Myomo® Receives Medicare Codes
Myomo, Inc. (NYSE American: MYO) (“Myomo,” or the “Company”), a wearable medical robotics company, announces that the Centers for Medicare & Medicaid Services ("CMS") has published two new codes pursuant to the Company’s application for Healthcare Common Procedure Coding System (HCPCS) “L” codes. Myomo had filed its application in December 2017 to have CMS establish two new Level II HCPCS codes and received a favorable preliminary decision in May.
The two new codes are:
- L8701 Powered upper extremity range of motion assist device, elbow, wrist, hand with single or double upright(s), includes microprocessor, sensors, all components and accessories, custom fabricated
- L8702 Powered upper extremity range of motion assist device, elbow, wrist, hand, finger, single or double upright(s), includes microprocessor, sensors, all components and accessories, custom fabricated
The codes cover MyoPro Motion E and W (elbow and wrist) and MyoPro Motion G (grasp) correspondingly.
"We are very grateful to CMS and the whole HCPCS Workgroup for their decision to assign L codes for our MyoPro line of powered orthoses," said Myomo Chief Medical Officer Dr. Brandon Green. "The MyoPro has already helped so many patients with neurological/neuromuscular injury and illness by supporting their weakened arms, restoring control over their range of motion, reducing their healthcare costs, and giving them back their independence. It is important for clinically qualified Medicare and Medicaid beneficiaries to have access to this technology too”.
The codes become effective January 1, 2019. The assignment of unique L-codes, if followed by appropriate coverage and payment terms (which are still pending), would offer greater access to MyoPro for Medicare beneficiaries.
The posting of all HCPCS codes for 2019 can be viewed on the CMS site: https://www.cms.gov/Medicare/Coding/HCPCSReleaseCodeSets/Alpha-Numeric-HCPCS-Items/2019-Alpha-Numeric-HCPCS-File.html
Myomo, Inc. is a wearable medical robotics company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. For more information, please visit www.myomo.com.
This press release contains forward-looking statements regarding the Company's future business expectations, including statements regarding the potential benefits for MyoPro users, the effective date of the new HCPCS codes, and the potential for greater access to MyoPro for Medicare beneficiaries, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. Our actual results could differ materially from those anticipated in these forward looking statements for many reasons, including, without limitation, risks related to regulatory approval and market acceptance of our products, including that there can be no assurance that receipt of these HCPCS codes would result in appropriate coverage and payment terms or otherwise lead to any greater access to our products or reimbursement for such products, and the other risk factors contained in our filings made with the Securities and Exchange Commission. More information about factors that potentially could affect Myomo's financial results is included in Myomo's filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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