Abiomed (NSDQ:ABMD) said the Centers for Medicare & Medicaid Services approved a trio of reimbursement codes for its Impella heart pumps, allowing ABMD shares to regain some of the roughly 30% investors pared from the stock this week.
Shares of the Danvers, Mass.-based medical device company plummeted 31.3% yesterday after Abiomed said the U.S. Attorney’s Office for the District of Columbia is conducting an investigation into marketing and labeling for its Impella 2.5 implantable heart pump.
Shares retrenched somewhat today on news of the Medicare codes, rising 2.0% to a $13.88 close. The codes, totaling $833, apply to the insertion, repositioning and removal of Impella devices, according to a press release.
"Physicians now have a standardized process for receiving payment for their procedures utilizing Impella," Abiomed chairman, president & CEO Michael Minogue said in prepared remarks. "These new category 1 CPT codes are a major milestone for Abiomed and the clinical community."