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Abiomed surges on Medicare move not to change reimbursement rate

Thu, 10/31/2013 - 1:20pm
Mass Device

Abiomed shares surge on Medicare move to maintain reimbursement rates for the Impella heart pump.

Abiomed surges on Medicare move not to change reimbursement rate

Shares of Abiomed (NSDQ:ABMD) surged nearly 10% today after news broke that Medicare will maintain the reimbursement rate for its flagship Impella heart pump.

The Danvers, Mass.-based medical device company's stock took a roller-coaster ride last month on an analyst's speculation that the government health program would cut the reimbursement rate for the Impella pump.

A meeting of a Centers for Medicare & Medicaid Services committee last week prompted Northland Capital Markets' Suraj Kalia to surmise that a planned update of the definitions for reimbursement codes would cut the rate for treatment with the Impella device. Abiomed shares plunged 19% on the speculation, only to rebound when the company explained that the CMS proposal wouldn't necessarily mean any changes to the codes assigned to treatment with Impella.

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