Ruling Could Significantly Expand Use of Ekso Indego Personal in Home and Community Markets
SAN RAFAEL, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton technology for medical and industrial use, announces that the Centers for Medicare & Medicaid Services (“CMS”) finalized its Calendar Year 2024 Home Health Prospective Payment System Rule CMS-1780 (“2024 Home Health Rule”), which includes exoskeletons in the Medicare brace benefit category. The Company believes Ekso Indego Personal meets the definition in the ruling and has a pending application with CMS to formalize the applicability. The rule will go into effect beginning on January 1, 2024.
In the final ruling, CMS codifies “the longstanding Medicare definition of brace to provide clarification on the scope of the Medicare Part B benefit for leg, arm, back, and neck braces and, as a result, classifies certain exoskeleton-type devices as braces for Medicare payment purposes.” This ruling could significantly expand the addressable market for Ekso Indego Personal.
“CMS’s ruling is a potentially game changing event that we believe classifies certain exoskeleton-type devices, such as the Ekso Indego Personal, as braces for Medicare payment purposes,” said Scott Davis, Chief Executive Officer of the Company. “Once a reimbursement rate is established by CMS, expected in late 2023, SCI individuals with Medicare coverage may soon be able to obtain our device at a fraction of the current cost. We applaud CMS’ decision that will enhance widespread access to the advantages of the transformative mobility solutions offered by our exoskeleton technology.”
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.
The Company has more than 260 inpatient and outpatient clinics and hospitals across North America that can identify, qualify and potentially act as training centers for individuals who may be eligible for an Ekso Indego Personal. The Company is already collaborating with many of these facilities by offering clinical demonstrations, where interested individuals can trial the Ekso Indego Personal.
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
This 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 possibility of the Company’s products becoming eligible for reimbursement under Medicare following adoption of the CMS rule changes and the corresponding increase to the Company’s addressable market. 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, Ekso Indego Personal not meeting the definition in the 2024 Home Health Rule and CMS not accepting the Company’s pending application to formalize the applicability, 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 Carey
212-867-1768
investors@eksobionics.com
