Nevro Announces Positive Medicare Coverage Update from Noridian for the Treatment of Painful Diabetic Neuropathy

Rhea-AI Summary

Nevro Corp. announced an update from Noridian, the Medicare Administrative Contractor, which includes two new ICD-10 codes for Painful Diabetic Neuropathy (PDN) effective retroactively from January 1, 2022. This update increases access to Nevro's 10 kHz Therapy for PDN patients, expanding coverage from approximately 25% to 43% of PDN patients in the U.S. Noridian oversees Medicare coverage in several Western states. Nevro's CEO stated that this advancement will facilitate better access and is working to ensure further coverage by other payers.

Positive

• Increased Medicare coverage for Painful Diabetic Neuropathy (PDN) patients from 25% to 43%.
• Two new ICD-10 codes added for PDN treatment improve access to Nevro's 10 kHz Therapy.
• Growing support from Medicare MACs enhances potential for broader patient access.

Negative

• None.

REDWOOD CITY, Calif., March 7, 2022 /PRNewswire/ -- Nevro Corp. (NYSE: NVRO), a global medical device company that is delivering comprehensive, life-changing solutions for the treatment of chronic pain, today announced that Noridian, the Medicare Administrative Contractor (MAC) that oversees the majority of the western United States, released an update to their Local Coverage Billing and Coding article (A57791 and A57792) for spinal cord stimulators for chronic pain to include two new ICD-10 codes that cover Painful Diabetic Neuropathy (PDN).  This change was posted on March 4, 2022 and is retroactive for procedures performed on or after January 1, 2022.

"This is a very positive advancement for the Medicare-aged population covered by Noridian, which will provide greater access to Nevro's proprietary 10 kHz Therapy for PDN patients," stated D. Keith Grossman, Chairman, CEO and President of Nevro.  "The coverage policies of five of the seven regional Medicare MACs now provide access for PDN patients.  Our reimbursement team is continuing to work closely with the remaining Medicare MACs as well as commercial payers to provide the published clinical literature for 10 kHz Therapy and to respond to any questions raised during their policy reviews.  We believe our strong and growing body of published, peer-reviewed clinical and real-world data will be the basis for further coverage decisions by other major health plans in 2022 and beyond."   

This Medicare update from Noridian, coupled with the recent positive coverage decision from UnitedHealthcare, increases coverage in the US to approximately 43% of PDN patients, up from approximately 25% of patients at the end of 2021.  Noridian covers Medicare patients in Alaska, Arizona, California, Hawaii, Idaho, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming.  

Internet Posting of Information

Nevro routinely posts information that may be important to investors in the "Investor Relations" section of its website at www.nevro.com.  The company encourages investors and potential investors to consult the Nevro website regularly for important information about Nevro.

About Nevro

Headquartered in Redwood City, California, Nevro is a global medical device company focused on delivering comprehensive, life-changing solutions that continue to set the standard for enduring patient outcomes in chronic pain treatment. The company started with a simple mission to help more patients suffering from debilitating pain and developed its proprietary 10 kHz Therapy, an evidence-based, non-pharmacologic innovation that has impacted the lives of more than 80,000 patients globally. Nevro's comprehensive HFX™ spinal cord stimulation (SCS) platform includes a Senza SCS system and support services for the treatment of chronic trunk and limb pain and painful diabetic neuropathy.  Senza®, Senza II®, and Senza Omnia™ are the only SCS systems that deliver Nevro's proprietary 10 kHz Therapy. Nevro's unique support services provide every patient with an HFX Coach™ throughout their pain relief journey and every physician with HFX Cloud™ insights for enhanced patient and practice management.

The Senza® System, Senza II™ System, and the Senza® Omnia™ System are the only SCS systems that deliver Nevro's proprietary 10 kHz Therapy. Senza, Senza II, Senza Omnia, HFX, HXF Coach, HFX Cloud, HFX Connect, Nevro and the Nevro logo are trademarks of Nevro Corp.

To learn more about Nevro, connect with us on LinkedIn, Twitter, Facebook and Instagram.

Forward-Looking Statements  

In addition to historical information, this press release contains forward-looking statements reflecting the company's current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including: our belief that this coverage update will provide greater access to Nevro's proprietary 10 kHz Therapy for PDN patients; and our belief that our strong and growing body of published, peer-reviewed clinical and real-world data will be the basis for further coverage decisions by other major health plans in 2022 and beyond.  These forward-looking statements are based upon information that is currently available to us or our current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including our ability to successfully commercialize our products; our ability to manufacture our products to meet demand; the level and availability of third-party payor reimbursement for our products; our ability to effectively manage our anticipated growth and the costs and expenses of operating our business; our ability to protect our intellectual property rights and proprietary technologies; our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties; competition in our industry; additional capital and credit availability; our ability to attract and retain qualified personnel; and product liability claims.  These factors, together with those that are described in greater detail in our Annual Report on Form 10-K filed on February 23, 2022, as well as any reports that we may file with the Securities and Exchange Commission in the future, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements.  We expressly disclaim any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements.

Investors and Media:
Julie Dewey, IRC
Nevro Corp.
Chief Corp Communications and Investor Relations Officer
650-433-3247  |  julie.dewey@nevro.com 

 

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SOURCE Nevro Corp.

FAQ

What does the new Medicare update for NVRO entail?

The update allows coverage for Painful Diabetic Neuropathy with two new ICD-10 codes, increasing access to Nevro's 10 kHz Therapy.

How will the new coverage affect NVRO's business?

It is expected to enhance access to Nevro's therapy for a larger patient population, potentially increasing revenue.

When did the updated coverage from Noridian take effect for NVRO?

The updated coverage became effective retroactively from January 1, 2022.

What percentage of PDN patients are now covered under NVRO's therapy?

Approximately 43% of PDN patients in the U.S. are now covered.

Which regions does the Noridian update for NVRO apply to?

Noridian covers Medicare patients in several Western states, including California and Alaska.