medical Officer for companies, Malcolm Bock, bringing strong engineering background. Our Board of Directors, I serve as Chairman. Tom Kirk, who's our Lead Independent Director, former CEO of Hanger Clinic, built that to a billion-dollar company and the market leader there. Tom Crowley is a former med device CEO as well as Milton Morris is, including time at Boston Scientific. Heather Getz, an experienced CFO and COO, chairs our Audit Committee. We recently introduced two new members to the board. William Febbo. Will is an experienced CEO in the healthcare and medical device space and marketing. He joined us, and Joe Manko, with The Horton Fund, who's one of our largest investors joined the board recently as well. It's a strong board of directors, very committed with the management team to building value for the company here and our investors. With that, let's see if there are any questions in the box here. Question about reimbursement predictability rather than demand. We made clear progress in Medicare Part B, payer contracts, and MyoConnect, recurring patient sources. We've also seen payment holds, prepayment audits, Medicare authorization denials. How could investors think about this risk going forward? Is this mainly a temporary scaling issue, or should we assume reimbursement friction will remain a recurring feature? What are the authorization metrics you should point us to, like authorization rates and covered lives and so on? Before we got Medicare coverage, we had to turn away Medicare Part B patients, which is almost half of the senior population. That friction has gone away. We've gone through a successful number of audits there, and have never had any clawbacks. All those payments have been made. Same thing when we've been audited by other insurance companies. What we've seen with Medicare Advantage plans, even though they are supposed to follow Medicare rules and regulations about coverage, some have been denying claims. We appeal these. We've been winning a number of those appeals, whether at an ALJ or what we're seeing, as Dave pointed out, where we're now entering into in-network payer contracts. We're seeing a higher authorization rate. It's also a faster revenue cycle because we don't have to go through a single case agreement. We already have pricing established with those plans that's based off of the Medicare allowable. We think over time, we're going to get more payer contracts. We're going to reduce that friction. What we'll report on is the number of authorizations and orders. They've been growing over the last several quarters, we're expecting a record number of authorizations and orders this year. Dave, I think the next one should be for you. What are the key drivers about our confidence to get the full year 2026 revenue guidance of $43 million-$46 million? I think those drivers would be the continued success of the MyoConnect program. International revenues have also been growing strongly. They grew somewhere close to 30%-40% last year. We'd be looking for similar kinds of growth rates for our international business in 2026. Continuing the growth in the O&P channel. O&P revenues were up around 70% year-over-year in the first quarter. We think there's more opportunities to continue to grow that, but I think really it's about the MyoConnect referral program. Referral-generated revenues were 20% of revenue in the first quarter, I think if we're looking to achieve that guidance and potentially exceed that guidance, I think the success of that program will be key. The next question is about reimbursement predictability rather than demand. Myomo has made clear progress with Medicare Part B payer contracts, MyoConnect, et cetera, but we've also seen payment holds, prepayment audits, friction. Actually, I think that's the second question we saw there. Looks like that came up twice. Sorry about that. Yeah, Dave. Finally, I think we're looking at the next question then. Myomo progresses a large population of patients with upper limb impairment after stroke, nerve injury. How should investors think about the size of that addressable market today? I think Paul mentioned that in his comments earlier. When you look at the prevalence, we divide the market into really two sources of patients, the prevalence population, those people that have lived with their stroke for a while. They've exited the healthcare system for their stroke. That's about potentially 400,000-800,000 patients in total that might qualify for the device. Then you have the incidence population, which are those people that have recently had their stroke, and they have just exited the healthcare system for that. They've been in therapy. They're left with what they're left with, and that population is about 40,000-80,000 people. It's a very large patient population. We've only scratched the surface of the amount of it that we can serve, and I think we're excited about the future prospects, given the size of the market opportunity. Let me take the next one here. It says, "Can you discuss the MyoConnect program? Now referrals are changing patient acquisition economics." What we really like about this is we already have therapists in the field, who are working with these rehab hospitals. They're doing training. They're doing clinical support. They're now asking for referrals because we're already in these facilities. We're seeing these patients, and there's no incremental cost to us to get those referrals, and there is no one-time advertising cost. Over time, I expect our advertising expenditures will go down as we rely increasingly on these referrals. Our track record is after getting the first referral and that patient gets their device, they go through their therapy at that rehab hospital, we'll get successive referrals at no incremental cost other than the field team we have already in place, and we'll be growing that over time to further grow several hundred more of these referral sites over the coming 12 months. Dave, there's a question here about gross margin above 68%. How sustainable is that as the revenue scales and the channel mix evolves? I think as we move forward with the MyoConnect program, that will help keep the ASP high because we'll be serving those patients through our direct billing channel, which is a higher ASP. I think that provides an uplift. The exchange rate in Germany has also provided a bit of a lift. It's been around $1.15, $1.16 per euro. That helps as well. Cost reduction activities. Some are sort of baked into the 68%, things like moving towards the Mobile App. That's actually probably less in the first quarter, and we'll realize some improvement in gross margin from that in the second quarter. Also we're working to insource some outsourced manufacturing activities. Like right now, we're in the process of bringing 3D printing in-house, using existing space and being able to better absorb the overhead that we have there. I do think the gross margin is sustainable. I think the downside would be if there was volume hiccups as they go forward because volume will help with the fixed overhead absorption. There's more things that are to the upside, I think, than to the downside. Our longer-term objective is to be around a 70% gross margin. We have one more question here. For investors new to the story, what do you think is most underappreciated about Myomo's market opportunity and the competitive position? At a $50 million market cap today, we are severely undervalued given the size of this market. As I said, there's millions of people with this condition just in the U.S. Many of them could benefit from this. We're getting a greater number of insurance coverage going forward here. We have a strong competitive position as the only product addressing this need here in the U.S. and the leading product in Germany, and there are other markets that we can expand to in the future as well. With that, I think we will wrap up. Moderator? Thank you. Ladies and gentlemen, this concludes Myomo, Incorporated.'s presentation. You may now disconnect and please consult the conference agenda for the next presenting company.