SAN RAFAEL, Calif. - Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), a company specializing in exoskeleton technology, has announced that its Ekso Indego Personal device has been assigned a Medicare reimbursement rate of $91,031.93, effective from April 1, 2024. This follows the Centers for Medicare & Medicaid Services’ (CMS) approval of the Healthcare Common Procedure Coding System Code K1007 for billing Medicare.
The Ekso Indego Personal is designed to aid individuals with spinal cord injuries (SCI) in their rehabilitation efforts and enhance mobility in daily life. The device is lightweight, portable, and can be safely used at home and in community settings. It features an advanced gait mode for faster walking speeds, aiming to provide users with greater independence.
Jenna Tosto-Mancuso, PT, DPT, NCS, Clinical Manager at Mount Sinai’s Division of Rehabilitation Innovation, highlighted the clinically demonstrated benefits of the device for post-acute care in SCI patients, emphasizing improved quality of life and the potential for accelerated recovery.
Ekso Bionics plans to collaborate with inpatient and outpatient clinics to identify eligible individuals who could benefit from the device. The company's extensive network includes over 260 clinics in North America, where skilled therapists and clinicians are available to train patients using the Ekso Indego Personal.
The company, founded in 2005 and based in the San Francisco Bay Area, has a history of developing wearable robotic solutions that support or enhance human strength, endurance, and mobility across medical and industrial applications. Ekso Bionics is unique in offering technologies that assist individuals with paralysis as well as those in industrial settings.
The information for this article is based on a press release statement from Ekso Bionics Holdings, Inc.
InvestingPro Insights
As Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) secures a significant Medicare reimbursement rate for its Ekso Indego Personal device, investors and stakeholders are keenly observing the company’s financial health and market performance. According to real-time data from InvestingPro, the company's market capitalization stands at a modest $23.1 million, which reflects the scale of its operations in the niche market of exoskeleton technology. Despite a challenging financial landscape indicated by a negative P/E ratio of -1.17, the company has shown a strong revenue growth of 41.57% over the last twelve months as of Q4 2023.
InvestingPro Tips highlight a mix of opportunities and challenges for Ekso Bionics. Analysts are optimistic about the company's prospects, predicting net income growth this year. This could be a pivotal factor for potential investors considering the company's future profitability. On the other hand, the company is noted to be quickly burning through cash, which could be a point of concern. However, it's worth noting that Ekso Bionics operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting a level of financial stability.
The stock price has experienced significant volatility, with a large price uptick over the last six months, yet the year-to-date total return reflects a steep decline. Investors might be cautious about the volatility but encouraged by the company's recent advancements and potential for profitability. It's important to note that Ekso Bionics does not pay dividends, which could influence the investment strategies of income-focused shareholders.
For those interested in a deeper dive into Ekso Bionics' financials and market performance, InvestingPro offers additional insights and metrics. There are 8 more InvestingPro Tips available, providing a comprehensive analysis of the company's position. Readers looking to access these insights can visit https://www.investing.com/pro/EKSO and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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