Therma Bright Inc (TSX-V:THRM, OTC:TBRIF) said it had received payment for the first sales of Venowave, its compact, lightweight deep vein thrombosis (DVT) prevention device.
Initial US sales were made under an existing reimbursement code which required preapproval from the patient's insurance provider, Therma Bright said in a statement, which resulted in “longer than optimal” sales cycles both for the patients, their doctors and for Therma Bright, as well as potentially causing some patients to have to pay out of pocket for the devices.
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The firm said it is currently in the process of applying for several new reimbursement codes in the US that will make it simpler and faster for doctors and patients to order the Venowave and have it covered by their medical benefits.
The new codes will open the market in the US to a broader range of applications and potential users and allow doctors to prescribe the Venowave without worrying about their patients having to pay for the devices, the company added.
The new codes should be effective in the first half of 2023.
"We are actively exploring options to expand our sales network outside of the US so that we can deliver this potentially lifesaving technology to patients around the world,” Rob Fia, Therma Bright’s CEO said in a statement.
“Our distribution partner in the US is receiving extensive requests from vascular and orthopedic surgeons, as well as surgical centers for the Venowave product. The application for new billing codes will open a number of other applications for Venowave and potentially greater revenue streams for Therma Bright with payment options through Medicare and Medicaid.”
The firm also told shareholders that manufacturing and shipment challenges earlier in the year appear to have improved significantly, and it does not expect any problem in acquiring products from its Chinese supplier going forward.
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