Ekso Bionics Announces Receipt of Initial CMS Reimbursement for Ekso Indego Personal

Rhea-AI Summary

Ekso Bionics (Nasdaq: EKSO) announced the receipt of initial CMS reimbursement for its Ekso Indego Personal exoskeleton device. The Medicare program paid a lump sum of $91,032 based on the HCPCS code K1007, effective April 1, 2024. This marks the first reimbursement for Medicare beneficiaries since Ekso received final payment determination.

The company launched the EksoHealth Personal Program to help patients access personal exoskeletons through a screening process. Ekso's clinical customers are actively participating in the program, identifying appropriate patients and offering training for home and community use. Ekso plans to work with Medicare Advantage plans and commercial insurers later in 2024, potentially increasing the addressable market for Ekso Indego Personal.

Positive

• Received initial CMS reimbursement of $91,032 for Ekso Indego Personal
• HCPCS code K1007 can be used by other public health insurance programs and private payers
• Launched EksoHealth Personal Program to help patients access personal exoskeletons
• Potential significant increase in addressable market due to Medicare coverage
• Ekso Indego Personal is the lightest known commercial exoskeleton at 29 lbs

Negative

• None.

Insights

Financial Analyst

The receipt of initial CMS reimbursement for Ekso Indego Personal is a significant milestone for Ekso Bionics. The $91,032 reimbursement level established for HCPCS code K1007 opens up a substantial market opportunity. With tens of thousands of SCI patients covered by Medicare, this development could dramatically increase Ekso's addressable market. The company's strategy to work with Medicare Advantage plans and commercial insurers later in 2024 suggests potential for further market expansion. However, investors should note that the full financial impact may not be immediate, as the company is still optimizing the reimbursement submission process and building its pipeline. The launch of the EksoHealth Personal Program demonstrates a proactive approach to market penetration, but its effectiveness remains to be seen.

Medical Research Analyst

The CMS reimbursement for Ekso Indego Personal represents a major advancement in accessibility for spinal cord injury (SCI) patients. The device's unique features, including its modular quick connect design and lightweight construction (29 lbs), address key usability concerns. The advanced gait mode, allowing for faster walking speeds, could significantly improve users' quality of life and independence. However, it's important to consider the long-term clinical outcomes and potential limitations. While the testimonial from Debbie Wagoner is promising, larger-scale studies on the device's impact on rehabilitation outcomes and overall health benefits for SCI patients will be necessary to fully establish its clinical value and justify the $91,032 reimbursement level.

Market Research Analyst

Ekso Bionics' receipt of CMS reimbursement could be a game-changer in the exoskeleton market. This development not only validates the technology but also significantly reduces the financial barrier for potential users. The $91,032 reimbursement level makes the product more accessible to a broader range of patients, potentially driving rapid market expansion. The company's strategy to engage with Medicare Advantage plans and commercial insurers suggests a clear path for market penetration. However, competitors may soon follow suit, potentially eroding Ekso's first-mover advantage. The success of the EksoHealth Personal Program and the company's ability to scale production and distribution will be critical factors in capitalizing on this opportunity. Investors should monitor the rate of adoption and any potential regulatory or reimbursement changes that could impact market dynamics.

- 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
investors@eksobionics.com

FAQ

What is the CMS reimbursement amount for Ekso Indego Personal?

The CMS reimbursement amount for Ekso Indego Personal is $91,032, based on the HCPCS code K1007, effective April 1, 2024.

When did Ekso Bionics (EKSO) receive the initial CMS reimbursement?

Ekso Bionics (EKSO) received the initial CMS reimbursement on August 20, 2024, as announced in their press release.

What is the EksoHealth Personal Program launched by Ekso Bionics?

The EksoHealth Personal Program is designed to help patients access Ekso's personal exoskeletons through a screening process, ensuring potential users are appropriate for the device and offering training for home and community use.

How much does the Ekso Indego Personal exoskeleton weigh?

The Ekso Indego Personal exoskeleton weighs 29 lbs, making it the lightest known commercial exoskeleton available.