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Hologic (HOLX) Acessa Procedure Now Covered by Cigna Insurance

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Hologic, Inc. (HOLX - Free Report) recently announced that Cigna (CI - Free Report) updated its policy to cover the Acessa Laparoscopic Radiofrequency Ablation (Lap-RFA) as medically necessary procedure. This new coverage further validates laparoscopic radiofrequency ablation (Lap-RFA) as a standard of care for uterine fibroids, expanding access to millions of women across the country.

For investors’ note, 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 highly-complementary new product.

The recent development is expected to fortify and expand Hologic’s access in women’s healthcare market.

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The Acessa procedure can provide major improvements to the symptoms caused by fibroids, while preserving the uterus. This makes it an essential treatment option for women who would otherwise need more invasive interventions.

The number of people covered for the Acessa procedure has grown by 18 million in less than eight months, resulting in more than 75 million people covered till date with significantly expanded coverage in almost each state.

Significance of Expanded Coverage

Per personnel associated with coverage policy, Cigna’s new coverage updated to reimburse Acessa Lap-RFA as a medically-necessary procedure will enable millions of women suffering from fibroids to get receive appropriate care. The policy is a step further in the right direction ensuring women to have a choice in their fibroid treatment that is not limited by the coverage of insurance.

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Per Hologic’s management, limited insurance coverage of less invasive fibroid treatment options has caused women to settle for interventions that may not align with their treatment goals for a long time. Updated policy by Cigna to cover Acessa procedure enable providers the opportunity to offer more women a treatment option that can best support their desired health outcomes.

Notable Developments in Women Health

In May 2021, Hologic launched Project Health Equality (PHE), an initiative that attempts to address the 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 health care is experienced by thousands of Black and Hispanic women across the region as well as leverage crucial partners to make sustainable health care improvements in these communities.

In the same month, Hologic’s subsidiary Biotheranostics received broader Medicare coverage for its Breast Cancer Index test under an expanded Medicare Local Coverage Determination. Expansion of Medicare coverage for the Breast Cancer Index test and its recent inclusion in National Comprehensive Cancer Network guidelines are key milestones toward making the test as the standard of care for all early-stage, HR+ breast cancer patients.

Industry Prospects

Per Grand View Research, the global uterine fibroid treatment device market size was valued at $4.6 billion in 2019 and is expected to witness a CAGR of 9.5% by 2027. High prevalence of uterine fibroids among women across the world and patients’ preference for minimally-invasive procedures are driving the market.

Price Performance

Shares of the company have gained 17.3% in a year’s time compared with the industry’s 12.8% rise.

Zacks Rank and Key Picks

Currently, the company carries a Zacks Rank #5 (Sell).

A few better-ranked stocks from the broader medical space are Envista Holdings Corporation (NVST - Free Report) and IDEXX Laboratories, Inc. (IDXX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete 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 earnings growth rate of 20%.

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