Ekso Bionics initiated with a Buy at Lake Street

Lake Street initiated coverage of Ekso Bionics with a Buy rating and $2.50 price target. Two recent CMS decisions – classifying HCPCS code K1007 to the Medicare brace benefit category beginning January 1 and finalizing a purchase fee schedule amount of $91,032 to devices with dates of service after April 1 – means that personal exoskeletons are now covered and have significant reimbursement for Medicare patients, which paves a path for the personal exoskeleton market to “stride forth,” the analyst tells investors. Exoskeletons are a nascent market with both Ekso and Lifeward “poised to massively benefit” with CMS coverage and reimbursement now in place, the analyst added.