April 16, 2019

ReWalk places first U.S. system covered by major insurer

A demonstration of ReWalk's exoskeleton systems.

ReWalk Robotics saw its stock skyrocket Tuesday as the company said it has sold its first personal exoskeleton device to a spinal cord injury patient via insurance firm Cigna Corp.

The company said the personalized system for in-home use and in the community was given to a New York man who suffered the injury in a motorcycle accident in 2016.

The man has started training in the system and will soon be able to take it home.

According to ReWalk, several other cases via Cigna are in the pipeline.

Cigna in February began taking requests for coverage of exoskeleton medical devices for spinal cord injury patients on a case-by-case basis, becoming the first private insurer in the U.S. to do so after the U.S. Department of Veterans Affairs began accepting cases in December 2015.

The company's stock price increased by more than 27% to about $4.30 per share at some points on Tuesday.

CEO Larry Jasinski said in a statement the company continues to engage insurers regarding the devices and revising their policies.

"The expansion of peer-reviewed publications on the benefits of exoskeleton use has led to meaningful discussions and advancements, which we believe will continue to expand across the industry," he said.


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