Centers for Medicare & Medicaid Services (CMS) Codifies Medicare Coverage for Ekso Indego Personal
November 02 2023 - 3:01PM
Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
industry leader in exoskeleton technology for medical and
industrial use, announces that the Centers for Medicare &
Medicaid Services (“CMS”) finalized its Calendar Year 2024 Home
Health Prospective Payment System Rule CMS-1780 (“2024 Home Health
Rule”), which includes exoskeletons in the Medicare brace benefit
category. The Company believes Ekso Indego Personal meets the
definition in the ruling and has a pending application with CMS to
formalize the applicability. The rule will go into effect beginning
on January 1, 2024.
In the final ruling, CMS codifies “the
longstanding Medicare definition of brace to provide clarification
on the scope of the Medicare Part B benefit for leg, arm, back, and
neck braces and, as a result, classifies certain exoskeleton-type
devices as braces for Medicare payment purposes.” This ruling could
significantly expand the addressable market for Ekso Indego
Personal.
“CMS’s ruling is a potentially game changing
event that we believe classifies certain exoskeleton-type devices,
such as the Ekso Indego Personal, as braces for Medicare payment
purposes,” said Scott Davis, Chief Executive Officer of the
Company. “Once a reimbursement rate is established by CMS, expected
in late 2023, SCI individuals with Medicare coverage may soon be
able to obtain our device at a fraction of the current cost. We
applaud CMS’ decision that will enhance widespread access to the
advantages of the transformative mobility solutions offered by our
exoskeleton technology.”
Ekso Indego Personal is a modular, lightweight
and easily portable exoskeleton that is safe for use in most home
and community environments. The device contains an advanced gait
mode where the individual can reach faster walking speeds, granting
them a new level of independence.
The Company has more than 260 inpatient and
outpatient clinics and hospitals across North America that can
identify, qualify and potentially act as training centers for
individuals who may be eligible for an Ekso Indego Personal. The
Company is already collaborating with many of these facilities by
offering clinical demonstrations, where interested individuals can
trial the Ekso Indego Personal.
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 StatementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements.
Forward-looking statements include, without limitation, the
possibility of the Company’s products becoming eligible for
reimbursement under Medicare following adoption of the CMS rule
changes and the corresponding increase to the Company’s addressable
market. Forward-looking statements can be identified by words such
as “expect,” “continue,” “anticipate,” “estimate,” “believe,”
“plan,” “projection,” “grow,” “potential,” “future,” “can,”
“develop,” “proposition,” “position,” “expand,” “may” or words of
similar meaning. 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 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, Ekso Indego Personal not meeting the definition in the
2024 Home Health Rule and CMS not accepting the Company’s pending
application to formalize the applicability, a delay in the adoption
of the new CMS rules, and less demand than expected from patients
even at a reduced purchase price. These and other factors are
identified and described in more detail in the Company's public
filings with the Securities and Exchange Commission ("SEC”). You
should carefully read the Cautionary Note Regarding Forward-Looking
Statements and the factors described in the "Risk Factors" section
of the Company’s periodic reports filed with the Securities and
Exchange Commission to better understand the risks and
uncertainties inherent in the Company. The Company does not
undertake to update these forward-looking statements, except as
required by law.
Contact: David
Carey 212-867-1768 investors@eksobionics.com
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