Shares of Ekso Bionics Holdings took a sharp dive of nearly 25% following news that the Centers for Medicare & Medicaid Services (CMS) has postponed a payment determination for personal exoskeletons, including the Ekso Indego Personal.
Payment Determination Delay Causes Share Price to Plummet
Ekso Bionics, based in San Rafael, California, saw its shares plummet to $1.59 on Tuesday, marking a significant 24% decrease in value.
CMS Requests Additional Data for Payment Determination
In a recent development, the CMS has requested further examples of non-Medicare payer data to support the payment determination for qualifying products, including the Indego Personal device.
Ekso had previously announced in December that it had secured coding approval from the CMS for the Indego Personal exoskeleton, meant to aid patients in standing and walking. The proposed payment level was set at $94,617, with expectations for a final decision from the CMS in February.
Ekso’s Response to the Delay
Following the CMS’s decision to delay the payment determination, Ekso Bionics stated that they would be submitting additional pricing documentation promptly. They also mentioned that individual claims would be processed on a case-by-case basis until an official reimbursement rate is established.