Ekso Bionics Announces Receipt of Initial CMS Reimbursement for Ekso Indego Personal
- Company Launches EksoHealth Personal Program to Help Individuals Access Exoskeletons -
SAN RAFAEL, Calif., Aug. 20, 2024 (GLOBE NEWSWIRE) -- 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 Statements
Any 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 Carey
FINN Partners
212-867-1768
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