ZIMV - ZimVie adds 15% most in four months on favorable coverage decisions
2023-03-15 15:04:08 ET
- Shares of the MedTech company ZimVie ( NASDAQ: ZIMV ) climbed ~15% , marking the highest intraday gain since November after announcing that two healthcare payers have issued positive medical policy decisions regarding vertebral body tethering (VBT).
- VBT is a surgical procedure to treat spinal deformity idiopathic scoliosis in children, and ZimVie ( ZIMV ) markets Tether, an FDA-approved VBT device.
- With updated policies on VBT coverage from payer organizations Highmark and BCBS North Dakota taking effect on Jan. 30 and Mar. 06, the treatment eligibility is set to expand for more than 4M and 280K members in the organizations' coverage.
- "The Highmark and BCBS North Dakota coverage decisions validate the expectation we noted when we announced the Anthem BCBS positive coverage decision in July, that additional policy updates would follow," President of Global Spine for ZimVie ( ZIMV ) Rebecca Whitney said.
- That decision from Anthem expanded the coverage for anterior vertebral body tethering to more than 30M of health insurer's membership.
- Read: ZimVie ( ZIMV ), the publicly traded spinoff of Zimmer Biomet's ( ZBH ) dental and spine businesses, was cut Hold by Seeking Alpha contributor Macrotips in November.
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ZimVie adds 15% most in four months on favorable coverage decisions