Lifeward CEO Issues Open Letter to Shareholders on Progress to Finalize Exoskeleton Medicare Payment Rate

Collaboration with CMS on final payment rate focuses on commercial transaction values for the latest generation of ReWalk Exoskeleton

CMS indicates that recently issued fee schedule which omitted exoskeletons can be updated after April 1 to include the final payment rate once it is established

MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel, April 01, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (DBA Lifeward), (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions to revolutionize what is possible in rehabilitation, recovery, and the pursuit of life’s passions in the face of physical limitation or disability, today issued an open letter from Larry Jasinski, Chief Executive Officer, to shareholders discussing the Company’s progress with the Centers for Medicare & Medicaid Services (“CMS”) to establish a payment rate for ReWalk Personal Exoskeletons. The full letter is published below:

Dear Shareholders,

As we communicated in Lifeward’s March 1 press release, a final payment rate for exoskeletons was deferred in CMS’ Healthcare Common Procedure Coding System (“HCPCS”) final determination released on February 29, so the agency could obtain more information about pricing for our latest generation exoskeleton. As a result of the deferral, the payment rate is not included in CMS’ April 2024 Durable Medical Equipment, Prosthetics, Orthotics and Supplies (“DMEPOS”) fee schedule of Medicare payment rates that are effective April 1.   Since the HCPCS final determination was released, we have worked very closely with the agency to review the invoice and transaction information that we had previously submitted and provide supplemental data or explanations as additional questions arise.

While the latest development is a temporary delay, we are encouraged that CMS has indicated to us that once it determines a final payment rate, the agency can amend the April 2024 DMEPOS fee schedule so that the payment rate for exoskeletons can be established for the rest of 2024. This is important because it means that the establishment of a payment rate does not need to be delayed until the next HCPCS cycle six months from now. Our active engagement with CMS is ongoing and we work to establish the payment rate as soon as possible.