Ekso Bionics Receives CMS Coding Approval For Ekso Indego Personal
Portfolio Pulse from Benzinga Newsdesk
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) announced CMS approval for HCPCS Code K1007 to bill Medicare for Ekso Indego Personal, an exoskeleton for individuals with spinal cord injuries. CMS proposed a payment of $94,617 for devices under this code, with a final decision expected in February 2024. The code will take effect on April 1, 2024. The approval is seen as an inflection point for the device, expected to improve health outcomes and quality of life for SCI patients. Ekso presented at the HCPCS public meeting, emphasizing the device's benefits, and received support from Dr. Alberto Esquenazi, who noted the clinical benefits of Ekso devices in rehabilitation.
December 12, 2023 | 1:06 pm
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Ekso Bionics' Ekso Indego Personal exoskeleton received CMS coding approval, which is expected to facilitate Medicare billing and potentially increase adoption among SCI patients. The company anticipates this will be a significant milestone for the device's accessibility and financial viability.
The CMS coding approval is a critical regulatory step that allows for Medicare billing, which can significantly increase the device's market penetration and adoption. The proposed payment level of $94,617 indicates a substantial revenue opportunity per unit. The final payment determination in February 2024 will provide further clarity, but the current news is likely to be viewed positively by investors, potentially leading to a short-term increase in stock price.
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