Urinary incontinence products maker Uroplasty (NASDAQ:UPI) announced Monday that two private payers have agreed to cover its overactive bladder treatment.
The Minnetonka, Minnesota-based urology firm has been winning coverage for its Urgent PC Neuromodulation treatment, which began with getting reimbursement from Medicare in November. And Wall Street has noticed. In the past year, the stock has more than doubled. It currently trades above $8.30, up from $3.35 a year ago.
The medical device company said that starting Aug. 1, Health Care Service Corporation – which insures about 13 million people in Texas, Illinois, New Mexico and Oklahoma – will begin covering and paying for its overactive bladder treatment. Also, effective May 18, BlueCross BlueShield of Nebraska, covering about 668,000 people, initiated coverage of Uroplasty’s urinary incontinence product.
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“We have now secured coverage from three of the four largest private payers in the U.S.,” President and CEO David Kaysen said in a statement.
As private insurers and regional Medicare carriers begin to reimburse the treatment, Uroplasty’s sales have improved. For the year, sales increased to $13.8 million, up from $11.9 million a year ago. Net loss widened to $4.7 million from $3.2 million in fiscal 2010. The company’s cash position jumped to $14.1 million from $5.8 million.
The Agency for Healthcare Research and Quality estimates that $16.4 billion is spent every year on incontinence-related care.
