Itamar Medical Announces Preliminary Results from Two Large Claims Database Studies Demonstrating Significant Health Economic Benefits of Effective Sleep Apnea Management for Cardiovascular Patients
Initial findings show potential for material short-term annual savings of up to $5,000 per cardiovascular patient when treated for sleep apnea
CAESAREA, Israel, Nov. 17, 2020 (GLOBE NEWSWIRE) — Itamar Medical Ltd. (NASDAQ and TASE: ITMR), a leading medical device and digital health company leading the integration of sleep apnea management into the cardiac patient care pathway, today announced the preliminary results from two large claims database studies that demonstrated the significant health economic benefits of effective sleep apnea management for patients with chronic cardiovascular diseases. The studies were conducted by leading advisory firm, Baker Tilly, in conjunction with leading obstructive sleep apnea (OSA) experts.
An analysis of both Medicare and Commercial claims revealed that cardiovascular patients who were diagnosed and complied with treatment for sleep apnea generated material savings to the healthcare system compared to those who were not effectively treated. More specifically, cardiovascular patients with sleep apnea who complied with Continuous Positive Airway Pressure (CPAP) treatment generated annual savings of approximately $5,000 per patient compared to those who did not comply.
“Given the importance of payors’ current initiatives to find effective new ways to create savings, we are very encouraged by these initial results,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical. “We look forward to completing the study shortly and to submitting for peer reviewed publication.”
The link between sleep apnea and cardiovascular disease (CVD) has been well-studied, showing a comorbid prevalence of 50% or higher. Sleep apnea, which is a serious and potentially life threatening respiratory sleep disorder, is estimated to affect approximately 54 – 60 million people in the U.S. of which most believe also suffer from a cardiovascular condition. Further research shows that roughly 80-85% of sleep apnea patients go undiagnosed and untreated and it is possible that the number of CVD patients suffer from sleep apnea and go undiagnosed is similar.
“Our initial findings in this study are statistically significant and operationally compelling,” said David Gregory, Principal, Healthcare Practice at Baker Tilly. “Our analysis thus far has been telling and indicates that there is a substantial opportunity for improved financial savings for payors by simply treating cardiac patients for sleep apnea where appropriate.”
“We are excited about the findings we have seen so far and what this could mean for payors and patients alike,” said Etai Amitai, VP Strategic Planning and Health Economics at Itamar Medical. “At Itamar Medical, we are passionate about leading the integration of sleep apnea management into cardiovascular care and these initial findings show the economic value of the work we are doing. We look forward to seeing the full analysis once it is completed.”
Given the current global health climate and the hefty costs imposed by the ongoing COVID-19 pandemic, payors are eager for new, effective, and efficient ways to cut costs. Baker Tilly’s initial study results exemplify the value of sleep apnea management in the CVD patient care pathway and represent a valuable incentive for the development of dedicated programs to diagnose and treat these patients.
About Itamar Medical Ltd.
Itamar Medical is a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. Itamar Medical commercializes a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the core sleep, cardiology and direct to consumer markets. Itamar Medical offers a Total Sleep Solution to help physicians provide comprehensive sleep apnea management in a variety of clinical environments to optimize patient care and reduce healthcare system costs. The Company’s key product, WatchPATTM, is commercially available within major markets including the US, Japan, and Europe. Itamar Medical is a public company traded on the Nasdaq and on the Tel Aviv Stock Exchanges, and is based in Caesarea, Israel with U.S. headquarters based in Atlanta, GA. For additional information visit www.itamar-medical.com
About Baker Tilly US, LLC
Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm, providing clients a genuine coast-to-coast and global advantage with critical mass and top-notch talent in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 146 territories, with 36,000 professionals with a combined worldwide revenue is $3.9 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.
Baker Tilly US, LLP is a member of the Baker Tilly International network, the members of which are separate and independent legal entities. Baker Tilly refers to the global network of accounting firms of Baker Tilly International Limited. Each member firm is a separate legal entity. Baker Tilly International Limited does not provide services to clients.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Statements preceded by, followed by, or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. For example, when we discuss the full analysis of Large Claims Database Study once it is completed or dedicated programs to diagnose and treat CVD patients, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks, uncertainties and assumptions, including events and circumstances out of Itamar Medical’s control and actual results, expressed or implied by such forward-looking statements, could differ materially from Itamar Medical’s current expectations. Factors that could cause or contribute to such differences include, but are not limited to, risks, uncertainties and assumptions discussed from time to time by us in reports filed with, or furnished to, the U.S. Securities and Exchange Commission (“SEC”) and the Israel Securities Authority (“ISA”), including our latest Annual Report on Form 20-F which is on file with the SEC and the ISA. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Itamar Medical Investor Relations Contact (U.S.)
Leigh Salvo or Caroline Paul
Gilmartin Group
Phone: +1-415-937-5412
investors@itamar-medical.com
