The AutoloGel system comprises a centrifuge, a wound dressing kit and a reagent kit. The centrifuge is used to derive platelet-rich-plasma from a patient's blood that is widely known to accelerate wound healing.
Cytomedix was formerly known as Autologous Wound Therapy Inc. On Dec. 2, the company announced that the Centers for Medicare and Medicaid Services has enhanced the reimbursement for its wound healing technology.
CMS decided that the reimbursement code to which AutoloGel is assigned be paid at a national average rate of $411 under the Hospital Outpatient Prospective Payment System.
"We are pleased that CMS has responded positively to the information made available to the agency in the public comment process and established a 2014 payment rate which is an approximate five fold improvement over the initial proposed payment level,” said Martin Rosendale, Chief Executive Officer of Cytomedix, in the release.
Cytomedix, which is a public company, had revenue of $2.9 million in the third quarter, up 72% from$1.7 million in the third quarter of 2012. However, it widened its loss to 5 million, or 5 cents per share in the third quarter, from a loss of $3.8 million, or 4 cents per share in the same quarter a year ago.