11:37 AM EDT, 08/23/2024 (MT Newswires) -- Therma Bright ( TBRIF ) , which last week said it had received a Medicare code for its Venowave device, on Friday reported the addition of a new distribution partner for the United States with favorable payment terms to Therma Bright ( TBRIF )

The distribution partner launched an initial Venowave sales program to gauge Medicare/Medicaid reimbursement timelines and billing procedures. If successful, the distributor will acquire the remaining inventory of up to US$2.38 million in reimbursement value.

Therma Bright ( TBRIF ) expects its current inventory of 2,000 units to be quickly sold with strong demand for additional orders. The device, effective for ten circulatory indications, offers up to US$1,199 reimbursement, which will significantly boost the company's revenue.

"We are thrilled to welcome our Nationwide distribution partner to our team, and look forward to working with them closely on this program to demonstrate to their medical network the speed of reimbursement, as well as our efficient order and delivery process," said Rob Fia, CEO of Therma Bright ( TBRIF ). "We expect the program to be successful, leading to a significant increase in Venowave orders on a monthly basis and accelerating our revenue growth."

The Venowave VW5 is a series of compact, battery-operated peristaltic pumps that generate a wave-form motion. When worn below the knee, strapped firmly to the calf, the device results in compression of the calf and consequently an increased upward volumetric displacement of venous and lymph fluid.

Therma Bright ( TBRIF ) was last seen down $0.005 to $0.07 on the TSX Venture Exchange.