Hologic, Inc. (HOLX – Free Report) recently announced that Cigna (THIS – Free Report) has updated its policy to cover Acessa Laparoscopic Radiofrequency Ablation (Lap-RFA) as a medically necessary procedure. This new coverage further validates laparoscopic radiofrequency ablation (Lap-RFA) as the standard of care for uterine fibroids, expanding access to millions of women across the country.
For investors, in August 2020, the company acquired Acessa Health. The acquisition strengthens Hologic’s leadership position in the GYN surgical space and expands the fibroid treatment portfolio with a new, highly complementary product.
Recent development is expected to strengthen and expand Hologic’s access to the women’s health care market.
More in the news
The Acessa procedure can make major improvements in symptoms caused by fibroids, while preserving the uterus. This makes it an essential treatment option for women who would otherwise need more invasive procedures.
The number of people covered by the Acessa procedure has increased by 18 million in less than eight months, resulting in more than 75 million people being covered to date with significantly expanded coverage in almost every state.
Importance of expanded coverage
Per staff associated with the coverage policy, Cigna’s new updated coverage to reimburse Acessa Lap-RFA as a medically necessary procedure will allow millions of women with fibroids to receive appropriate care. The policy is one more step in the right direction in ensuring women have a choice in their fibroid treatment that is not limited by insurance coverage.
Per Hologic management, the limited insurance coverage of less invasive fibroid treatment options has led women to settle for interventions that may not align with their treatment goals for a long time. Cigna’s updated policy to cover the Acessa procedure enables service providers to offer more women a treatment option that can better support desired health outcomes.
Notable developments in women’s health
In May 2021, Hologic launched Project Health Equality (PHE), an initiative that attempts to remove structural and cultural barriers that prevent black and Hispanic women from receiving the same quality health care as white women in the United States. . PHE will focus on how healthcare is experienced by thousands of black and Hispanic women in the region and leverage critical partners to make lasting improvements to healthcare in these communities.
That same month, the Hologic Biotheranostics affiliate received broader Medicare coverage for its breast cancer index test as part of a determination of expanded local Medicare coverage. The expansion of Medicare coverage for breast cancer index testing and its recent inclusion in the National Comprehensive Cancer Network guidelines are key steps in making testing the standard of care for all patients with early stage HR + breast cancer.
By Grand View search, the global uterine fibroid treatment devices market size was valued at $ 4.6 billion in 2019 and is expected to experience a CAGR of 9.5% by 2027. market.
Shares of the company gained 17.3% in a year compared to the industry’s 12.8% gain.
Zacks rank and choice of keys
Currently the company carries a Zacks Rank # 5 (Sell).
Some better classified actions of the wider medical space are Envista Holding Company (NVST – Free report) and IDEXX Laboratories, Inc. (IDXX – Free Report), each carrying a Zacks Rank # 2 (Buy). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
IDEXX Laboratories has a projected long-term profit growth rate of 20%.
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