Ekso Bionics Receives CMS Coding Approval for Ekso Indego Personal
December 12 2023 - 7:00AM
Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
industry leader in exoskeleton technology for medical and
industrial use, today announced that the Pricing, Data Analysis,
and Coding (“PDAC”) contractor for the Centers for Medicare &
Medicaid Services (“CMS”) has completed its review of the Ekso
Indego Personal and approved use of Healthcare Common Procedure
Coding System (“HCPCS”) Code K1007 to bill Medicare for such
device. CMS has proposed a payment level of $94,617 for devices
fitting within this code and their final payment determination is
expected to be announced in February 2024 and take effect on April
1, 2024.
“We are very pleased that CMS recognizes the
potential health benefits that exoskeletons like our Ekso Indego
Personal can have on the daily lives of individuals with spinal
cord injuries (“SCIs”),” said Scott Davis, Chief Executive Officer
of Ekso Bionics. “Once the reimbursement code takes effect, we
expect that our Ekso Indego Personal will be accessible to those
eligible within the SCI community at a substantially lower cost. We
believe this important milestone serves as an inflection point for
this unique device that will improve health outcomes and enhance
quality of life for individuals living with an SCI.”
Ekso presented at the HCPCS public meeting on
November 29, 2023, to discuss appropriate Medicare payment
considerations for the Ekso Indego Personal. During the meeting,
Ekso highlighted the positive reported impact that Ekso Indego
Personal has for patients, noting the improved quality of life,
mental health, functional mobility, trunk control and increased
sense of independence associated with being able to stand upright
and walk in the home and community.
Alberto Esquenazi, MD, The John Otto Haas Chair,
Professor at the Department of Physical Medicine and
Rehabilitation, and Chief Clinical Officer of Jefferson Moss-Magee
Rehabilitation, has helped patients rehabilitate with Ekso devices,
and supports CMS's decision. “Physical rehabilitation for patients
with SCIs can be a long road that continues beyond their stay in a
rehabilitation facility,” said Dr. Esquenazi. “Witnessing firsthand
the clinical benefits that Ekso devices brings to patients, I am
excited to see that they can continue their long road to recovery
with one of Ekso’s devices at home now that there is financial
support for continued gait training with an exoskeleton. I
appreciate Ekso’s commitment both to patient health and to
elevating the standard of care for persons in need of
neurorehabilitation.”
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.
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
increase in potential patient population as a result of CMS
reimbursement and the Company’s ability to successfully sell its
products to such customers, the impacts to patients from the
Company’s devices, the reimbursement amount to the Company under
the new CMS code and the timing for reimbursement to commence.
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, 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
Carey212-867-1768investors@eksobionics.com
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