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PROCEPT BioRobotics Corporation Announces Additional Positive Coverage Policies Regarding Aquablation Therapy for Men with Enlarged Prostates

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PROCEPT BioRobotics
PROCEPT BioRobotics

REDWOOD CITY, Calif., June 09, 2022 (GLOBE NEWSWIRE) -- PROCEPT® BioRobotics Corporation (Nasdaq: PRCT), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today announced that five new regional private insurance plans have issued positive coverage policies of Aquablation therapy for the surgical treatment of benign prostatic hyperplasia (BPH). Three Blue Cross Blue Shield (“BCBS”) Association healthcare plans are included in the recent coverage additions along with Medical Mutual and Presbyterian Healthcare Services. In the aggregate, the five positive policies will provide coverage for approximately 8.5 million members.

The coverage policies issued are detailed below:

  • Highmark, Inc., the sixth largest BCBS plan, covers approximately 4.5 million members across Pennsylvania, New York, West Virginia, and Delaware and took effect on May 2, 2022

  • BCBS of Minnesota, the largest private payer in Minnesota, covers approximately 2.1 million members and took effect on May 2, 2022

  • BCBS of North Dakota, the largest private payer in North Dakota, covers approximately 285,000 members and took effect on May 2, 2022

  • Medical Mutual covers approximately 1.1 million members in the state of Ohio and took effect on March 24, 2022

  • Presbyterian Healthcare Services, the second largest payer in New Mexico, covers approximately 500,000 members and took effect on March 23, 2022

These coverage policies are in addition to the positive coverage policies issued by Aetna and Independence BCBS in April 2022.

“These positive coverage decisions, driven by the strong body of clinical support, demonstrate the continued acceptance of Aquablation therapy,” said Reza Zadno, President and CEO. “We are pleased that an approximate 8.5 million additional covered lives will now have access to Aquablation therapy, a treatment that allows patients to prioritize both safety and efficacy.”

About PROCEPT BioRobotics Corporation
PROCEPT is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. PROCEPT develops, manufactures and sells the AquaBeam Robotic System, an advanced, image-guided, surgical robotic system for use in minimally invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. PROCEPT designed Aquablation therapy to deliver effective, safe and durable outcomes for males suffering from lower urinary tract symptoms, or LUTS, due to BPH that are independent of prostate size and shape or surgeon experience. PROCEPT has developed a significant and growing body of clinical evidence, which includes nine clinical studies and over 100 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy.

Forward Looking Statements
This release contains forward‐looking statements within the meaning of federal securities laws, including with respect to the Company’s projected financial performance for full year 2022, statements regarding the potential utilities, values, benefits and advantages of Aquablation® therapy performed using PROCEPT’s products, including AquaBeam® Robotic System, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which we are not currently aware. Forward-looking statements may include statements regarding reimbursement coverage, market opportunity and penetration, the Company’s possible or assumed future results of operations, commercial momentum, or overall business strategy, Forward‐looking statements should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward‐looking statements are based on PROCEPT’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward‐looking statements as a result of these risks and uncertainties. These risks and uncertainties are described more fully in the section titled “Risk Factors” in PROCEPT’s filings with the Securities and Exchange Commission (the “SEC”), including PROCEPT’s annual report on Form 10-K filed with the SEC on March 22, 2022, and as updated in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. PROCEPT does not undertake any obligation to update forward‐looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward‐looking statements contained herein. These forward-looking statements should not be relied upon as representing PROCEPT’s views as of any date subsequent to the date of this press release.

Important Safety Information

All surgical treatments have inherent and associated side effects. For a list of potential side effects visit https://aquablation.com/safety-information/

Investor Contact:
Gilmartin Group
Matt Bacso, CFA
Matt.bacso@gilmartinir.com