Ekso Bionics Holdings shares tumbled nearly 25% after the exoskeleton-technology company said the Centers for Medicare and Medicaid Services delayed payment determination for personal exoskeletons, including the Ekso Indego Personal.
Shares of the San Rafael, Calif., company were changing hands on Tuesday at $1.59, down 24%.
After the closing bell on Monday, Ekso said the CMS requested additional examples of non-Medicare payer data that would support a payment determination for qualifying products.
Ekso in December said it had received CMS coding approval for the Indego Personal, a tool designed to assist patients with standing and walking, with a proposed a payment level of $94,617, and that the agency was expected to make a final payment determination in February.
The company on Monday said it will provide pricing documentation to the CMS as soon as possible, adding that individual claims will be processed on a case-by-case basis until a reimbursement rate has been established.
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