RE:RE:RE:Concerns over new ways to fight cancer The share price was more than halved within 2 months of the Sept 2 press reslease in which they put off their applicaton for a permant "CPT" billing code until 2023. Delays in acquiring a CPT code and in gaining traction in the market would appear to be responsible for the low SP. Perhaps that inspired some tax loss selling too.
Competition is a concern in any market, but I think that slow execution on increasing sites and volume and CPT code acquisition have been driving the SP. There are other new technologies that have been coming onsteam in recent years in parallel with TULSA-PRO, but I believe the vast bulk of the potential market for TULSA-PRO is still opting for robotic surgery or foregoing treatment.
Profound Medical Provides TULSA-PRO® Reimbursement Update
September 02, 2022 12:05 ET: | Source: Profound Medical Corp. Further to the Company’s press release of August 4, 2022, the Current Procedural Terminology (“CPT®”) Category 1 application for TULSA has been withdrawn for consideration at the upcoming September 2022 CPT® Editorial Panel Meeting. Profound anticipates that an updated application, which will include 2022 utilization data, will be submitted at the appropriate time in 2023.
In the meantime, U.S. hospitals performing the TULSA procedure on Medicare patients are generally utilizing an existing temporary ‘C’ code established by the U.S. Centers for Medicare and Medicaid Services (“CMS”) for the Hospital Outpatient Prospective Payment System (“OPPS”), C9734. In July 2022, CMS released its proposed OPPS reimbursement rule for calendar year 2023. The proposed rule would increase reimbursement to a hospital billing under C9734 by approximately 5% to $13,274. Comments on the proposed rule are due by September 30, 2022 and, once finalized, the policies and payment rates in the final rule will take effect on January 1, 2023.
“As the pursuit of a CPT® Category 1 code continues to be an important part of our efforts to secure longer-term reimbursement for TULSA from third-party payors, we believe that the proposed hospital payment under C9734 is sufficient to help further advance adoption of the technology in the near- to mid-term in the United States,” said Arun Menawat, CEO and Chairman of Profound.