Therma Bright Adds New U.S. Nationwide Venowave Distribution Partner
The nationwide distribution partner has launched an initial Venowave sales program designed to gauge the Medicare and Medicaid reimbursement timelines and billing procedures. Following initial program success, the new distributor has committed to purchasing the remaining Venowave inventory, which amounts to as much as USD $2.38 million in reimbursement value.
Therma Bright (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, announced today that it secured a new Nationwide U.S. Durable Medical Equipment (DME) distribution partner. The distribution partner has launched an initial Venowave sales program to gauge Medicare and Medicaid reimbursement timelines and billing procedures.
Therma Bright’s New Distribution Partner
Following the initial program success, the new distribution partner has committed to purchasing the remaining Venowave inventory, which totals as much as USD $2.38 million in reimbursement value. Following the initial program success, Therma Bright will disclose the new distribution partner’s name in an upcoming press release.
As a result of strong distribution network interest, the company expects its current inventory of 2,000 units, worth up to USD $2.38 million in reimbursement value, to sell quickly, with demand for additional orders remaining strong.
The Venowave device, which is effective for ten different circulatory indications, offers a reimbursement of up to USD $1,199, which Therma Bright expects to significantly contribute to its revenue while paving the way for the company’s sustained growth and enhanced market value.
Commenting on today’s announcement, Therma Bright CEO Rob Fia, stated:
“We are thrilled to welcome our Nationwide distribution partner to our team and look forward to working with them closely on this program to demonstrate to their medical network the speed of reimbursement, as well as our efficient order and delivery process. We expect the program to be successful, leading to a significant increase in Venowave orders on a monthly basis and accelerating our revenue growth.”
The new distribution partner’s sales program offers Therma Bright favorable payment terms.
These favorable terms are a reflection of the distribution partner’s confidence in Venowave, along with the device’s market readiness, robust HCPCS reimbursement set-up and expected reimbursement timing.
According to RXVantage:
“‘Days to Pay’ from service average 54 days during the miscellaneous HCPCS code period. But, they quickly ‘normalize’ to under 30 days after the HCPCS code is issued.”
Venowave VW5
The Venowave VW5 is a series of compact, battery-operated peristaltic pumps that generate a wave-form motion. When worn below the knee, strapped firmly to the calf, the device results in compression of the calf and consequently an increased upward volumetric displacement of venous and lymph fluid. The 2-pair unit induces improved vascular and lymphatic flow in the lower limbs. Operating with a single rechargeable 1.5 V NiMh AA battery, this FDA-designated Durable Medical Equipment device enables users to receive treatment anywhere while remaining active. The Venowave VW5 assures it can withstand repeated use by successive patients.
HCPCS Level II code E068 qualifies for reimbursement for ten (10) indications, including:
- Prevention of deep vein thrombosis (DVT)
- Management of the symptoms of post-thrombotic syndrome (PTS)
- Prevention of primary thrombosis
- Treatment of lymphedema
- Diminishing post-operative pain and swelling
- Treatment of leg swelling due to vascular insufficiency
- Treatment of varicose veins
- Treatment of chronic venous insufficiency
- Enhancing blood circulation
- Treatment of intermittent claudication
Therma Bright (TSXV: THRM) Stock Price Action & Technical Analysis
Following a recent breakout, which saw shares of Therma Bright stock soar as much as 350% since July 31, 2024, and as much as 800% since May 31, 2024, THRM stock has experienced a healthy 20% correction and entered a period of consolidation.
Shares of Therma Bright stock last traded at $0.075, even on the day. YTD, THRM stock is up 150%.
With Therma Bright stock now likely in the initial stage forming a bull flag or bull pennant continuation chart pattern, another breakout to the upside is certainly in the cards.
We’ll be releasing a more in-depth technical analysis of Therma Bright’s stock chart next week, once the chart pattern has had a few more trading sessions to develop. Should the consolidation pattern play out as anticipated, our Therma Bright stock chart analysis will also include price target calculations for a potential THRM breakout, should one occur.
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