Ekso Bionics Announces Receipt of Initial CMS Reimbursement for Ekso Indego Personal
August 20 2024 - 8:00AM
Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso
Bionics”), an industry leader in exoskeleton technology for medical
and industrial use, today announced that the Medicare program has,
through the Centers for Medicare & Medicaid Services’ (“CMS’”)
regional Durable Medical Equipment Medicare Administrative
Contractors (“DME MACs”) completed claims processing and remitted a
lump sum payment for Ekso Indego Personal. The amount paid was
based on the $91,032 reimbursement level established for Healthcare
Common Procedures Coding System (“HCPCS”) code K1007, which became
effective on April 1, 2024. HCPCS K1007 can be used by other public
health insurance programs as well as private payers. This marks the
completion of the first reimbursement process for Medicare
beneficiaries since Ekso Bionics received final payment
determination for Ekso Indego Personal.
“We are excited to announce the receipt of
initial CMS reimbursement on our Ekso Indego Personal,” said Scott
Davis, Chief Executive Officer of Ekso Bionics. “CMS’ reimbursement
of our Ekso Indego Personal device represents a major milestone for
Ekso and, importantly, those living with spinal cord injury
(“SCI”), allowing them to achieve improved mobility and
independence in their homes and communities. Working with our DME
partner, our team is continuing to optimize the reimbursement
submission process while building a growing pipeline of potential
future reimbursements. We continue to ramp up engagement with our
partner rehabilitation centers, as an increased number of their
patients are interested in accessing this life changing and now
affordable solution. We look forward to bringing Ekso Indego
Personals to more individuals in need.”
Ekso intends to work with Medicare Advantage
plans and commercial insurers later in 2024. With tens of thousands
of individuals with SCI covered by Medicare, Ekso believes this
reimbursement will represent a significant increase in the
addressable market for Ekso Indego Personal, which Ekso will be
working to access in late 2024 and beyond.
Ekso recently launched the EksoHealth Personal
Program in the U.S., which is designed to help patients access the
Company’s personal exoskeletons through a screening process
ensuring potential users are appropriate for the device. Many of
Ekso’s clinical customers are now actively participating in the
EksoHealth Personal Program, identifying appropriate patients as
potential users and offering them personal exoskeleton training for
home and community use with certified therapists to ensure that
Ekso Indego Personal meets their personal mobility goals.
“Regaining my independence and mobility has been
incredibly empowering, and it’s wonderful to know that technologies
like the Ekso Indego Personal can make such an impactful difference
in the lives of those of us who were previously told they may never
walk again,” said Debbie Wagoner, the first individual to
successfully acquire an Ekso Indego Personal through CMS. “The
ability to stand and walk through use of this device has been
instrumental in my rehabilitation journey, both physically and
emotionally, and helped me not only recover but thrive.”
Ekso Indego Personal is the only known portable
exoskeleton device to offer a modular quick connect design, which
was engineered to allow users to put on and take off the device
without assistance. At just 29 lbs., Ekso Indego Personal is the
lightest known commercial exoskeleton available offering ease of
handling, transportation, and storage. Also offering an advanced
gait mode, individuals using the device can reach faster walking
speeds, granting them a new level of independence in the
community.
About Ekso
Bionics®Ekso Bionics® is a leading
developer of exoskeleton solutions that amplify human potential by
supporting or enhancing strength, endurance and mobility across
medical and industrial applications. Founded in 2005, the Company
continues to build upon its industry-leading expertise to design
some of the most cutting-edge, innovative wearable robots available
on the market. Ekso Bionics is the only known exoskeleton company
to offer technologies that range from helping those with paralysis
to stand up and walk, to enhancing human capabilities on job sites
across the globe. The Company is headquartered in the San Francisco
Bay Area and is listed on the Nasdaq Capital Market under the
symbol “EKSO.” For more information, visit: www.eksobionics.com or
follow @EksoBionics on X.
Forward-Looking StatementsAny
statements contained in this press release that do not describe
historical facts may constitute forward-looking statements.
Forward-looking statements may include, without limitation,
statements regarding (i) the potential benefits of Ekso Indego
Personal, (ii) the performance or effectiveness of the Company’s
products, including Ekso Indego Personal, (iii) the timing for when
reimbursement will be available for Medicare Advantage and other
commercial insurance plans, (iv) the impact of Medicare
reimbursement on the addressable market for Ekso Indego Personal
and potential future reimbursements, (v) the potential impacts to
patients from using the Company’s products, (vi) the assumptions
underlying or relating to any statement described in clauses (i)
through (v) above. Such forward-looking statements are not meant to
predict or guarantee actual results, performance, events or
circumstances and may not be realized because they are based upon
the Company’s current projections, plans, objectives, beliefs,
expectations, estimates and assumptions and are subject to a number
of risks and uncertainties and other influences, many of which the
Company has no control over. Actual results and the timing of
certain events and circumstances may differ materially from those
described by the forward-looking statements as a result of these
risks and uncertainties. Factors that may influence or contribute
to the inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, patient, or therapist dissatisfaction
with Ekso Indego Personal, risks related to the reimbursement
submission process for Ekso Indego Personal, including delays,
risks related to product liability, and recall and warranty claims.
These and other factors are identified and described in more detail
in the Company’s filings with the U.S. Securities and Exchange
Commission. Any forward-looking statements made in this press
release speak only as of the date of this press release. The
Company does not undertake to update these forward-looking
statements, except as required by law.
Contacts: Investors:David
CareyFINN Partners212-867-1768investors@eksobionics.com
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