Myomo Announces First Lump Sum Reimbursements for MyoPros Delivered to Medicare Part B Beneficiaries Under New CMS Fees

Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced that the Centers for Medicare & Medicaid Services (“CMS”), through their regional contractors known as the DME MACs, have remitted and paid lump sum reimbursements to the Company and are beginning to reimburse orthotics and prosthetics (“O&P”) providers for MyoPros delivered to Medicare Part B beneficiaries.

The amounts paid were based on the fees published by CMS for the Company's Healthcare Common Procedures Coding System (“HCPCS”) codes L8701 and L8702, which became effective on April 1, 2024. All four regional DME MAC's have remitted lump sum reimbursements, and payments have been received for a number of patients of the Company and O&P providers based on the published fee schedule.

“We’re pleased to see that lump sum payments have been approved from all four billing regions so that Medicare beneficiaries also have equitable access to this life-changing technology,” stated Paul R. Gudonis, Myomo’s Chairman and CEO. “We are also gratified by the interest we are seeing from clinical providers in the orthotics and prosthetics industry since one of our MyoPro Centers of Excellence providers had its first claim paid by Medicare. With the MyoPro now being reimbursed by CMS, our channel partners and other health professionals should now have greater clarity of reimbursement as long as their patients are medically appropriate to receive the device with proper physician documentation.”

About Myomo

Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function 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 certain 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 in the U.S. 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 Boston, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit https://myomo.com.