LONDON (dpa-AFX) - Medical products and technologies company Convatec Group Plc (CTEC.L, CNVVY) Monday announced that it has raised its sales outlook of InnovaMatrix for fiscal 2025, after the U.S. Centers for Medicare & Medicaid Services or CMS postponed Local Coverage Determinations or LCDs in the United States.
The federal agency last Friday announced the postponement of the LCDs for Skin Substitute Grafts/Cellular and Tissue-Based Products for the treatment of Diabetic Foot Ulcers or DFUs and Venous Leg Ulcers or VLUs.
According to Convatec, the action by the US Administration means that Medicare patients with DFUs and VLUs will continue to benefit from access to InnovaMatrix.
The company now expects InnovaMatrix sales of approximately $75 million in fiscal 2025, higher than previously expected sales of around $50 million, following the postponement of the LCD, and reflecting the ongoing uncertainty in the market.
There is no change to any other financial guidance. The company plans to announce its four-month trading update on May 22.
Convatec added that its randomised controlled trials or RCTs in DFU and VLU are on track to report in 2026. These will complement its published real-world evidence or RWE, including RWE published in December 2024.
The company said, 'We believe any future policies for skin substitute products should focus on serving the best interests of patients, protecting patient and provider choice, and delivering value for payors. It is vital that responsible and innovative companies like Convatec can continue to invest in pioneering skin substitute products in the US. Convatec is committed to continuing to work collaboratively with the US Administration and CMS on the development of future policies.'
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