ReWalk: Commercial Health Insurance Company Becomes First to Implement Medical Policy Finding Powered Exoskeletons Medically Necessary
–First Rewalk Device Reimbursed as Part of Comprehensive Policy Issued by Commercial Insurer–
YOKNEAM ILIT, Israel and MARLBOROUGH, MA – ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk”), the leading global exoskeleton developer and manufacturer, announced today that a commercial health insurance plan has implemented a medical policy stating that powered exoskeletons for ambulation in patients with lower limb disabilities are considered medically necessary when certain patient-specific medical criteria have been met. The health plan’s determination was based on a review of the most up-to-date clinical literature on powered exoskeleton-assisted walking in patients with spinal cord injury (SCI).
The policy has implemented its first instance through the reimbursement of a ReWalk 6.0 Personal System to Jackson Larson of Cambridge, Minnesota. Mr. Larson suffered a spinal cord injury in 2010 which left him paralyzed from the waist down.
“I would like to thank my health plan for covering the ReWalk for use in my home and in the community,” Mr. Larson said. “I know first-hand how much my health and well-being has benefitted from use of the ReWalk system, and I feel that the new policy will allow a large number of users to experience these same benefits.”
The health plan’s positive coverage policy comes at a time when a growing number of insurers and health systems worldwide have recognized the benefits of exoskeletons and have followed through with coverage and reimbursement. Late in 2015, the U.S. Department of Veterans Affairs (“VA”) issued a national policy for the evaluation, training and procurement of ReWalk Personal exoskeleton systems for all qualifying veterans across the United States. ‘
“We are proud to provide a ReWalk exoskeleton in this historic, first comprehensive coverage policy by a commercial insurance provider. The creation of comprehensive policies for exoskeleton technologies marks a major turning point for our industry. We expect this decision will not only speed the reimbursement process for members of the plan, but also pave the way for additional private insurers to follow suit,” stated Larry Jasinski, ReWalk President and CEO.
ReWalk is the first exoskeleton in the U.S. to receive FDA clearance for both personal use at home and in the community, as well as for the rehabilitation setting. As clinical literature demonstrating the safety and effectiveness of powered exoskeletons continues to grow, an increasing number of commercial insurance providers are approving coverage of the ReWalk system.
The new comprehensive policy followed the recent publication of the first systematic review and meta-analysis of previously published clinical data assessing the effectiveness and safety of powered exoskeleton-assisted walking in patients with SCI. The analysis and review concluded that powered exoskeletons allow patients with SCI to safely ambulate in real-world settings at physical activity intensity conducive to prolonged use. The analysis and review also concluded that use of powered exoskeletons is known to result in various secondary health effects.
About ReWalk Personal 6.0
ReWalk Personal 6.0 is a wearable robotic exoskeleton that provides powered hip and knee motion to enable individuals with spinal cord injury to stand upright and walk. The system provides user-initiated mobility through the integration of a wearable brace support, a computer-based control system and motion sensors. The system allows independent, controlled walking similar to a natural gait pattern. The ReWalk device is the most studied exoskeleton in the industry.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with spinal cord injury. Our mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the US, Israel and Germany. For more information on the ReWalk systems, please visit www.rewalk.com.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in Israel.
Forward Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding ReWalk’s future performance and, in some cases, may be identified by words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this press release are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk’s control. Important factors that could cause ReWalk’s actual results to differ materially from those indicated in the forward-looking statements include, among others: ReWalk’s expectations regarding future growth, including its ability to increase sales in its existing geographic markets and to expand to new markets; ReWalk’s ability to maintain and grow its reputation and to achieve and maintain market acceptance of its products; ReWalk’s ability to achieve reimbursement from third-party payors for its products; ReWalk’s expectations as to its clinical research program and clinical results; ReWalk’s ability to improve its products, develop new products; ReWalk’s ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; ReWalk’s ability to repay its secured indebtedness; ReWalk’s ability to gain and maintain regulatory approvals; ReWalk’s ability to maintain relationships with existing customers and develop relationships with new customers; and other factors discussed under the heading “Risk Factors” in ReWalk’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the U.S. Securities and Exchange Commission on February 29, 2016 and other documents subsequently filed with or furnished to the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause ReWalk’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Investor Relations Contact:
Lisa M. Wilson
In-Site Communications, Inc.
Date: May 9, 2016