Monday April 10, 9:52 am Eastern Time
Company Press Release
VidaMed Reports Over 1,000 U.S. TUNA Procedures in First Quarter
New Fixed-Payment Ruling Published For TUNA in Hospital Outpatient Setting
FREMONT, Calif.--(BW HealthWire)--April 10, 2000--VidaMed, Inc. (NASDAQ: VIDA - news) today reported that 1,033 TUNA (Transurethral Needle Ablation) procedures for the treatment of Benign Prostatic Hyperplasia (BPH, or enlarged prostate) were performed in the U.S. during the three months ended March 31, 2000, more than double the 455 TUNA procedures performed during the first quarter of 1999 and up 18% on a sequential-quarter basis.
The Company reported 597 fee-per-use (FPU) procedures during the quarter, up approximately 646% compared with the 80 FPU TUNA procedures performed during the same period of 1999 and up 34% over the immediate prior quarter. VidaMed also reported that 37 additional new physician customers entered the FPU program and performed the TUNA procedure during the quarter, a 185% increase over the 13 FPU accounts signed during the first quarter of 1999.
``Breaking the 1,000 procedure mark in the U.S. alone in a given quarter is a significant milestone for VidaMed. The Company's momentum continues to build at a very healthy pace,' commented Randy Lindholm, President and Chief Executive Officer. ``Our achievements in the BPH market are a direct result of the outstanding performance of our field organization, the financial benefits that our FPU program affords to both our hospital and physician customers, and the clinical efficacy of the TUNA procedure.'
Separately, the Company announced that the Health Care Financing Administration (HCFA) has published a Prospective Payment System (PPS) ruling for hospital outpatient procedures provided to Medicare recipients. This PPS ruling establishes an identical fixed payment rate for both TUMT (transurethral microwave therapy) and TUNA for the treatment of BPH in the hospital outpatient setting. The rate, which is currently under review and is subject to a 90-day comment period, is scheduled to become effective July 1, 2000. The current reimbursement system will remain in place until the rate is finalized and becomes effective.
The Company's TUNA System offers a minimally invasive, less than one hour, single-event outpatient treatment for the symptoms associated with BPH. These important quality-of-life symptoms include frequent and urgent urination, interruption of stream and nocturia (excessive urination at night), which may lead to sleep deprivation and related problems such as loss of libido and impairment of sexual function. The TUNA procedure is an ideal solution after drug therapy has failed and when Transurethral Resection of the Prostate (TURP) is not an option. TUNA has been proven to be clinically safe, efficacious and durable and significantly improves the quality-of-life for BPH sufferers.
VidaMed designs, develops and markets technologically and clinically advanced cost-effective systems for the treatment of urological conditions. For investor information, please call (800) 363-2994, or visit the Company's Web site at www.vidamed.com.
Certain statements in this news release contain forward-looking information. Actual results may vary significantly from those anticipated in such forward-looking statements due to risks and uncertainties, including the rate of adoption of the TUNA procedure by the medical community, the scope and level of reimbursement coverage of the TUNA procedure by Medicare and other payors, the impact of competitive treatments, products and pricing, the development and effectiveness of the Company's sales organization and marketing efforts, and other risks described in the Company's reports filed from time to time with the United States Securities and Exchange Commission. The Company's actual results may differ significantly from the results anticipated by the forward-looking statements as a result of these or other factors. |
