01:19 PM EDT, 05/06/2024 (MT Newswires) -- Myomo ( MYO ) said Monday that the Centers for Medicare & Medicaid Services have paid lump sum reimbursements to the company through their regional contractors.

The company said they are beginning to reimburse orthotics and prosthetics providers for MyoPros delivered to Medicare Part B beneficiaries.

"With the MyoPro now being reimbursed by CMS, our channel partners and other health professionals should now have greater clarity of reimbursement as long as their patients are medically appropriate to receive the device with proper physician documentation," said CEO Paul Gudonis.

The company shares were up about 8.5% in recent trading.

Price: 4.08, Change: +0.32, Percent Change: +8.51